May 10, 2010

Mohamed al Fayed sells Harrods Department Store

Ending much speculation, Harrods luxury department store (shown above) has been sold.

Al-fayed2 Mohamed al Fayed (pictured) had long insisted he would resist any attempts to dislodge him from Harrods during his lifetime. That’s all changed as Fayed has sold the iconic department store in Knightsbridge, London to the Qatari royal family's Qatar Holding group.

The deal was signed by Fayed and Qatar Holding's chief executive, Ahmad Al-Sayed, at the Qatari embassy in Mayfair, bringing to an end months of speculation in the City about the future of the luxury emporium.

Egyptian born multimillionaire Mohamed al Fayed is one of Britain's most high-profile businessmen.

The 77-year-old Fayed set up a shipping company with his brothers in Egypt in the late 1950s before setting up offices in London and moving to Britain in 1974.

Mohamed al Fayed’s son Dodi Fayed was romantically involved with Princes Diana. Dodi and Diana (lower photo) were killed in an automobile accident in Paris on August 31, 1997.

Link to the sale of Harrods story here.