Al Fayed to sell Harrods to Qatar Holding for £1.5 billion
08 May 2010
Egyptian billionaire, Mohammed Al Fayed has agreed to sell Harrods to Qatar Holding for about £1.5 billion ($2.22 billion), according to a person familiar with the matter. The sale would end Al Fayed's 25-year ownership of the famous British retailer.
An official announcement to the effect from Al Fayed's family trust is expected soon.
The latest development marks the beginning of a new chapter in the storied history of Harrods which opened in 1849. In 1985 Al Fayed and his brother bought the House of Fraser department stores, which included the venerable Harrods.
Beginning in a single room employing two assistants and a messenger boy, The luxury department store store occupies a 4.5-acre (18,000 m2) site and has over one million square feet, housing 330 departments.
Harrods was established in 1834 in London's East End, when founder Charles Henry Harrod set up a wholesale grocery in Stepney, with a special interest in tea. In 1849 Harrod took over a small shop in the district of Knightsbridge, on the site of the current store.
According to the person in the know, Al Fayed, whose other holdings include the Fulham soccer club in England's Premier League, may take non-executive role at Harrods.
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