London landmark Harrods sold for £1.5 b.

London: Egyptian-born businessman Mohammed Al Fayed has sold prestigious London department store Harrods to the investment vehicle of the Qatar royal family in a deal reported to be worth around £1.5 billion ($ 2.3 billion).

“After 25 years as chairman of Harrods, Mohamed Al Fayed has decided to retire and to spend more time with his children and grandchildren,” Lazard Chairman Ken Costa said on May 8.

“Qatar Holding was specifically chosen by the Trust as they had both the vision and financial capacity to support the  long term successful growth of Harrods.”

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