Al Fayed sells off Harrods store

Published : 08 May 2010 14:05:25

Mohammed Al Fayed has sold London department store Harrods to the Qatari royal family's investment company for a reported £1.5bn ($2.3bn).The Egypt-born tycoon acquired the business in Knightsbridge following a £615m takeover in 1985. Ken Costa, an adviser to the deal with Qatar Holdings, said Mr Al Fayed was retiring "to spend more time with his children and grandchildren". He will continue to promote the store in the role of honorary chairman. But Mr Al Fayed will not be involved in runn.... read more