HARRODS SOLD TO QATARI ROYAL FAMILY FOR £1.5 BILLION

LONDON'S ICONIC LUXURY DEPARTMENT STORE HARRODS HAS BEEN SOLD FOR £1.5 BILLION FOLLOWING MOHAMED AL FAYED'S DECISION TO RETIRE. JUST WEEKS AFTER INSISTING THE EXCLUSIVE KNIGHTSBRIDGE STORE WAS NOT UP FOR SALE, AL FAYED RECONSIDERED AND AGREED TO AN OFFER FROM THE QATARI ROYAL FAMILY. THE NEW OWNERS WERE CHOSEN BECAUSE THEY WOULD 'MAINTAIN THE TRADITIONS OF HARRODS'. KEN COSTA, CHAIRMAN OF LAZARD INTERNATIONAL WHICH ADVISED THE AL FAYED FAMILY ON THE HISTORIC DEAL, SAID: 'AFTER 25 YEARS AS CHAIRMAN OF HARRODS, MOHAMED AL FAYED HAS DECIDED TO RETIRE AND TO SPEND MORE TIME WITH HIS CHILDREN AND GRANDCHILDREN', HE TOLD SKY NEWS. 'QATAR HOLDING (QH) WILL BECOME ONLY THE FIFTH OWNER OF HARRODS SINCE ITS CREATION IN 1840. QATAR HOLDING WAS SPECIFICALLY CHOSEN BY THE TRUST AS THEY HAD BOTH THE VISION AND THE FINANCIAL CAPACITY TO SUPPORT THE LONG TERM SUCCESSFUL GROWTH OF HARRODS. OF PARAMOUNT IMPORTANCE TO MOHAMED AL FAYED WAS TO ENSURE THAT THE HARRODS' STAFF WOULD FIND IN QH AN OWNER WHO WOULD BE SUPPORTIVE OF THEIR EFFORTS TO MAINTAIN THE TRADITIONS OF HARRODS', COSTA ADDED. QATARI PRIME MINISTER SHEIKH HAMD BIN JASSIM BIN JABR AL-THANI WAS GIVEN A SHORT TOUR OF THE STORE BY AL FAYED AND DECLARED THE STORE WOULD BE MADE 'EVEN GREATER AND BETTER.' HE SAID HE WAS 'VERY HAPPY WITH THE TRANSACTION', AND CONTINUED: 'IT'S A HISTORICAL PLACE. I KNOW IT'S IMPORTANT, NOT ONLY FOR THE BRITISH PEOPLE BUT IT IS IMPORTANT FOR TOURISM.' AL FAYED, WHO IS NOT NORMALLY PUBLICITY SHY, STOOD TO ONE SIDE AWAY FROM THE CAMERAS AS THE PRIME MINISTER ADDRESSED THE REPORTERS. THE SALE COULD EVENTUALLY LEAD TO A RAPPROCHEMENT WITH THE MONARCHY WHO HAVE REFUSED TO SHOP THERE EVER SINCE AL FAYED ACCUSED THE DUKE OF EDINBURGH OF MURDERING HIS SON DODI AND DIANA, PRINCESS OF WALES, BY STAGING A CAR CRASH IN PARIS. A SOURCE CLOSE TO QATARI HOLDING SAID: 'YOU COULD SPECULATE THEY WOULD BE KEEN TO RENEGOTIATE WITH THE ROYAL FAMILY.'