Qatar Sovereign Buys Famous London Department Store

Qatar Sovereign Buys Famous London Department StoreIt was seen lately that of Qatar's sovereign wealth fund had purchased the famous London department store Harrods from Egyptian-born businessman Mohamed al-Fayed. It was informed that the purchase was worth 1.5 billion pounds.

It was told by the country's Prime Minister, who was also a Chairman of Qatar Holding that there were plans to upgrade the luxury store there that was famous with tourists and was a historic landmark in the Knightsbridge area of London.

"What I can assure you is Qatar Holding will do their best to upgrade this monument, to make it even greater and better for the tourism and also for the British people", said Sheikh Hamad bin Jassim al-Thani in an impromptu news conference at the store.

He also added that in a few months it would create a road map to upgrade Harrods.

On Saturday, Ken Costa, Chairman of Lazard International, said that Mohamed al-Fayed had planned to retire and wanted to spend more time with children and grand-children.

He added that Qatar Holding was specially chosen by the Trust because they had vision and financial capacity to support the long term successful growth of Harrods.

It was noticed that QIA is one of the largest sovereign wealth funds in the world and it was estimated that it had $60 billion or more in assets under its management.