London Harrods to be sold to Qatar Holdings for $2.2 billion

London Harrods to be sold to Qatar Holdings for $2.2 billionBusiness officials have said that the sale of the exclusive London department store Harrods for $2.2 billion to Qatar Holdings was finalized on Saturday.

The BBC has reported that Ken Costa, an adviser in the transaction, said owner Mohammed al-Fayed, was retiring "to spend more time with his children and grandchildren."

The broadcaster further said that Fayed will remain in some capacity, but won't be involved in the day-to-day operations of the store he acquired in 1985. The sale includes all aspects of the Harrods group, including Harrods Estates and a charter aircraft service.

Qatar Holding was "specifically chosen" by Fayed because he believed the company has the "vision and financial capacity" to nurture Harrods' long-term growth, Costa, chairman of Lazard International asset managers, said.

Costa said, "In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid."

It was also reported that Fayed has waged a 10-year battle to try to prove Britain's Princess Diana and his son, Dodi, who died in a Paris car crash in 1997, were victims of a conspiracy. (With Inputs from Agencies)