The Al Fayed family trust (the "Trust"), owners of Harrods, announced that they have today sold the Harrods Group to Qatar Holding.
H.E. Sheikh Hamad Bin Jassim Bin Jabr Al-Thani, Prime Minister of the State of Qatar, and Chairman of Qatar Holding said:
"Our latest acquisition forms part of our effort to realize the vision of His Highness the Emir, and His Highness the Crown Prince, of the State of Qatar. Harrods generates good and stable returns as a business, it will add much value to our international portfolio of investments."
Dr Hussain Ali Al-Abdulla, Vice Chairman of Qatar Holding said:
"Our latest acquisition is truly magnificent. Such a rare opportunity does not arise every day and today we celebrate this landmark transaction."
Ahmad Mohamed Al-Sayed, Managing Director and Chief Executive Officer of Qatar Holding, commented:
"We are happy to acquire Harrods, a unique company that combines an iconic luxury brand and one of the most prestigious retail properties in the world with best-in-class financial metrics. This acquisition further expands our global portfolio of world-leading companies. We are delighted to announce that Mohamed Al Fayed has accepted our invitation to become Honorary Chairman of Harrods. We look forward to working with Michael Ward, Harrods' Managing Director, and the outstanding team that Mohamed Al Fayed has assembled to continue to maintain Harrods as the world's pre-eminent luxury retailer."
Credit Suisse advised Qatar Holding on the transaction.
Pelham Bell Pottinger, London Tel: +44 (0)20 7861 3232
NOTES TO EDITORS:
QATAR HOLDING LLC Qatar Holding LLC
(QH) is the strategic and direct investment arm of Qatar Investment Authority (QIA). Key investment assets of Qatar Holding include Barclays plc, Credit Suisse Group, Hassad Food Company, J Sainsbury plc, London Stock Exchange, Lagardere SCA, Porsche SE, Qatar Exchange, Qatar Telecom, Qatar National Bank and Volkswagen AG.
QH made its first major acquisition in September 2007 when it acquired a significant stake in London Stock Exchange Group plc.
Since then, QH has been an active investor both within the State of Qatar and abroad:
a) In January 2008, QH took over QIA’s participation in J Sainsbury PLC.
b) In October 2008, QH became one of the largest shareholders in both Credit Suisse Group and Barclays PLC.
c) In June 2009, QH finalized the cooperation agreement with NYSE Euronext to establish Qatar Exchange as the successor to Doha Securities Market.
d) In August 2009, QH acquired voting shares in both Porsche SE and Volkswagen AG, becoming one of the largest shareholders in Volkswagen AG.
e) In October 2009, QH became the largest shareholder in Songbird Estates plc, which in turn owns Canary Wharf Group.
Over the past three years, the QH portfolio has grown significantly and now includes assets across the globe and in different business sectors. This portfolio is projected to grow as QH makes additional investments to diversify sources of revenue and help secure the economic future of the State of Qatar.