Qatar Holding, Jerantas to build RM2b Harrods Hotel in Kuala Lumpur
As part of a long-term strategy to develop the Harrods brand Qatar Holding LLC is to expand The Harrods Group portfolio by opening Harrods-branded hotels, in London as well as other prime locations around the world.
The target plan is to open Harrods hotels at sites in key cities such as Kuala Lumpur, New York and Paris, as well as in China. Preference will be given to construct on sites already owned by Qatar Holding or its affiliates, for example at Chelsea Barracks in London or Costa Smeralda in Sardinia.
In the meantime a Memorandum of Understanding (MOU) was signed today in Malaysia between Qatar Holding LLC, represented by its Vice Chairman Dr Hussain Ali Al-Abdulla, and Jerantas Sdn Bhd, represented by Tan Sri Datuk Abdul Aziz Ismail. The MOU, to study the potential development of a Harrods Hotel in Bukit Bintang, Kuala Lumpur was signed during an event at the Property Gallery of Pavilion Kuala Lumpur.
Qatar Holding LLC, which owns the world-class luxury brand Harrods, and property developer Jerantas Sdn Bhd will jointly invest RM2 billion to build a Harrods Hotel in Kuala Lumpur. Qatar Holding ultimately intends to grow Harrods into a global enterprise that defines the luxury retail and leisure sectors.
Dr. Hussain Ali AI-Abdulla, Qatar Holding vice-chairman, told a press conference after signing an MoU with Jerantas at a ceremony in the presence of Tourism Minister Datuk Seri Dr. Ng Yen Yen
"Qatar Holding will invest more, especially in Malaysia's natural resources, due to tile country's political stability and economic growth expected to average 5%,” he said.