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London, May 8 (PTI) Central London''s renowned Harrods department store has been sold to the Qatari royal family for a reported 1.5 billion pound (USD 2.3 billion). Its owner Mohammed Al Fayed, has agreed to sell the exclusive store to Qatar Holdings. The trust which administers the Egyptian billionaire''s assets that include the English football club Fulham, agreed to sell 170-year-old Harrods to Qatar Holdings, the royal family''s investment vehicle, in the early hours of today. Credit Suisse advised the Qataris on the deal, which was brokered by Ken Costa, chairman of Lazard International, and comes just weeks after Fayed, whose son Dodi was killed along with the Princess Diana in the Paris tunnel crash in 1997, told The Sunday Times, that "people approach us from Kuwait, Saudi Arabia, Qatar. Fair enough, but I put two fingers up to them all. It is not for sale." Costa today said, "Qatar Holding 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 financial capacity to support the long-term successful growth of Harrods." The sale gives Fayed a considerable return on his investment, having bought it with his brothers in 1985 for an estimated 615 million pound. Fayed now plans to retire. pti hsr ben.
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