Google+ Followers

Saturday, 8 May 2010

Qatar adds Harrods to its icons in a deal that makes sense | beyondbrics | FT.com

Qatar adds Harrods to its icons in a deal that makes sense | beyondbrics | FT.com


Qatar’s announcement that one of its investment arms has bought Harrods from Mohamed Al Fayed made sense, given the wealthy emirate’s track record of snapping up and developing prime property in London.

The Qatar Investment Authority’s direct investment arm Qatar Holding, which is buying Harrods for a reported £1.5bn, also owns Songbird Estates, the owner of Canary Wharf. QIA’s real estate arm Qatari Diar is behind the Chelsea Barracks project, and is involved in the Qatari consortium developing the Shard of Glass tower, which will be Europe’s tallest building when completed.

As Ahmad M. Al Sayed, Qatar Holding’s chief Executive officer and managing director said in an emailed statement: