Tuesday, 11 May 2010

Qatar, the tiny gulf state that bought the world

For more than 120 years, Harrods has traded under its suitably select Latin motto "Omnia Omnibus Ubique": "All Things for All People, Everywhere". As global aspirations go, such a logo was always perhaps a little overstated for a retail empire with just one, admittedly eye-catching, outlet in Knightsbridge.

Now, after a century or so of peddling consumer durables – from Ceylon tea to ruby-encrusted shoes guarded by a cobra – to a clientele that encompasses Oscar Wilde, A A Milne, Russian plutocrats and visiting VIPs, it seems that the Harrods brand may finally be about to live up to its slogan thanks to the rise and rise of an Arabian emirate the size of Yorkshire which has £43bn burning a hole in its very deep pockets.

Qatar Holding, one of the investment arms of the hugely-wealthy Qatar state and royal family, signalled yesterday that it is considering opening a new flagship Harrods shop in China after it completed a £1.5bn deal on Saturday to buy London's department store from Mohamed al-Fayed.

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