Harrods store sold for £1.5bn

The future of the world-famous department store Harrods is in the spotlight.

Mohamed al Fayed is said to have sold it for £1.5bn to the Qatari royal family as he chooses to to retire.

The new owners of the world-famous shop, were chosen because they would "maintain the traditions of Harrods".

Ken Costa, chairman of Lazard International which advised the al Fayed family on the deal, said: "After 25 years as chairman of Harrods, Mohamed al Fayed has decided to retire and to spend more time with his children and grandchildren. He has built Harrods into a unique luxury brand with worldwide recognition.

"In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid.

"Qatar Holding (QH) 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.

"Of paramount importance to Mohamed al Fayed was to ensure that the Harrods staff would find in QH an owner who would be supportive of their efforts to maintain the traditions of Harrods."