London's Harrrods Store was sold on Saturday by Mohammed Al Fayed to the Qatari royal family's investment company for 1.5 billion pounds (2.3 billion U.S. dollars).
In a statement, the Egyptian businessman said that he wished to retire after 25 years in charge of the flagship Knightsbridge department store.
Ken Costa, an adviser to the deal with Qatar Holdings, said Al Fayed was retiring "to spend more time with his children and grandchildren".
Al Fayed will continue to promote the store in the role of Honorary chairman, he said, but not be involved in running the company on a day-to-day basis.
Fayed acquired the business following a 615-million-pound takeover in 1985.
The sale, signed in the early hours on Saturday, will include all parts of the Harrods group, including Harrods Estates and a charter aircraft service.
Costa added "Qatar Holding will become only the fifth owner of Harrods since its creation in 1840."
Ahmad Al Sayed, chief executive and managing director of Qatar Holding, said "It is a privilege for us to acquire Harrods."
Qatar Holdings is the investment arm of the emirate's sovereign wealth fund, Qatar Investment Authority.
In a statement, the Egyptian businessman said that he wished to retire after 25 years in charge of the flagship Knightsbridge department store.
Ken Costa, an adviser to the deal with Qatar Holdings, said Al Fayed was retiring "to spend more time with his children and grandchildren".
Al Fayed will continue to promote the store in the role of Honorary chairman, he said, but not be involved in running the company on a day-to-day basis.
Fayed acquired the business following a 615-million-pound takeover in 1985.
The sale, signed in the early hours on Saturday, will include all parts of the Harrods group, including Harrods Estates and a charter aircraft service.
Costa added "Qatar Holding will become only the fifth owner of Harrods since its creation in 1840."
Ahmad Al Sayed, chief executive and managing director of Qatar Holding, said "It is a privilege for us to acquire Harrods."
Qatar Holdings is the investment arm of the emirate's sovereign wealth fund, Qatar Investment Authority.
