Qatar Holding is the prime vehicle for strategic and direct investments by the government of Qatar. It is an arm of Qatar Investment Authority (QIA), which was founded by the State of Qatar in 2005 to strengthen its economy by diversifying into new asset classes.

“What I can assure you is Qatar Holding will do their best to upgrade this monument, to make it even greater and better for the tourism and the British people,” Qatari Prime Minister Sheikh Hamad bin Jassim Al-Thani told reporters in an impromptu news conference in the store in London’s Knightsbridge area.

Al-Fayed will become honorary chairman of Harrods, the new owners said in a statement.

“After 25 years as chairman of Harrods, Mohamed Al-Fayed has decided to retire and to spend more time with his children and grandchildren,” Lazard Chairman Ken Costa said on Saturday.

“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 Holdings was specifically chosen by the Trust as they had both the vision and financial capacity to support the long term successful growth of Harrods.”

Al-Fayed, who also owns English soccer club Fulham, bought Harrods in 1985 for about £615 million at a time when the group also owned the House of Fraser department store chain, which was later spun off.

Al-Fayed’s son Dodi died with Princess Diana in a car crash in Paris in 1997, and in recent years he has devoted much time and money to pursuing his claims that that the couple were the victim of an establishment conspiracy.