Qatar continues investments in Harrods which posts record sales figures
Harrods, London’s iconic luxury department store has paid a £68.6m ($111m) dividend to Qatar’s sovereign wealth fund after posting a 1.8 percent rise in pre-tax profit for the year to February, to an all-time high of £92.5m, driven by a 10 percent jump in sales, to a record £765.4m, according to daily Sunday Times.
Last month, it was reported that Harrods is set to undertake a multi-million refurbishment as part of the Gulf state’s investment in the iconic brand. The main focus of the revamp will be the famous escalator, which has been in the store for decades and is believed to have been the first of its kind in the UK.
Qatar Holding acquired Harrods in 2010 for a reported £1.5bn ($2.4bn) from Mohamed al-Fayed, until last year investing £107.8m ($174m) in upgrading the store.