Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has invested $412 million into London luxury department store Harrods since acquiring it four years ago. This investment will be utilised in a 30,000 sqft Fashion Lab – to house world’s largest collection of luxury shoes – and a new glass chandelier. The fund is in the process of putting together a management team to find potential sites in “prime cities” for a previously announced Harrods hotel brand.
According to Ahmad Al-Sayed, CEO of QIA, the UK would remain the main destination for the fund, which was a long-term investor in the country. The fund was looking at possibly investing in infrastructure projects in the UK, particularly focused around the energy sector. “We are always looking for opportunities,” adds Al -Sayed.
Through Qatar Holding, QIA owns a number of stakes in prominent British companies, including grocer J Sainsbury, Barclays and the holding company, which owns Heathrow Airport.