In 2010 the company bought the London-based, Harrods department store, for a price of around GBP1.5 billion. The recent launch of the hotel brand is part of the company strategy to develop and expand The Harrods Group portfolio.
The company intends to open Harrods hotels in key cities around the world, including Kuala Lumpur, New York and Paris, and certain major cities in China. Preference will be given to construct on sites already owned by Qatar Holding or its affiliates, for example at Chelsea Barracks in London or Costa Smeralda in Sardinia.
The company has recently entered into a Memorandum of Understanding (MOU) in Malaysia, with property developer, Jerantas Sdn Bhd, to study the possibility of developing a GBP406 million Harrods Hotel in Bukit Bintang, Kuala Lumpur. The new development is likely to include a 300-room hotel, residential apartments, and retail spaces.
Dr Hussain Ali AI-Abdulla, vice-chairman of Qatar Holding, said, ‘Qatar Holding will invest more, especially in Malaysia’s natural resources, due to the country’s political stability and economic growth expected to average 5 percent.’
Qatar Investment Authority, the autonomous wealth fund of the natural gas-rich state of Qatar, has invested heavily in western assets, that include iconic names such as Porsche, the Germany-based car manufacturer, Barclays, the UK-based bank, LVMH Moet Hennessy Louis Vuitton, the France-based luxury design company, and Tiffany, the US-based jeweller.