Harrods pays $111m dividend to owner Qatar Holding

Harrods, the London luxury department store that was taken over by Qatar Holding in 2010, has paid a £68.6m ($111m) dividend to the sovereign wealth fund, it was reported on Sunday.

The payout comes after the Knightsbridge store posted 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 the UK's 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.

The new refurbishments will be unveiled on November 4, a Harrods spokesperson said.

Qatar Holding bought the Knightsbridge store in 2010 for a reported £1.5bn ($2.4bn) from Mohamed al-Fayed.

Up until last year, Harrods’ new owners had spent £107.8m ($174m) upgrading the store.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Fly economy class, share an office: Qatar's new reality

Fly economy class, share an office: Qatar's new reality

Gov't employees are being asked to make savings as low energy...

Most Discussed
sponsoredTracking