Qatar to build Harrods hotels

KUALA LUMPUR, 5 July 2012: Gas-rich Qatar’s sovereign wealth fund plans to build luxury hotels in Malaysia, Paris, London and China named after Harrods, the world’s famous department store, a report said Wednesday.

Under a US$636 million plan Qatar Holding will partner a local Malaysian firm Jerantas to construct a hotel in Kuala Lumpur’s golden triangle’s shopping district of Bukit Bintang.

Construction work is expected to begin next year on a 300 hotel room hotel, apartments and retail space covering a 5.5-acre (2.2 hectare) site, the Star newspaper said.

“We are looking to invest more in Malaysia because we believe the local economy will grow over the next two years at around 5%,” Qatar Holding vice-chairman Hussain Ali al-Abdulla said.

Besides London where a Harrods hotel would be opened, Qatar Holding said: “The target plan is to open Harrods hotels in key cities such as Kuala Lumpur, New York and Paris as well as in China.

“Preference will be given to construct on sites already owned by Qatar Holding… for example at Chelsea Barracks in London or Costa Smeralda in Sardinia,” it said in a statement Tuesday.

Qatar Holding bought Harrods in 2010 and plans to establish a hotel management company to conduct feasibility studies as part of a decision-making process to select suitable sites around the world for development of Harrods hotel properties.

“Qatar Holding ultimately intends to grow Harrods into a global enterprise that defines the luxury retail and leisure sectors,” it said.

Egyptian-born businessman, Mohamed al-Fayed, previously owned the popular London department store.

Qatar, a member of the oil cartel OPEC, celebrated in 2011 raising its production capacity of LNG to 77 million tonnes annually, boosting its position as the world’s largest producer. It pumps some 800,000 barrels per day of oil.

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