The Qatari royal family’s investment company, Qatar Investment Authority (QIA), finalised the sale on Saturday morning, where the former owner Mohammed Al Fayed signed over the entirety of the Harrods estate.

The historic department store, which occupies a 4.5 acre site, is the latest addition to the QIA’s investment arm, Qatari Holdings.

Qatari Holdings was recently unsuccessful in a bid to buy Sainsbury’s, but is still the third largest shareholder in Volkswagen, and has a large stake in Porsche.

Its parent company, QIA, is estimated to hold in excess of $60 billion assets – about 40 billion sterling – and its chief executive is Qatar’s prime minister, Sheik Hamad bin Jassem bin Jabr Al Thani. Commenting on the sale, he said: “It’s a historical place. I know it’s important, not only for the British people but it is important for the tourism.”

According to the BBC, the Al Fayed family were advised on the sale by asset managers Lazard International who, as of March 2010, manages a world-wide portfolio worth $135 billion (£90 billion). 

The UK’s largest department store, Harrods has had a colourful history – particularly during the 1980s when British business man, Tiny Rowland waged a campaign to gain control of the estate but was beaten by Al Fayed.

More recently, the Egyptian-born’s personal tragedy has overshadowed the store, when his son, Dodi, was killed in a car crash along with Princess Diana in 1997. Since then he has launched a campaign to unearth what he believes was a conspiracy by the Royal Family to kill the couple.

He has been repeatedly refused a British passport despite being a UK resident for decades.

5 Things You Never Knew About Harrods:

1. Harrods began life in 1834 as a small grocer’s in Stepney Green, East London, and was founded by Charles Henry Harrod.

2. Moving the shop to Kingsbridge in 1849, the shop burnt to the ground in December of 1883. However, Mr Harrod was determined not to disappoint his customers and still completed all his Christmas deliveries.

3. As well as hosting over a million square feet of selling space, Harrods also puts on exhibitions. The next one will showcase dresses worn by screen idol Marilyn Monroe

4. Harrods continues to come under frequent criticism for its refusal to stop selling real fur, despite protests and lobbying by animal activist groups.

5. Having held the royal warrant – which allows retailers to advertise that they supply to the Royal Family – for the Duke of Edinburgh since 1956, the prestigious status was withdrawn from Harrods in 2001 because of an apparent decline in trading relations between the Royals and Al Fayed.