Connect with us

Hi, what are you looking for?

Latest News

Mohamed Al-Fayed, billionaire former Harrods owner who waged a war of words with Britain’s royals, dead at 94

Mohamed Al-Fayed, the outspoken Egyptian tycoon who transformed the fortunes of two London institutions, the Harrods department store and Fulham Football Club, and waged a war of words with Britain’s royals after his son was killed in a car crash alongside Diana, Princess of Wales, has died, according to a statement from his family. He was 94.

“Mrs Mohamed Al Fayed, her children and grandchildren wish to confirm that her beloved husband, their father and their grandfather, Mohamed, has passed away peacefully of old age on Wednesday August 30, 2023,” the family statement, which was released by Fulham FC on Friday, said.

Al-Fayed forced his way into London’s high society by purchasing a number of lavish establishments after arriving in the UK in the 1970s, and also owned the storied Ritz Hotel in Paris for four decades.

But he proved an increasingly controversial figure during his public fight for British citizenship, and even more so after the death of Diana and his son, Dodi Fayed, in Paris in 1997.

Al-Fayed for decades insisted the pair were murdered, despite inquiries finding otherwise, and was scornful towards the British royal family in his later life.

Born in Alexandria, Egypt in 1929, Al-Fayed seized the entrepreneurial opportunities handed to him during his brief marriage to Samira Khashoggi, a Saudi author and sister of billionaire arms dealer Adnan Khashoggi.

After working with Adnan Khashoggi and setting up his own shipping company, Al-Fayed moved to London and began piecing together an expansive real estate portfolio that focused on luxury destinations.

In 2021 his net worth was around $1.8 billion, according to Forbes. His businesses interests included Punch Magazine, Kurt Geiger, Manhattan skyscraper 75 Rockefeller Plaza, and the Hyde Park Residence block of luxury apartments in London.

But the jewel in his billion-dollar crown was the famed Harrods department store, which spreads across an entire block of London’s prestigious Mayfair neighborhood and has served as the city’s most glamorous shopping destination for decades.

Al-Fayed’s heavily publicized bid for the House of Fraser group, which included the store, saw him going head-to-head with controversial British tycoon Roland “Tiny” Rowland, and the pair became engaged in several rounds of public mudslinging.

Meanwhile, the tycoon became as famous for his bristly relationship with the British establishment as he was for his investments.

For decades he publicly fought for British citizenship, a pursuit that began when Rowland raised questions in public about the source of his income. Then, in 1994, he sparked a political scandal when he named British lawmakers who had accepted money from him in return for asking questions in Parliament on his behalf.

After 1997, when a car crash claimed the lives of his son and Diana, Al-Fayed would frequently sling insults at the British royal family and became persona non grata among parts of the country’s elite.

At the inquest into Diana’s death in 2008, he called the group a “Dracula family.” He pledged in vain for years to find evidence that countered the official conclusions about the car crash that killed the princess, telling the same court he would not rest “until I die,” even if he lost “everything to find the truth.”

His relationship with the royal family was depicted the fifth season of “The Crown” last year.

Al-Fayed was questioned by police in 2008 in relation to a sex assault allegation that he denied, a Harrods spokesperson said at the time. He eventually sold the store to the Qatari royal family in 2010, for a reported $2.25 billion.

The tycoon also became a major player in the world’s most popular sport, purchasing London’s oldest football club, Fulham, when they were languishing in England’s lower leagues.

At times he could barely resist his showy and opulent tendencies – such as when he erected a golden statue of Michael Jackson at Fulham’s Craven Cottage stadium, a tribute to his pop superstar friend.

But the team’s fans remain grateful for the financial investments that drove the side from the doldrums of the English game into the Premier League and a major European final; the tycoon’s name is still sung weekly on the terraces at Fulham matches, at least ten years after he sold the club.

Al-Fayed had six children, including Dodi and the environmentalist entrepreneur Omar Fayed.

This post appeared first on cnn.com






    You May Also Like

    Latest News

    North Korea may be known as the hermit kingdom, but the isolated nation could be edging toward opening its borders to small numbers of...

    Editor's Pick

    One of the perks of being speaker of the House — or at least, one of the characteristics of it — is that you...

    Latest News

    Evacuations are underway across Hawaii’s Big Island and Maui as passing Hurricane Dora helps fuel wildfires that have damaged structures, prompted rescues and spurred...

    Latest News

    Former world No. 1 Caroline Wozniacki won her first competitive tennis match in three-and-a-half years on Tuesday, defeating Australian Kimberly Birrell 6-2 6-2 at...

    Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 balanceandcharge.com