The world-renowned Harrods department store is owned by the Qatar Investment Authority, a sovereign wealth fund with assets exceeding half a trillion dollars.

The company that owns Harrods has reported a remarkable upswing in pre-tax profits, jumping from £17.4 million in the fiscal year concluding in January 2022 to an impressive £171.6 million the following year, The Independent reported.

Harrods Group Holdings’ growth was driven by a notable 52% increase in turnover, reaching £994.1 million, as reported in the financial statements submitted to UK-based Companies House.

The increase in numbers has been attributed in part to the impact of the Covid-19 pandemic, which led to the temporary closure of the Knightsbridge store for a period of 10 weeks in the year.

“The increase in turnover reflected the store opening for the full year versus the closure in the prior year, and a strong recovery in trade as the impact of the Covid-19 pandemic subsided and both local and overseas customers returned,” the business said in its accounts.

The company’s retail division, which features the renowned Knightsbridge department store Harrods, accounted for over 91% of the company’s total turnover for the year.

The company also operates an aviation sector providing aircraft services and maintenance for private jets at Stansted and Luton airports. This segment of the business generated £85.6 million in the given year, more than doubling the £39.7 million earned the previous year.

The department store is owned by Qatar Investment Authority, a sovereign wealth fund boasting assets surpassing half a trillion dollars. The QIA also holds ownership of prominent landmarks like the Shard and shares co-ownership of Canary Wharf in the UK.

The Qatari sovereign wealth fund acquired the renowned Harrods from Egyptian-born entrepreneur Mohamed Al-Fayed back in May 2010, in a transaction reported at the time to be valued at approximately 1.5 billion pounds ($2.3 billion).

Qatar became the fifth owner of Harrods since its establishment in 1840.

Qatar invests in UK

Established in 2005, QIA is now listed as the 10th largest global wealth fund as per the Sovereign Wealth Fund Institute. It has also been a significant player in Europe, with investments in a range of companies from Volkswagen to global mining corporation, Glencore.

As of July 2023, the QIA has an estimated $475 billion worth of assets under management.

In the UK, QIA possesses a substantial share in Heathrow Airport, amounting to a 20% ownership stake.

It also holds a stake in the London Stock Exchange as well as ownership of around 22% of Sainsbury and nearly 6% in Barclays bank.