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Qatar Plans Harrods Hotels in Malaysia, New York, Paris

Qatar Holding LLC, the investment arm of the country's sovereign-wealth fund, plans to open Harrods hotels in cities including London, New York and Paris to build the British luxury retailer it bought two years ago into a global brand.

"We have already decided to build a Harrods Hotel in London, one in Kuala Lumpur and one in Sardinia, Italy," Qatar Holding Vice Chairman Hussain Ali Al-Abdulla told reporters in the Malaysian capital today. "We are looking to invest more in Malaysia because we think the economy is growing."

The Doha-based fund signed an agreement with Malaysian partners today to build a hotel in Kuala Lumpur's Bukit Bintang shopping district, Hussain said. About 2 billion ringgit ($634 million) will be spent on the development and construction will start in a year. It didn't provide specifics about plans for London or Italy.

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Source - http://www.businessweek.com

 

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