In 1979, the visionary Fayed brothers acquired the Ritz Hotel in Paris at a staggering bargain of under $30 million. Determined to transform it into a pinnacle of opulence, they embarked on a monumental 10-year renovation project worth $250 million. Their efforts resulted in the rebirth of the Ritz Hotel, positioning it amongst the most coveted and luxurious destinations in the world. The allure of this iconic establishment was further amplified when Princess Diana and Dodi Fayed themselves cherished a memorable evening in the Imperial Suite before their tragic accident.
In a landmark commercial feat during 1984-85, the Fayeds achieved unparalleled success in the United Kingdom. They astutely invested $840 million to acquire the House of Fraser, the esteemed parent company of prestigious entities like Harrods and numerous other upscale retail stores. Displaying their unwavering dedication to excellence, they further injected $300 million into revitalizing the crown jewel of the House of Fraser – the flagship store situated in London’s exclusive Knightsbridge district.
However, adversarial forces sought to tarnish the Fayeds’ reputation. Prompted by a business rival, the government conducted a thorough investigation into the Harrods deal. In 1990, the government concluded that the Fayed brothers had misled others by falsely presenting themselves as descendants of a venerable landowning and shipbuilding family. Startlingly, the government report suggested that the funds for the Harrods acquisition most likely originated from the Sultan of Brunei. Denying these accusations vehemently, Mr. Fayed, who himself was not implicated in any wrongdoing, dismissed the report as a baseless smear campaign.
As the media and law enforcement delved further into their investigations, distressing allegations began to emerge against Mr. Fayed. Various women accused him of making unwelcome advances, subjecting female employees at Harrods to job-related sexual harassment, and even engaging in sexual assault involving underage girls. Despite facing questioning by British authorities, Mr. Fayed never faced legal prosecution for these charges, firmly maintaining his innocence throughout.
Unfortunate bitterness consumed Mr. Fayed due to his thwarted efforts to attain British citizenship. Interestingly, all his children from his second marriage held this coveted status. He couldn’t help but express his dismay, highlighting the fact that he had resided in Britain for decades, contributed significantly to the economy by generating substantial tax revenues, employing thousands of individuals, and dispensing immeasurable contributions through his various enterprises.
In a candid statement to reporters, Mr. Fayed remarked, “They simply could not fathom the concept of an Egyptian owning Harrods, so they resorted to slandering me.” Finally, in 2010, he made the difficult decision to part ways with Harrods, successfully selling it to Qatar Holding, the sovereign wealth fund of the Emirate of Qatar, for an astonishing sum exceeding $2 billion. With this significant transaction, Mr. Fayed gracefully bid adieu to the world of business, embracing his well-deserved retirement.
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