- Mohamed Al-Fayed was a self-made billionaire who built a global business empire, including the iconic Harrods department store.
- He faced controversies and investigations throughout his career but remained a prominent figure in the British business landscape.
- The tragic death of his son, Dodi, alongside Princess Diana in 1997 had a profound impact on Al-Fayed’s life.
- Al-Fayed was known for his flamboyant personality, charitable work, and willingness to challenge the establishment.
Mohamed Al-Fayed, the former owner of the iconic Harrods department store and a prominent figure in the business world, passed away on August 30, 2023, at the age of 94. His life story is one of resilience, success, and personal tragedy, as he navigated the challenges of building a global empire while dealing with the loss of his son, Dodi Fayed, in a tragic car accident alongside Princess Diana in 1997.
Wiki and Bio Details
| Full Name | Mohamed Al-Fayed |
| Date of Birth | January 27, 1929 |
| Place of Birth | Alexandria, Egypt |
| Date of Death | August 30, 2023 |
| Place of Death | Undisclosed |
| Spouse(s) | Samira Khashoggi (m. 1954–?), Heini Wathén (m. 1985–2023) |
| Children | Dodi Fayed, Jasmine, Karim, Camilla, Omar |
| Occupation | Businessman, Entrepreneur |
| Net Worth | $1.9 billion (as of November 2022) |
| Notable Acquisitions | Harrods department store, Fulham Football Club, The Ritz Hotel in Paris |
Early Life and Rise to Prominence
Born in 1929 in Alexandria, Egypt, Al-Fayed grew up in a family of modest means. His father was a primary school teacher, but Al-Fayed had bigger dreams. He began his entrepreneurial journey as a street vendor, selling carbonated drinks and sewing machines before working for Saudi Arabian businessman Adnan Khashoggi in the early 1950s.
In 1954, Al-Fayed married Khashoggi’s sister, Samira, and the couple had one son, Dodi, before separating. This connection helped Al-Fayed forge important business relationships in Egypt and eventually launch his own shipping business.
Building a Business Empire
Al-Fayed’s big break came in 1966 when he became an adviser to the Sultan of Brunei. This role allowed him to amass significant wealth and expand his business ventures into various sectors, including oil, maritime, finance, and real estate.
In 1979, Al-Fayed, along with his brother Ali, purchased the iconic Ritz Hotel in Paris. This acquisition was followed by his most famous purchase in 1985 when he and his brother successfully acquired Harrods department store in London for £615 million after a long and bitter battle with British businessman Roland “Tiny” Rowland.
Under Shefler’s ownership, Tulchan has become home to “the most private of private members’ clubs.” The annual fee starts at £95,000 a year. The estate company’s ultimate parent firm is based in Guernsey.
— Martyn McLaughlin (@MartynMcL) September 26, 2021
Under Al-Fayed’s leadership, Harrods became a global destination for luxury shopping. He introduced innovative ideas like charging customers to use the bathrooms and banning large bags and backpacks to enhance security. Despite facing controversies and investigations into his business practices, Al-Fayed remained a prominent figure in the British business landscape until his retirement in 2010.
Personal Tragedy and Legacy
Al-Fayed’s life was marked by personal tragedy when his son, Dodi, died in a car crash alongside Princess Diana in Paris on August 31, 1997. The loss devastated Al-Fayed, who became convinced that the accident was a conspiracy orchestrated by the British establishment.
Despite the pain, Al-Fayed continued to shape the world around him. He owned the Fulham Football Club and set up the Al Fayed Charitable Foundation in 1987 to help impoverished, traumatized, and ill young people. Al-Fayed was also known for his flamboyant personality and his willingness to challenge the status quo.
ON THIS DAY: 1997 ⚫️⚪️
Mohamed Al Fayed paid £30m to buy the freehold of Craven Cottage & a controlling interest in Fulham Football Club. He promised to spend £20m on the ground & new players & to get the club to the Premier League in 5 seasons. In the end we did it in 4. #ffc pic.twitter.com/5ZZKGxDcDF
— Fulham Focus (@Fulham_Focus) May 29, 2020
At the time of his death, Al-Fayed’s net worth was estimated at $1.9 billion, making him the 1,516th wealthiest individual globally, according to Forbes. He is survived by his wife, Heini Wathén, and their four children: Jasmine, Karim, Camilla, and Omar.
FAQs
Q. What was Mohamed Al-Fayed’s net worth at the time of his death?
A. According to nytimes, Al-Fayed’s net worth was estimated at $1.9 billion in November 2022, making him the 1,516th wealthiest individual globally.
Q. How many children did Mohamed Al-Fayed have?
A. Al-Fayed had five children in total. He shared his late son Dodi with his first wife, Samira Khashoggi, and had four more children (Jasmine, Karim, Camilla, and Omar) with his second wife, Heini Wathén.
Q. When and where did Mohamed Al-Fayed die?
A. Al-Fayed passed away peacefully of old age on August 30, 2023, at the age of 94. The exact location of his passing was not disclosed.
Q. What happened to Harrods after Al-Fayed sold it?
A. Al-Fayed sold Harrods to Qatar Holding, an investment company linked to the royal family of the Gulf state, in 2010 for £1.5 billion, including £600 million in property-backed debt. Under the new owners, Harrods has continued to thrive, with turnover rising 42.9% to £831.6 million and profit after tax surging to £433.3 million in the fiscal year ended January 2023
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Last Updated on July 30, 2024 by 247 News Around The World
