QATAR’s sovereign wealth fund is planning to build a luxury hotel in Kuala Lumpur that will take on the brand name of Harrods, the world-famous department store in London.
Armed with US$636 million in funds, Qatar Holding, a subsidiary of the Qatar Investment Authority, will partner with a Malaysian firm, Jerantas, to develop the hotel on a 2.2ha site located within the Golden Triangle shopping district of Bukit Bintang.
Construction on the hotel, which will offer up to 300 hotel rooms, is expected to begin next year. The development will also feature apartment units and retail outlets.
Qatar Holding, which bought Harrods from Egyptian businessman Mohamed Al-Fayed in May 2010, is planning further Harrods hotels in Paris, London, New York and China.
