Egyptian billionaire Mohamed al-Fayed has died at the age of 94, after a long career in the world of finance, listed amongst the most famous economists in the world.
His funeral was held on Friday’s prayers at the Regent’s Park Mosque in London, surrounded by his family.
He had made a name for himself in the field of economics, and his wealth according to Forbes reached $1.4 billion.
A life of success
Fayed was born on 1929 in Alexandria.
He married Samira Khashoggi in 1954, the sister of the Saudi businessman Adnan Khashoggi.
Fayed then moved to Genoa, Italy in 1958, then to London in 1964. Two years later he became an advisor to the Sultan of Brunei and founded his own shipping company, Genevaco, and by 1972 he launched the International Marine Services in Dubai, becoming the first to invest in Dubai.
After that, Fayed moved to Britain, in 1974, where he bought valuable properties, including the Ritz Hotel in Paris (1979).
However his relationship with the royal family was one wrought with controversy especially after the death of his son Dodi with Princess Diana in a car accident on August 31, 1997.
In a 1985 takeover, he beat out mining giant Lonrho to buy House of Fraser, the holding company that controlled Harrods department store.
Encouraged by Lonrho’s owner, Roland “Tiny” Roland, the government accused Fayed of manipulation to complete the takeover, but he proved his position legally.
By 1997, Fayed acquired a controlling stake in the company of Fulham Football Club, of which he became president, and his name appeared for the first time in the annual list of the richest individuals in Britain issued by the Sunday Times.
In 2006, Fayed launched the luxury department store Harrods 102.
Four years later, it was announced that Harrods would be sold to Qatar Holding, and by 2013, Fayed also sold off Fulham.
