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Mohamed Al Fayed Net Worth, Biography & Wiki 2017
Mohamed Al-Fayed was born on 27 January 1929, in Bakos, Alexandria, Egypt, and is a business magnate, best known for having interests including ownership of Hotel Ritz Paris, and being the former owner of Harrods Department Store, Knightsbridge London. All of his efforts have helped put his net worth to where it is today.
How rich is Mohamed Al-Fayed? As of mid-2017, sources estimate a net worth that is at $2 billion, earned through success in numerous business endeavors. He is one of the richest people in the world, but is also known for his philanthropic work. He is a previous owner of English Premier League soccer club Fulham F.C. and all of these achievements have ensured the position of his wealth.
Mohamed Al Fayed Net Worth $2 billion
Mohamed started from the bottom – his father was a teacher. His career really began in the 1950s, working for Saudi Arabian arms dealer and businessman Adnan Khashoggi ,who was his brother in law at that time. Eventually, he founded a shipping company in Egypt, before moving to Italy. He then became interested in the construction of an oil refinery in Haiti, after establishing a relationship with leader Francois “Papa Doc” Duvalier. He then moved to England in the mid-1960s and was tasked with helping Dubai. He introduced various companies such as Taylor Woodrow, Costain Group, and Bernard Sunley & Sons to the country, meantime also becoming the financial advisor to the then Sultan of Brunei Omar Ali Saifuddien III. His net worth was starting to increase significantly. In 1968, he then established International Marine Services (IMS) in Dubai.
In 1975, Fayed joined the board of the mining conglomerate Lonrho, but would leave due to disagreements. Four years later, he would buy The Ritz hotel in Paris for $30 million, then in 1984, he along with his brothers purchased a stake in the House of Fraser, a group which included the famous London store Harrods – he bought his brothers remaining shares the following year. In 1994, the company would go public but Fayed retained private ownership of Harrods, and his net worth built up steadily thanks to these investments. Harrods was eventually sold to Qatar Holdings in 2010 for a valued 1.5 billion pounds. Other investments he has include the Balnagown estate in Northern Scotland, and he also purchased the professional soccer club Fulham F.C. He held the club until 2013, when it was sold to businessman Shahid Khan.
For his personal life, it is known that Mohamed was married to Samira Khashoggi from 1954 to 1956. In 1985, he married Heini Wathen. His son Dodi is well-known for a romance with Lady Diana Spencer after her divorce from Charles, Prince of Wales. Both of them were killed in a car crash, with numerous conspiracy theories surrounding their death. Mohamed also does charity work, setting up the Al Fayed Charitable Foundation., which helps children in poverty or life limiting conditions. They are usually seen working with children from the UK, Mongolia, and Thailand.
Mohamad was also part of the cash-for-questions affair in the mid-90s, in which he paid MPs to ask questions in parliament on his behalf, which led to the resignation of Neil Hamilton and Tim Smith. Hamilton filed for a lawsuit but he lost.