What was Mohamed Al-Fayed's Net Worth?
Mohamed Al-Fayed was an Egyptian business magnate and philanthropist who had a net worth of $2 billion at the time of his death. Mohamed Al-Fayed died on August 30, 2023 at the age of 94.
Mohamed Al-Fayed owned multiple properties throughout Europe, particularly in the United Kingdom. Among his notable business interests, he owned the Ritz Paris and formerly owned Harrods and the Premier League football club Fulham. In 2010 he sold Harrods to Qatar Holding for a reported $2.4 billion. Fayed is also known for his first son, Dodi Al-Fayed, who dated Princess Diana and was killed alongside her in the infamous 1997 car crash in Paris.
Early Life
Mohamed Al-Fayed was born on January 27, 1929 in Alexandria, Egypt. He has two brothers named Ali and Salah.
Career Beginnings
Fayed got into the business world when he co-founded a shipping company in Egypt with his brothers. Eventually, they moved the company's headquarters to Genoa, Italy. After that, Fayed began a professional partnership with Haitian president François Duvalier, with whom he planned to build an oil refinery in Haiti. However, the partnership was soon broken off.
Fayed found his greatest business success after moving to England in the mid-60s. Commencing a partnership with Dubai ruler Sheikh Rashid bin Saeed Al Maktoum, he was enlisted with helping to modernize Dubai. To do this, Fayed established the International Marine Services and introduced to the UAE such British construction companies as Costain Group, Taylor Woodrow, and Bernard Sunley & Sons.
House of Fraser
Fayed continued to expand his presence in England over the decades. In 1984, he and his brothers acquired a 30% stake in the department store group House of Fraser; they purchased the remaining 70% the following year. This gave Fayed ownership of the famed Harrods store. Throughout the 80s, he was engaged in a high-profile feud with businessman Roland Rowland, who attempted a takeover of Harrods. Fayed remained the owner until 2010 when Harrods was sold to Qatar Holdings for £1.5 billion.
Fulham F.C.
In 1997, Fayed purchased the London football club Fulham for £6.25 million. His intention was to bring the club into the Premier League within five years. Fayed reached his goal much sooner than expected, as Fulham was competing in European football by 2002. In the 2009-10 UEFA Europa League, the club made it to the final. Fayed's tenure as owner ended in 2013 when Fulham was sold to businessman Shahid Khan.
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Real Estate in Scotland
One of Fayed's largest projects has been the Balnagown Estate in Easter Ross, Scotland, which he purchased in 1972. Since then, he has invested over £20 million in the property, building it up from its initial 12 acres to around 65,000 acres. Additionally, he restored the 14th-century Balnagown Castle and established a tourist accommodation business.
Cash-for-Questions Affair
In 1994, Fayed was involved in the cash-for-questions affair, a political scandal in which London parliamentary lobbyist Ian Greer was accused of bribing two Conservative MPs to ask parliamentary questions on behalf of Fayed. Further controversy emerged when Fayed revealed that cabinet minister Jonathan Aitken had stayed free of charge at Fayed's Ritz Paris hotel at the same time as a group of Saudi arms dealers. The scandal resulted in the disgraced departure of the two Conservative MPs who had allegedly been bribed; it also precipitated the creation of the Committee on Standards in Public Life to prevent further similar cases of corruption.
Charity
On the philanthropic side of things, Fayed established the Al-Fayed Charitable Foundation in 1987 to assist disabled, neglected, and impoverished children. The Foundation works with such charities as Great Ormond Street Hospital and ChildLine. In 1998, Fayed purchased Princess Diana's old boarding school in Kent and established the New School at West Heath for children in need.
Diana with Prince Charles and Mohamed Al-Fayed in 1987/Getty
Dodi and Princess Diana
Fayed's first son, Dodi, began dating Princess Diana after Diana divorced Charles III in 1996. The couple became the subject of intense media attention, with the ravenous paparazzi following them at every turn. While in Paris in the summer of 1997, Dodi and Diana sped away from the rear of their hotel in a Mercedes-Benz S280 to avoid the paparazzi. Five minutes later, their car crashed in the Pont de l'Alma tunnel, killing both Dodi and Diana as well as the chauffeur Henri Paul. Fayed insisted that the crash was due to a conspiracy orchestrated by MI6, and went on to accuse various members of the royal family of plotting the accident. His conspiracy theories were roundly condemned and eventually debunked.
Sexual Assault Allegations
Mohamed Al-Fayed has been accused of sexual assault by multiple women. When he was the owner of Harrods, he reportedly subjected young female prospective employees to gynecological exams and HIV tests, and selected some to spend weekends with him in Paris. Fayed also reportedly harassed store secretaries on a routine basis.
Marriages and Children
Mohamed Al-Fayed was married to his first wife, Saudi Arabian author Samira Khashoggi, from 1954 until their divorce in 1956. His son Dodi came from this relationship. Much later, in 1985, Fayed wed Finnish socialite Heini Wathén. Together, they have four children named Jasmine, Karim, Camilla, and Omar. The lattermost child is an environmentalist and publisher who serves as the CEO of EarthX and Earth Space Technical Ecosystem Enterprises.
