Wednesday, 04 July 2012 11:39
KUALA LUMPUR: Gas-rich Qatar's sovereign wealth fund plans to build luxury hotels in Malaysia, Paris, London and China named after Harrods, the world's famous department store, a report said Wednesday.
Under a $636 million plan Qatar Holding will partner a local Malaysian firm Jerantas to construct a hotel in Kuala Lumpur's golden triangle's shopping district of Bukit Bintang.
Construction work is expected to begin next year on the development, which will comprise up to 300 hotel rooms, apartments and retail space covering a 5.5-acre (2.2 hectare) site, the Star newspaper said.
"We are looking to invest more in Malaysia because we believe the local economy will grow over the next two years at around 5.0 percent," Qatar Holding vice-chairman Hussain Ali al-Abdulla said.
Besides London where a Harrods hotel would be opened, Qatar Holding said: "The target plan is to open Harrods hotels in key cities such as Kuala Lumpur, New York and Paris ...