Mohammed Al-Fayed: A Yearning Legacy of Success and Empire-Building
First Bank
Mohammed Al-Fayed is a prominent figure globally in the fields of economics and business. His life story is considered one of the most remarkable success stories.
Born in Alexandria on January 27, 1929, to a modest father who worked as an Arabic language teacher, Al-Fayed initially worked in various jobs, including handling goods at the Alexandria port. In the mid-1960s, he moved to the UK, where he amassed his wealth.
Al-Fayed began accumulating his fortune when he traveled to Saudi Arabia, marrying Samira Khashoggi, the sister of the well-known Saudi businessman Adnan Khashoggi. Despite significant success, the 1952 revolution posed a major setback as the Egyptian government nationalized his company in 1961. Fortunately, he didn’t lose all his assets and returned to Alexandria, establishing a shipping company.
Expanding his trade, Al-Fayed acquired two cargo ships stationed at the Alexandria port, operating on the Genoa–Alexandria–Beirut–Istanbul route. The 1952 revolution was a significant challenge, but he managed to rebuild from scratch. Al-Fayed’s business ventures extended to London, where he restarted his company using the cargo ships he owned.
He embarked on another journey to Germany, attracting companies for oil exploration in the UAE. Successfully contracting with a major German company, they explored and extracted oil in the UAE, earning him substantial commissions. Al-Fayed settled there, contributing to several monumental projects still present in Dubai today.
Having a vast network of influential connections in the Gulf and Europe, including a strong bond with Sultan Brunei, Al-Fayed’s star rose when, in 1979, he and his brother bought the Ritz Paris hotel. In 1985, he acquired the renowned Harrods store in London after a prolonged and intense takeover battle.
Investing significantly in Harrods, which he bought for 615 million pound sterling (approximately $669 mn at the time), he opened other stores under the Harrods brand. In 2010, he sold it for 1.5 billion pound sterling.
Al-Fayed also purchased the English football club Fulham in 1997. Under his ownership, Fulham ascended to the English Premier League and reached the final of the UEFA Europa League. After about 16 years, he sold it in 2013 to billionaire Shahid Khan for an estimated $300 mn.
His ventures led to an immense fortune, estimated at around $2 bn. In 2023, Forbes ranked him 12th among the richest Arabs and 1516th among the world’s billionaires. Mohammed Al-Fayed passed away in September last year at the age of 94, leaving behind a powerful legacy.
