The Egyptian-born billionaire Mohamed Al-Fayed has died in London aged 94, his family announced on Friday
Mr Al-Fayed was at one time among the most high-profile businessmen in Britain. Aside from previously owning Fulham FC, he also was the former owner of luxury department store Harrods and the Paris Ritz Hotel.
He was the father of Dodi Fayed, who died with Princess Diana in a Paris car crash in 1997. He spent the rest of his life mourning the loss.
"Mrs Mohamed Al-Fayed, her children and grandchildren wish to confirm that her beloved husband, their father and their grandfather, Mohamed, has passed away peacefully of old age on Wednesday 30 August, 2023," a statement from the family said.
"He enjoyed a long and fulfilled retirement surrounded by his loved ones. The family have asked for their privacy to be respected at this time."
Mr Al-Fayed was born in Alexandria in Egypt and moved to London in the 1960s where he set about building his empire.
As a boy, he regularly skipped school to do odd jobs, selling soft drinks in the streets or sewing machines door-to-door.
He began investing in UK companies after relocating a shipping company he had founded with his brothers from Egypt to Europe.
With his two brothers, Mr Al-Fayed fended off rival investor Roland Walter “Tiny” Rowland in 1985 to land the winning bid for London department store Harrods for £615 million ($669 million at the time).
Mr Rowland later complained that the Al-Fayeds had misrepresented their wealth and background to secure the deal, achieved through a takeover of Harrods’ parent company, House of Fraser.
As owner of Fulham FC from 1997 to 2013, he was credited with turning around the football club’s fortunes. He also owned tens of thousands of acres of land in the Scottish Highlands.
Later, he would become known for bitter clashes with Britain’s royal family after the death of Princess Diana and his son.
Mr Al-Fayed was convinced that Dodi and Princess Diana had been killed in a conspiracy by a royal family that could not countenance the divorced princess marrying a Muslim.
In 2008, he told an inquest the list of alleged conspirators included senior royal family members and politicians.
The inquest concluded that Princess Diana and Dodi died because of the reckless actions of their driver and paparazzi chasing the couple.
In 2010, he sold Harrods to Qatar’s royal family for a reported £1.5 billion and three years later he sold Fulham FC to Shahid Khan, owner of American football team the Jacksonville Jaguars.
There was a funeral held for Mr Al-Fayed after Friday prayers at London Central Mosque in Regent’s Park, Sky News reported.
Fulham FC led the tributes to their former owner
“On behalf of everyone at Fulham Football Club, I send my sincere condolences to the family and friends of Mohamed Al Fayed upon the news of his passing at age 94,” his successor as owner, Shahid Khan, said in a statement on the club's website.
“I join our supporters around the world in celebrating the memory of Mohamed Al-Fayed, whose legacy will always be at the heart of our tradition at Fulham Football Club.”
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Her most famous song
Aghadan Alqak (Would I Ever Find You Again)?
Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.
Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab
