Qatar Investment Authority (QIA) has assembled a management team to find potential locations for the previously announced Harrods hotel brand. The developments are slated for ‘prime cities’ such as New York and Hong Kong.

A rare statement from the gulf sovereign fund’s CEO, published by The Telegraph newspaper this weekend, also revealed that QIA would maintain long-term investment into the UK, which remains a ‘main destination' for the fund.

QIA holds around $110 billion in assets and receives approximately $29.3 billion per year from the oil and gas-rich Gulf state’s government.

London’s iconic department store was acquired by the sovereign wealth fund in 2010 for US $2.5 billion. QIA has since invested $412 million into Harrods, unveiling installations such as a new chandelier worth $1 million and the 30,000 square foot Fashion Lab – the world’s largest collection of luxury shoes.

The 1,500 piece chandelier was revealed last week along with the Beyond the Object exhibition at London’s Halcyon Gallery – both courtesy of renowned glass artist Dale Chihuly. The piece is titled “Amber and Gold” and hangs within Harrods’ grand hall entrance.