Saudi Arabia’s sovereign wealth fund has bought a stake in Selfridges and will co-own the high-profile British asset with Thai conglomerate Central Group.WHO: Founded by Harry Gordon Selfridge in 1908, the retailer has four UK stores—two in Manchester, one in Birmingham, and its flagship site on London’s Oxford Street. In total, the group operates 18 premier luxury department stores across three countries, including De Bijenkorf in the Netherlands and Brown Thomas and Arnotts in Ireland.IN THEIR OWN WORDS: Turqi Al-Nowaiser, Deputy Governor and Head of International Investments Division at PIF, said: “We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores. This transaction allows Selfridges Group to build on its position as a premier retail destination.”Tos Chirathivat, Executive Chairman and Chief Executive Officer of Central Group, said: “We are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position. The group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders."Chirathivat continued, “PIF is Central’s partner of choice in this distinguished company, and we are confident that PIF’s proven global track record of investments combined with our luxury retail industry expertise, brand management skills and innovative approach, will allow Selfridges Group to continue to flourish for the benefit of all its stakeholders.