In 2005, under the direction of Hamad and the former Prime minister of Qatar Sheikh Hamad bin Jassim bin Jaber Al Thani, the Qatar Investment Authority was established, a sovereign wealth fund to manage the country's oil and natural gas surpluses. The Qatar Investment Authority and its subsidiaries have acquired many businesses abroad, including London's iconic department store Harrods from entrepreneur Mohammed Al-Fayed, Paris-based department store Printemps, French football club Paris Saint-Germain F.C., a former 10% stake in Porsche, a 75% stake in film studio Miramax which they acquired from Disney, a 2% stake in media conglomerate and Universal Music Group parent company Vivendi, a $100 million USD investment in Chernin Group – whose founder Peter Chernin was COO of News Corp and President of Fox, a 1% stake in luxury goods manufacturer Louis Vuitton Moët Hennessy, a 6% stake in Credit Suisse, a 12.6% stake in Barclays and several other major companies. They also backed Glencore's $31 billion takeover bid for Xstrata. Qatar is the largest property owner in London with their holdings including the U.K.'s tallest building The Shard, Olympic Village and Park Lane's InterContinental Hotel. They also own several hotels in Cannes including the Majestic Hotel, Grand Hyatt Cannes Hôtel Martinez and Carlton Hotel. QIA was considered to have one of the leading bids in the sales of both Anschutz Entertainment Group and Hulu. As of May 2013, it was reported the Investment Authority was in talks to purchase Neiman Marcus and Bergdorf Goodman.