El Corte Inglés, the big Spanish retailer, which plays a big role in the sporting goods market, has sold a 10 percent stake for €1 billion to Sheikh Hamad Bin Jassim Bin Jaber Al Thani, a former Prime Minister of Qatar and former head of the Qatar Investment Authority. Sheik Hamad will get a seat on the company's board after the deal. It is the first time that the privately-owned Spanish company has opened its share capital to a foreign investor. Its majority shareholders are the descendants of Ramon Areces, who founded the company in the 1930s. In addition to its department stores, El Corte Inglés controls supermarkets, travel agencies, opticians and mobile phone stores, and is one of Spain's largest private sector employers. The fact that its assets are almost all in Spain has left it vulnerable to the country's recent, deep economic crisis. However, the Spanish economy is now recovering and consumer spending is on the rise. El Corte Inglés sold a 51 percent stake in its consumer finance business to the Santander bank in 2013.

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