Like old King Farouk, Egyptian tycoon Mohamed Al-Fayed has finally decided to set up residence in Monaco - joining the likes of Formula One racing driver David Coulthard and actor Roger Moore in the Riviera tax haven.

After 35 years in the UK, the owner of Harrods and the Ritz Hotel in Paris left Britain 18 months ago for the shores of Lake Geneva, angry over the "grossly unfair treatment" dealt to him by the British establishment and tax authorities.