The world of fashion lost a great this week, following the death of Louis Vuitton and Off-White designer Virgil Abloh at the age of 41.
His death from a rare form of cancer was announced on Sunday by Louis Vuitton parent company LVMH, which described the designer as a “genius” and “visionary”.
The news has shocked and saddened the fashion world, with tributes pouring in from his peers, celebrity friends and fans around the globe.
Among those to pay tribute was Hailey Bieber, who had Abloh design the dress for her 2018 wedding.
“Virgil completely changed the way I looked at street style and fashion, the way he looked at things inspired me deeply,” the model wrote on Instagram. “I will never be able to fully express how grateful I am to have known him and worked with him, from walking on his runways to having him design my wedding dress and all the other amazing moments in between, I felt he was always rooting for me.
“He was someone who always brought life, charisma, love and fun to any situation, and every room he walked into. A once in a generation creative mind that is so rare and I’ll never forget his impact. We love you Virgil.”
Supermodel Gigi Hadid, who worked with Abloh many times throughout her career, said: “I am heartbroken by the loss of my dear friend, and a friend to the world, Virgil Abloh. He was 1 of 1.
“His kindness and energetic generosity left a lasting impression on every life he touched – he made everyone feel seen and special. He will be deeply missed, cherished and celebrated by me and all the people and industries that have been lucky enough to work around and know the true supernova behind this man.
“I picture him now like our Mickey Mouse .. forever with us, forever adored, forever magical, forever guiding us with that special Virgil FUN; I’m sure that’s how he wanted to be remembered, but still it will never be the same without him in the room.
“You will continue to inspire me every day, V. I feel blessed and honoured by every moment. Rest Easy, my friend. You are so loved. You were the difference. As we always said.. ‘See you somewhere, soon’.”
Her sister and fellow supermodel Bella Hadid described him as the “most beautiful warrior soul”.
“I’m at a loss... He was someone to everyone,” she wrote on Instagram. “That was the magic power he held. He made every person he came across feel special in whatever way he possibly could. Even when the world felt sad, he brought laughter and colour and beauty.
“The way he made a positive impact on anything he touched, and always pushed for his culture. You broke boundaries and made everything your own … The way your brain worked was beyond anything, and the way you did every single thing in life for your family, friends and for the better.”
Kendall Jenner said: “If you had the privilege of knowing Virgil, you were one of the lucky ones. He was the kindest, most positive, humble, joyful, and full of light person I have ever known. He had the most wonderful way of making you feel so special. His genuine smile would warm your heart.
“To battle his illness privately perfectly explains the type of man he was, he never wanted anyone to worry about him. We have lost a dear friend. No words do my feelings justice at this very moment, but what I can say is that I am absolutely heartbroken, for his family, his kids, his wife, and anyone who cared for him deeply.
“V taught me and all of us a very important lesson, although he knew he had only so long, he was bright, he was kind & he was full of love. We all need a little bit of Virgil in us. He leaves us with his influence, to create and change the world. you did just that Virg.”
Edward Enninful, editor of British Vogue, described Abloh as a “giant among men”.
“Virgil Abloh changed the fashion industry. Famously prolific, he always worked for a greater cause than his own illustrious career: to open the door to art and fashion for future generations, so that they – unlike himself – would grow up in a creative world with people to mirror themselves in,” Enninful wrote.
“Virgil believed that anything was possible for humankind, if only we could tear ourselves away from unconscious biases and norms and reassume the imagination we had as children. His achievements won’t just live on. They will continue to evolve, because we are only seeing the beginning of his impact on the creative industries and surrounding world.”
Model Kaia Gerber, who walked the runway for Off-White, also shared a tribute on Instagram.
“In a world where smiles are too rare, and kindness is even rarer, there was you. With your laughter and your light and your positivity. I would look to you when it felt like everything was spinning and somehow you always made it go quiet. You saw people, and through your art you gave them the courage to be themselves,” she wrote. “Thank you for everything you taught me. Taught us. You changed the world.”
Both David and Victoria Beckham also paid tribute to the designer, describing him as a “force of nature who changed an industry overnight” and a “true visionary”.
Singer Pharrell Williams said: “My heart is broken. Virgil you were a kind, generous, thoughtful creative genius. Your work as a human and your work as a spiritual being will live forever. Sending love and light to your wife, children, family and day ones. You’re with the Master now, shine.”
K-pop group BTS also shared condolences, saying it was an “honour” to work with Abloh.
His designer peers also rushed to pay tribute to his impact on the industry.
British designer Stella McCartney described him as a “true talent”.
“It is with such a heavy heart that I send my deepest sympathy to Virgil’s family. His wife and babies, he worshipped you, his family at work and all that knew and loved him,” she wrote. “My time knowing you was brief, but you hit me hard with a bolt of deeply inspired impact, true talent and a desire to bring a better meaning to the world of fashion and design. You will be missed on so many levels. Rest in peace and fly high… you are and will always be a star with grace and beauty.”
Pierpaolo Piccioli, the creative director of Valentino, said: “The more I look for the right words to express my feelings in this moment, the more I have this memory of him, an amazingly talented young man, designer, father, artist, full of life and creativity, he changed the game of fashion with his disruptive humanity and curiosity, and I am sure that all of that will stay here with us.”
Marc Jacobs offered his “heartfelt condolences”, while Kim Jones described him as “one of the kindest people you could meet”.
Donatella Versace said: “Virgil, I am lost for words. The world has lost a fashion superstar. An innovator. A creator for the history books. I am thinking of all your loved ones on this tragic day.”
Diane Von Furstenberg described him as a “visionary soulful super star designer”.
“He led the way for so many … conveying strength, beauty and hope… so young, so sad… sending my deepest condolences to his family."
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HAJJAN
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Global state-owned investor ranking by size
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China
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UAE
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Japan
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Canada
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
