In the wake of Saudi Arabia’s Fashion Futures event that has received global media attention, French company LVMH has pledged a massive $500 million (Dhs1.83 billion) to invest in emerging brands across the Gulf region, according to The National. Ravi Thakran, group president of LVMH South Asia, Southeast Asia, Australia and the Middle East, announced that the region will be the “creator of brands” over the next decade, owing to its dynamic vision and young population.

What’s more? Vice Minister of Saudi Ministry of Culture, Hamed M Fayez, has announced a five-year scholarship program with Parsons School of Design in New York, to pave the way for Saudi students to receive quality education in fashion. Parsons has to its credit fashion heavyweights such as Alexander Wang, Tom Ford and Marc Jacobs as its alumni.

Cover image credits: Getty Images and Vizfolk Media via Fashion Forward Dubai