Muscat: Coinciding with 40 years since Souq Al-Manakh crisis, Kuwait Financial Centre (Markaz) launched a special publication titled “Souq Al-Manakh and Five Other GCC Crises.”
The publication was prepared by Marmore Mena Intelligence, the research arm of Markaz, as part of the ongoing efforts of providing thought leadership on the most critical issues that have shaped the current economic situations in the Gulf Cooperation Council (GCC) region.
The publication covers major financial crises such as Souq Al-Manakh, the subprime crisis in 2008, Dubai 2009 real estate meltdown, the default of a major Saudi group, the 2014 decline of oil prices and the diplomatic rift in the GCC in 2018.
The publication discusses at length how each major financial crisis impacted the financial landscape of the GCC, from the beginning of the crisis, analysing the reasons behind it, through its effects locally in chronological order, describing the outcomes of each crisis and ways to resist under current circumstances. The book is explicitly chronological because most of these crises resulted from the accumulation of a series of consecutive events.
In this regard, Raghu, Executive Vice President, Published Research in Markaz and Managing Director of Marmore said, “We were keen to offer clarity to businesses and investors about a range of previous economic crises that have impacted the GCC region, through analysis and reviews based on research from reliable sources. This publication is intended as a summary of six major financial crises, in which we hope to shed useful insights on some of the most important events that shaped the financial landscape in the GCC region.”
He added, “Markaz and Marmore followed the chronological approach in the publication, helping the readers to understand both the roots of the current economic situation and the opportunities for constructive change, as those are important lessons for our economic sustainability.”
Markaz has launched this special publication as part of its corporate social and economic responsibility strategy. Markaz was the first to publish research to broaden the knowledge of the financial sector. A special department was dedicated to published research consisting of a skilled team with extensive experience in the field of economic policies research in the Mena region. The research is disseminated to decision makers and stakeholders in Kuwait, and research findings are discussed with them to reach best practical solution.