Al-Manakh Knights

1983-02-23 • 0h 0min

Overview:

The first Gulf economic play centered on an issue that affected members of Kuwaiti society, which sparked widespread controversy between Kuwaiti society and the Gulf community in general, and the issue was the "Al Manakh Market" crisis in 1982, which ended in losses exceeding $ 22 billion. Where the story tells about the second oil boom of the Gulf states at the end of the seventies and the beginning of the eighties of the twentieth century AD where the price of oil increased continuously until the Gulf countries recorded large financial surpluses, so the money poured into the stock market significantly until it opened a stock trading office in a semi-parallel office and was named a market "Al Manakh" in which money flowed greatly from almost all segments of Kuwaiti society and even foreign residents and some individuals from the Gulf states and increased frantic speculation and increased buying and selling for the future until it reached astronomical numbers.