Surviving financial catastrophe: Lessons from Souk Al-Manakh

Surviving financial catastrophe: Lessons from Souk Al-Manakh

By Fares Al-Shammari

The collapse of Souk Al-Manakh in 1982 left us with valuable lessons to avoid enduring such a crisis and its devastating losses again. Nevertheless, an investor in Souk Al-Manakh, as recounted in the book “Manakh 82” by author Nadia Alsharrah, mentioned that if given the chance, they would do it all over again. Alsharrah, in an interview with Kuwait Times, emphasizes the significance of studying crises like Souk Al-Manakh for the insights they provide.

Lesson 1: Avoid the obsession with quick wealth

“He who wishes to be rich in a day will be hanged in a year.” (Da Vinci). Numerous successful Kuwaitis abandoned their thriving businesses in pursuit of quick riches in Souk Al-Manakh. The book “Manakh 82” highlights that among the investors who suffered losses were accomplished businessmen, graduates of prestigious universities, and even an expert in financial crises. Therefore, it is crucial not to assume that education alone can shield you from such mistakes.

Alsharrah underscores that bubbles emerge when intellect clashes with obsession, demonstrating that even the brightest individuals can succumb to rampant greed, as Souk Al-Manakh exemplifies. Some investors faced heart attacks and even left Kuwait permanently due to severe losses. Imad, a 62-year-old interviewed by Kuwait