Awards for Excellence 2009: Kuwait

The past year proved tough for the Kuwaiti financial services industry. One lender, Gulf Bank, suffered a run after it revealed losses of $1.3 billion in derivatives trades, caused by the fall of the euro against the dollar. Then two of the country’s best-known investment firms, Global Investment House and Investment Dar, defaulted on their debt. This has made the outlook on Kuwait’s finance industry uncertain at best.