The wide-range of projects successfully completed speak volumes about our strength vis-à-vis regional business knowledge. These strengths have helped us deliver value to our clients. All these projects carry varying levels of challenges and complexities which have been successfully tackled.

Examples of Our Work

A detailed report on equipment leasing in the GCC

Background: An equipment leasing company approached us to do a detailed study on the equipment leasing industry in the GCC to understand its competitive position.
Marmore Approach: Marmore conducted extensive secondary research to identify the players operating in equipment leasing in GCC. A business model analysis was done to identify close competitors. Financial analysis of the identified competitors was done to understand their position in the industry. Along with this, economic analysis was conducted to understand how it would impact the industry.
Key Project Benefits / Successes: Extensive secondary research enabled Marmore to present the industry’s competitors and their position in the sector.

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A report on SME in the GCC and its links to employment
Background: An upcoming online recruitment portal approached Marmore to prepare a report on the SME industry in the GCC.
Marmore Approach: Marmore conducted extensive secondary research to identify the dynamics and trends in the SME industry in the GCC. Trend analysis was conducted to analyse employment creation by SMEs in the region and a model was created to project possible future employment generation.
Key Project Benefits / Successes: The report helped the client to understand the status of the SME sector in the GCC.

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Reforms Required in a GCC Country’s Education Sector

Background: A private sector education company wanted to conduct a study on a GCC country’s education sector and suggest reforms to create a flourishing education sector
Marmore Approach: Marmore conducted a benchmarking research to Understand and determine best-practices in the regional and international market for regulations and support of the education sector. We also undertook primary research by interviewing key stakeholders (government and private) of the education sector. The two processes enabled in drawing up a list of actionable reforms needed in the sector.
Key Project Benefits / Successes: The key success of the project lay in the extensive primary research conducted by Marmore which included key stakeholders of the education sector and helped us understand the problems that the sector was facing.

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Quarterly newsletter on the wealth management industry in the GCC

Background: The client wanted to create a quarterly newsletter on the wealth management industry in the GCC which would highlight key developments on a quarterly basis.
Marmore Approach: Marmore utilized its expertise in the research sphere to create a newsletter and included content drawn from primary research and extensive secondary research which would constantly evolve every quarter to highlight developments in the wealth management industry.
Key Project Benefits / Successes: Extensive secondary research enabled Marmore to present the key developments in various arenas related to the wealth management industry such as capital markets, commodities etc. Marmore’s capability in converting the newsletter in HTML format was an added advantage.

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Financial Analysis and Valuation Model for a listed contracting company in Kuwait

Background: A boutique investment bank approached us to do a valuation study on a listed contracting company in Kuwait.
Marmore Approach: Marmore conducted a valuation study on the company by doing an in-depth analysis of the company’s financials along with inputs derived from the meeting with the company’s management. A detailed DCF model was prepared with options to simulate results based on scenarios. The company’s competitors’ financials were analysed in detail to understand the company’ position.
Key Project Benefits / Successes: The key success of the project lay in the in-depth analysis of the company’s financials and the industry in which it operates. The model was provided based on 3 scenarios namely bull, bear and base cases. The scenarios were arrived at based on discussions with the management and extensive secondary research.

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Developing a website to host database on researchers and research papers

Background:A leading quasi government agency in Kuwait wanted to develop a website that would feature databases on research papers and researchers of leading institutions in Kuwait.
Marmore Approach:As part of the project, Marmoreidentified relevant platforms and web developers who have prior experience in building such websites. Once identified, Marmore travelled to Kuwait to get a deeper understanding of the requirements and played a key role in ensuring that the website development was done as per client requirements.
Key Project Benefits / Successes: The key success of the project was in creating two different databases (research papers and researchers) that was able to seamlessly link with each other. Regular update meetings with both the vendor and client enabled to ensure that the development was as per client’s requirements.

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Policy study to analyze the impact of hike in water and electricity charges on real estate and steps to mitigate the impact

Background: A leading government investment institution wanted to analyze the impact of the recent hikes in water and electricity tariffs in Kuwait and the steps that can be initiated to mitigate the price increases.
Marmore Approach: Marmore met with the property managers to get a briefing about the buildings owned by the institution. Marmore prepared a model to understand the impact on yields. Marmore also conducted an extensive study along with a model to highlight the improvements that can be made to lessen the impact of the hike.
Key Project Benefits / Successes: The key success of the project was the suggestions provided by Marmore to lessen the impact of the rate hikes on the yields.

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A research study and prepare a report on the future of oil with alternative energies for Kuwait.

Project Background: An organization that provides integrated support and consultation to governmental and non-governmental institutions in Kuwait approached Marmore to perform a research study and prepare a report on the future of oil with alternative energies for Kuwait.
Marmore Approach: Marmore conducted secondary research to study the patterns of energy consumption, existing energy infrastructure and renewable energy trends in Kuwait to gain a comprehensive understanding of the country’s energy landscape. Insights from key stakeholders on the role of alternative energy in Kuwait’s future were also obtained. Based on the findings, Marmore developed a detailed report highlighting the key energy trends in the country. Marmore also developed a model which calculated the estimated savings through to 2040 when Kuwait gradually moves towards renewable sources of energy and incorporated the results in the report. In addition, Marmore also presented its recommendations to Kuwait from a policy and business angle in order to embrace the change in energy dynamics.
Client Value Proposition: The report helped our client to better understand the alternative energy trends in the region and propose recommendations on the same to concerned entities.

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An extensive database of Tier 2 & Tier 3 Financial Institutions in GCC

Background: A consulting company in the GCC approached Marmore to prepare a database of Tier 2 & Tier 3 financial institutions in the GCC to identify potential targets.
Marmore Approach: Marmore used a third party resource to collect the names of the institutions. Thereafter, Marmore conducted secondary research to obtain key information related to the companies such as personnel, position, address, website, email, contact etc.
Key Project Benefits / Successes: The database helped the client in identifying the potential targets and conduct an outreach program.

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Valuation report of a GCC based company in the energy sector (updated every quarter)

Background: A private sector player in the investment banking space required Marmore to prepare an independent valuation report of an unlisted company in the energy sector. It also engaged Marmore to update the report on a quarterly basis.
Marmore Approach: Marmore developed the valuation report based on thorough secondary research and the assistance of an independent researcher to obtain industry level metrics to conduct the valuation. Two prominent methodologies in the form of Sum of the Parts and Trading Comparables where employed to conduct the valuation review.
Key Project Benefits / Successes: The valuation report enabled the client to understand the position of the company vis-à-vis its peers in the industry and the quarterly reports enabled the client to check the direction the company is going in.

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Business Plan for a printing company based in the GCC

Background: The client wanted Marmore to prepare a business plan to present its e-learning applications.
Marmore Approach: Marmore underwent a series of meetings to understand the business model of the company and to understand the e-learning application. An exhaustive secondary research was then conducted to prepare the business plan which included an analysis of the application, the sector in which it operates, financial projections of the company etc.
Key Project Benefits / Successes: The client was able to present the business plan prepared by Marmore to potential clients to launch the application.

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Policy Study on fostering an innovation driven economic diversification strategy for a GCC Country

Background: A research foundation approached us to do a detailed policy study on fostering an innovation based economy in a country based in GCC.
Marmore Approach: As part of the research and report writing efforts, Marmore combined efforts with a Norwegian professor renowned for his studies in innovation. Marmore employed a variety of methodologies in order to reach objective conclusions and recommendations. These include primary research interviews with public and private sector players and literature survey (including analysis of best practices from around the world).
Key Project Benefits / Successes: The key success of the project was providing actionable solutions that could be initiated on an immediate basis. The team was able to arrive at such solutions through intensive interactions with related stakeholders to gain on-the-ground insight.

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Conducting a policy study to identify priority sectors for economic diversification in Kuwait

Background: A leading quasi government agency in Kuwait wanted to conduct a policy study to arrive at priority sectors that Kuwait needs to focus on for the purpose of economic diversification.
Marmore Approach: As part of the project, Marmore conducted in-depth secondary research and primary research by meeting over 15 key stakeholders ranging from various ministries to the private sector. Marmore also prepared an economic model to forecast the impact of such diversification efforts on the economy’s GDP and employment.
Key Project Benefits / Successes: The key success of the project lay in the in-depth analysis in the form of primary and secondary research. The economic model also aided the client to drive the point on the sectors that would have the maximum impact on the country’s GDP and employment.

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An extensive database of UHNWIs andInstitutional investors in GCC

Background: An asset management company in India approached Marmore to prepare a database of UHNWIs andInstitutional investors in the GCC to identify potential targets to obtain investments for its funds.
Marmore Approach: Marmore used a third party resource to collect the names of the institutions. Thereafter, Marmore conducted secondary research to obtain key information related to the companies such as personnel, position, address, website, email, contact etc.
Key Project Benefits / Successes: The database helped the client in identifying the potential targets and conduct an outreach program.

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Information on GCC Funds & Kuwait’s stock markets

Background: A professor of a leading university in Kuwait approached Marmore to obtain information regarding mutual funds in the GCC along with information on Kuwait’s stock markets.
Marmore Approach: Marmore used a third party resource to obtain information on the funds and the stock market. This information was further enhanced by accessing information from the websites of the funds.
Key Project Benefits / Successes: The client was able to get a detailed understanding of the funds and the stock market, thereby improving the quality of the report.

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An Egypt-based asset management company approached Marmore to conduct a valuation study

Background: An Egypt-based asset management company approached Marmore to conduct a valuation study on one of the largest Egyptian consumer utility companies in the energy sector. The project required us to ascertain the fair value of all the non-listed investments of the company and to consider it in the overall valuation.
Key Challenges: The energy sector company had investments in many private companies which were reported on a historical book value basis and didn’t represent the fair value of these investments. Diverse nature of these investments, cross ownerships and limited availability of data were key challenges in ascertaining their fair value.
Marmore Approach: Marmore developed the valuation report by performing an in-depth financial analysis of the company while relying on secondary research and publicly available data. Extensive secondary research was carried to find out greater details for all the non-listed investment companies, and reasonable assumptions were taken to arrive at the fair value. A detailed valuation model was prepared with three scenarios. Two prominent methodologies in the form of discounted cash flow and trading comparable (using local and foreign peers) methods were used to conduct the sum of the parts valuation of the company.
Key Benefits / Successes: The valuation report provided actionable insights to the client and also helped them to understand the fair value of all the non-listed investments of the company.

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Study on identifying warehousing (storage) space in a GCC country

Background: A leading logistics company based in the GCC wanted to identify the existing warehousing space in a country in the GCC.
Marmore Approach: Marmore obtained a list of companies that might have storage space in the country such as retail, car rentals, automobile companies etc. Marmore then conducted secondary research to obtain publicly available information on the same. Marmore employed a consultant to visit each location to identify plausible storage space.
Key Project Benefits / Successes: The database of warehouse space aided the client in understanding the current available warehousing space in the country.

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Impact of supply-side pressures on inflation

Background: A regional governmental body wanted to study and quantify the impact that supply side factors such as logistics, administration etc. had on inflation in the country.
Marmore Approach: Marmore conducted extensive primary and secondary research to gain knowledge on various aspects and created a model using the inputs. The model shed light on possible improvements in efficiency in the supply chain (based on international standards) and its resultant impact on inflation. Policy recommendations were provided based on the findings and primary research.
Key Project Benefits / Successes: The model created by Marmore was unique in nature and helped client in quantifying the impact that efficiencies in supply chain would have on inflation. Interactions with the related stakeholders enabled the client to understand the problem on-the-ground and provided actionable solutions to address the same.

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Historical Dividend Yield analysis – Large and Mid cap

Background: The client wanted Marmore to compile two lists of stocks listed in the GCC markets which had a historical average dividend yield of over 5% over the past 20 years. One of the list would contain stocks part of the Large Market Capitalization universe while the other would contain stocks part of the Medium Capitalization universe.
Marmore Approach: Since there are no existing methodology to classify the stocks based on Market Capitalization, Marmore designed its own methodology to draw up a list. Dividend yield information was sourced from multiple specialized third party data providers and publicly available sources and two lists were compiled.
Key Project Benefits / Successes: The lists enabled the client to take investment decisions based on the dividend yield history of the companies.

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Financial Analysis and Valuation Model along with Research Report for a listed bank in Bahrain

Background: A boutique investment bank approached us to do a valuation study on a listed bank in Bahrain.
Marmore Approach:Marmore conducted a valuation study on the bank by doing an in-depth analysis of the bank’s financials and understanding its position in the sector by comparing it with its competitors. A detailed model was prepared with options to simulate results based on scenarios. An exhaustive report was prepared which detailed the findings of the analysis.
Key Project Benefits / Successes: The key success of the project lay in the extensive secondary research and in-depth financial analysis conducted by Marmore which included Bahrain banking industry analysis and market assessment, key financial metrics and in-depth Valuation model in Excel with simulation and assumptions.

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Financial model for a start-up based in UAE

Background: An ecommerce and publishing start-up approached us to do a financial model to help it raise funding.
Marmore Approach: As part of the project, one of Marmore’s analysts visited the company in UAE to understand the business model and the future expansion plans. Based on the inputs received and a though secondary analysis of the businesses in the region, a detailed financial model and DCF valuation of the company was prepared.
Key Project Benefits / Successes: The key success of the project lay in the in-depth analysis of the company’s business model and the industry that it currently operates in. Inputs received from the management were utilized to forecast financials.

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Study to forecast potential for job creation in Kuwait

Background: A leading asset management company in Kuwait wanted to understand the potential for job creation in Kuwait on account of the increasing project awards.
Marmore Approach: Marmore used a third party resource to obtain information on the project awards on a historical basis. Since projects in the region tend to be long term in nature, the impact that it had created over the last 5 years was taken into consideration and a model was but to forecast potential job creation based on future project completions.
Key Project Benefits / Successes: The client was able to get an understanding of the impact that the historical project awards on job creation and what could be the employment generation by ongoing and future projects.

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Preparing a model to assess the impact of geopolitical risk for a leading asset management company

Background: A leading asset management company in Kuwait wanted Marmore to prepare a model to assess the impact of geopolitical risk on the company.
Marmore Approach: Marmore prepared an excel based model using various parameters to assess the impact of geopolitical risks faced by the country, region and company. The model was split into four pillars with each pillar having numerous sub-pillars to ensure all possible factors are taken into consideration. The end product of the model would be a score that depicts the geopolitical risk for the organization.
Key Project Benefits / Successes: The key success of the project was the in-depth model which considered all possible factors to assess the geopolitical risks. The model would be able to quantify the geopolitical risk and would form a part of the overall risk model of the organization.

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A weekly capital market report on Kuwait & the rest of the GCC

Background: An investment company in Kuwait approached Marmore to prepare a weekly report on capital market developments in the country and the region.
Marmore Approach: Marmore used a third party resource to prepare a template that would be updated on a weekly basis and sent to the client on time. The report contained information on the performance of the indices in Kuwait and the rest of the GCC along with text highlights of the performance.
Key Project Benefits / Successes: The weekly report is circulated by the client to its own clients which aids in providing a quick take on the performance of the capital markets in the region.

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