“…Quantifying and analyzing the relationship between GCC financial markets and the global economy has received less attention in previous studies, which have already focused on developed countries (Laborda and Olmo, 2021;Umar et al, 2021;Mensi et al, 2022;Mensi et al, 2023) and, to a lesser extent, on large emerging economies (Balcilar et al, 2018;Bouri et al, 2020;Xie et al, 2020;Urom et al, 2022). It should also be noted that financial markets can be affected by a variety of factors during global economic crises, including oil prices (Lin and Wu, 2022;Mensi et al, 2015Mensi et al, , 2022Mensi et al, , 2023, geopolitical risks (GPRs) (Balcilar et al, 2018;Das et al,2019), uncertainty (Baker et al, 2016), commodity prices (Akinsola and Odhiambo, 2020), interest rate changes (Gu et al, 2022) and gold prices (Gokmenoglu and Fazlollahi, 2015;Arfaoui and Ben Rejeb, 2017).…”