It gives us pleasure to present you with the 13^th edition of "Egypt Watch ",and the major developments taking place in our company which will enable us to present you with a range of new services in Egypt as well as worldwide :

We have joined forces with "Coface", the French multinational and one of the world leaders in trade receivables management, to create "Coface Egypt" in March 2008.

"Coface Egypt" will contribute to Coface operations worldwide and to the growing development of the Egyptian economy by supplying quality market and business intelligence on a region with considerable potential and strong development, through bringing international best practices in key business services, with the set up of a Middle East regional production platform for business and credit information and receivables management.

Egypt becomes the country No. 65 in which Coface establishes a direct presence, pursuing its international strategy of developing trade receivables management services, and is the latest addition to Coface fast growth in the East Mediterranean, Near and Middle East,
where it has already established direct operations in Dubai, Israel, Algeria and Morocco, and conducts operations through
its partners in Oman, Saudi Arabia, Jordan and Kuwait, within the "Credit Alliance" network built by Coface in 1992.  This network brings together providers of credit insurance, company information, multi-line insurance and factoring services in more than 90 countries.

Coface, created in 1946, is today n°1 in Trade Receivables in France and among the six world leaders in each of
its business lines: No. 3 in the world in credit insurance; No. 5 in the world in receivables management; No. 5 in the world in company information; No. 6 in the world in factoring.

Thanks to the worldwide local service delivered by 6,000 staff in 65 countries, over 45% of the world's 500 largest corporate groups are already customers of Coface.

This year, we have rebranded our financial publications, in line with our becoming Coface Egypt, as Kompass is one of the divisions of Coface Group.

The yearbook is renamed Coface Egypt Finance and the web site is renamed "Egypt Watch" and we are launching a new enhanced
web site in English.

We are featuring this year an expanded sectoral and country analysis combining Coface Group world sectoral and country valuations and our sectoral industry norms proposed as a benchmark for the corporate segment of the Egyptian market.

All the data published in the yearbook emanates from the companies themselves and from the Stock exchange,
and financial statements have been reviewed and approved by each company respectively.