The following is the text of my Keynote Speech at the Global Trade Matters/Egyptian Exchange 5th Annual Awards to Outstanding Companies in Egypt Opening Remarks First of all I would like to thank Ashraf Naguib, Managing Director of GTM, for inviting me to participate at this event. Address the Key Guests Mr. Karim Helal, Chairman of the GTM/EGX Strategic Advisory Board Members of the GTM/EGX Strategic Advisory Board Distinguished Guests I bring you greetings from China, the faraway land with a civilization that matches your own in antiquity It is a great honor to be invited to participate in this very prestigious event to celebrate the achievements of Egypt’s top companies, and the men and women who have made them successful First of all, I would like to offer my congratulations to the awardees. Not only have you survived the The Great Recession of 2007 ( I will not use the “D” word) but you have thrived and prospered in the most difficult financial and economic conditions since the 1930’s. You have every right to be proud of yourselves. Give each other a pat on the back. You are the Best of the Best! But precisely because you are The Best, you must be asking yourselves “What’s Next? What am I going to do next year? Has the world economy recovered? Or, will we be like Japan and lose a decade, or two?” The HKG Story: China’s Proxy Ashraf asked me to share with you my thoughts, concerns and optimism for 2010. Before I go on, I have a confession to make. I am not an economist nor am I a banker. I am a bean counter (an accountant) turned stockbroker. I don’t have any grand theories of economic boom and busts, nor do I have a prescription for “saving the world’s economy”. All of you present today, run huge corporations with thousands of employees and revenues in the billions.. The fact that you are sitting here tonight is proof enough of your success. So I am not going to try to tell you how to run your business However, in the 40 years since I started working in 1969, I have observed at first hand a few economic cycles and I have been fortunate enough to have participated in the miracle that turned China from a backward agricultural economy on the verge of starvation into the economic powerhouse that it is today. I am sure you are all familiar with China’s economic statistics and I will not bore you with the details. However, I would like to talk a little bit about China’s proxy economy, HKG. When I first returned to HKG in 1971, the Hang Seng Index had just closed the previous year at 211. The average daily turnover was USD2.6 million and the turnover for the whole of 1970 was USD778.4 million. By the end of 2009, the HSI closed at 21,872. The average daily turnover was USD7.9 billion and the turnover for the year was USD1,979.4 billion. Per capita GDP was USD30,088. During the past 4 decades, HKG benefitted by being the proxy for China. Foreign companies trading with China did so through HKG, and Chinese companies used HKG as a window on the world. When China opened it’s doors, Chinese companies used HKG as the platform of choice in raising capital and much needed foreign exchange. Since the first Chinese company (Tsingtao Brewery) was listed in HKG in 1993, over 300 Chinese companies have have followed raising some USD280 billion in IPO and subsequent fund raising. Chinese companies now account for over 30% of the listed companies, over 60% of the market capitalisation, and over 70% of our daily turnover. HKG benefitted by being on the doorstep of China but that is not the secret to our success. Many cities have had similar opportunities but by not evolving as the times changed, fell by the wayside. A prime example is Kashgar on the Old Silk Road. For many years, it was the point of entry in China and prospered for many years by being the conduit of goods between China and the rest of the world. Look at it now. By the way, I am sure you have heard about China’s USD2.3 trillion foreign exchange reserves. Over 10% of that came through the HKG capital markets. Yes, HKG benefited by being on the doorstep of China but the key is that we changed from being a trade entreport to a financial intermediary and we contributed to the country’s development. Egypt and North Africa When I talk to Western bankers and economists, they see the world as 3 regions: The Americas, Europe Middle East and Africa (EMEA), and Asia Pacific. My view of the world is a little more complicated based on population, proximity and store of resources: North America and Canada Latin America Europe Middle East and Africa Russia Central Asia China and Asia Pacific I believe that Egypt and Egyptian companies can and do play a similar role in Africa and the Middle East i.e. be the conduit between the Middle East and Africa, and the consumer nations. In terms of population and resources, Africa has the potential of being a stand alone economic entity. Forty years ago, who would have thought that China would be the economic power it is today? Africa and China There is a final ingredient in the mix. Don’t look to your tradional markets for growth! In the 1800’s, British trading hongs in HKG made their fortunes by being the intermediary between China and Europe. In the 1960’s this role was surplanted by Chinese trading firms. However, China would not have prospered without that great engine of consumption, the USA. Many companies and individuals in HKG started their fortunes by facilitating trade between China and the USA. Most forecasters have called for anemic growth in Europe and the USA. So, where should your companies be looking for opportunities if not in their traditional marklets? The answer, of course, is China. The annual trade between China and Africa amounted to some USD100 billion. Most of this in exports of energy and mining products from Africa to China and imports of Chinese manufactured goods. However, the Chinese government is encouraging domestic consumption as a replacement for weak exports to the USA and Europe. It is pumping USD586 billion into the economy in 2009 and 2010 as a stimulus package. And remember, a dollar in China goes much further than a dollar in the US. When you combine this with a population of over 1.4 billion, and household and corporate savings amounting to 150% of GDP, this makes for a very scary growth story. Just imagine selling one of your products to every Chinese! And that by the way is not so far fetched. China Mobile, the largest of 2 mobile phone operators, has 527 million users. Conclusion The Chinese economy grew at a comparatively anemic 8.7% last year (because of the Financial Tsunami) after a decade of double digit growth. As the world economy recovers, I expect China’s growth to resume the previous trajectory and wil one day take over as the engine of growth for the world. To the companies represented in this room tonight, The Best of The Best in Egypt, I encourage you to take advantage of this once in a lifetime opportunity to participate in the growth of the Chinese economy. 1.4 billion Chinese customers are waiting for you. Go get them. Thank you.

Bountiful in resources and plagued by conflicts, Africa still has a long way to go before economic integration, Rehab Ahmed reports Creating an integrated common African market appeals to most African countries, but the task is daunting. The African continent is home to 13 per cent of the world's population, which is expected to rise from 950 million to 1.8 billion by 2050. This is one reason why Global Trade Matters (GTM), a Cairo-based forum on international trade agreements, organized a round table discussion on the future of private investment in Africa. The round table on doing business with Africa focused on the future of the continent's economic unity, and identifying some of the problems faced by the private sector investing on the continent. African nations, realizing the importance of economic unity in dealing with internal economic problems, have founded many economic communities. The most notable are the African Unity (AU), the Economic Community of West African States (ECOWAS), the Common Market for Eastern and Southern Africa (COMESA), the Economic Community of Central African States (ECCAS) and Southern Africa Development Community (SADC). However, with respect to economic achievements, many of these integration schemes are perhaps nothing more than free trade arrangements. South Africa's Ambassador to Cairo Sonto Kudjoe believes that Africa should not always wait for foreign investments, but works on increasing inter-trade on the continent. Speaking at a round table discussion in Cairo two weeks ago, Kudjoe cited several potential trade relations. In terms of commodities, she said, Egypt could export cotton and has a strong petrochemical sector; South Africa is distinguished by its mineral, auto-motive industry and IT sectors; while the Ivory Coast is a major producer of cocoa. According to Ashraf Naguib, managing director of GTM, already existing African Regional Economic Communities (RECs) are very weak, and overall are not achieving their targets. "However, this rule cannot be generalized since SADC and COMESA are seen as the essential building blocks for the integration and economic development of the African continent," stated Naguib. He added that these are the most appropriate political structures providing pertinent geographical scale to implement policies aimed at transforming the social, economic and political well-being of the African continent. "I believe that inter-African directed investment is needed, but most African countries have economic complexities," he said. African economic integration unions should be judged independently, since each has its own peculiarities, but generally, coordinated efforts and funds are needed. "Regional economic unions are doing well in one area or the other," noted Kudjoe. "SADC has strong infrastructure and good transportation which helps countries trade easily among it." On the other hand, she continued, "we face a situation of duplicating efforts because of overlapping membership between SADC and COMESA." South Africa's ambassador further explained that projects of the same nature are duplicated as well. "The lack of coordination among regional entities raises the question of how much Africans can really benefit from them," Kudjoe stated. "If they integrate they would be able to consolidate their resources and focus their efforts." For his part, Bassel Hussein, chief investment officer at IT Ventures, underlined that African regional blocs need to further involve the private sector and be more empowered via activating already existing associations. Naguib concurred, saying that, "African leaders should make use of private sector funds to help develop infrastructure projects." But Hussein pointed out that the major challenges facing the private sector in Africa are the political risks represented in internal and external wars, conflicts and riots, as well as shaky regulatory laws. "When the private sector goes to invest in any African country, it needs to have solid and binding agreements with local governments," he said. Political instability and armed conflicts drive back local, neighboring and international private investors. Ambitiously, Hussein suggested that warring nations should end all conflicts in order to make use of the continent's mineral and human resources, as well as raw materials. He noted that politically stable countries -- such as Egypt, Tunisia, Morocco and South Africa -- attract foreign investments and their economies are doing well. On the other hand, Hussein continued, countries like Kenya, Senegal, Nigeria, Mozambique and the Ivory Coast are emerging economies, while Central Africa still has a long way to go in achieving political constancy and eventually appealing to foreign ventures. As stated, there are various levels of economic development in terms of regions and countries which will impact how fast Africa moves towards economic integration. Hebatallah El-Serafi, from the Research and Development Department at the Cairo Stock Exchange, emphasized that most African countries have neither efficient microeconomics, currency convertibility nor a unified currency. Africa's frail infrastructure is usually cited as another major hurdle on the road to African economic integration. Focusing on Egypt, Naguib argued that, "Egypt itself does not have a reliable internal infrastructure. Consequently, trade between northern and southern Egypt is lacking, as is trade with Sudan, or even further south." GTM's managing director further pointed out the fact that Egyptians define themselves as Arabs, Muslims, Mediterranean, and finally as Africans. "This means that they do not focus on their African identity as much as South Africans do," Naguib said. El-Serafi suggested that African countries should begin by establishing bilateral cross- listing and cross-trading agreements and regional blocs. This will be the focal point for a pan- African common market capable of competing with the Chinese, for instance, on the African and global arena. But obstacles facing African economic unity will not vanish overnight, especially that each nation needs to individually decide its requirements and priorities before being part of an African entity. In the belief that Africa must play a more active role in the era of globalization, the African Union (AU) is developing a strategic economic partnership with Asia, India, China and Europe. Kudjoe noted that, "we are now, as a multilateral body representing the African continent, have multilateral agreements with other countries." 5 - 11 June 2008 Issue No. 900 Published in Cairo by AL-AHRAM © Copyright Al-Ahram Weekly. All rights reserved

GTMCASE Awards Committee announced the winners of the GTMCASE Awards 2008 at Egypt's top business event held at the Four Seasons Nile Plaza Hotel. The Awards were presented by Mr. Maged Shawki, Chairman of the CASE and Mr. Andreas Bruderer Country Director Credit Suisse, Egypt, Libya and Malta. The event was attended by 300 of the nations top businessmen and women and a host of foreign ambassadors and vip quests. The GTMCASE Awards 2008 featured 6 main categories of awards: Best Corporate Governance Award - Egypt Telecom / Best Corporate Social Responsibility Award - CEMEX / Best Investors Relations Award - OCI / Best Financial Transparency Award - CIB / Best Woman Banker of the Year Award - Ms. Sahar El Salab (CIB) / Best Representative Bank Award - Credit Suisse /

The Egyptian Ministry of Trade and Industry announces the continuity of its three National Awards for Excellence, after the success of its first two cycles The Awards are designed to honour the Egyptian industrial enterprises that hold Quality, Export and Innovation as their prime concern. The Awards bear high value due to the fact that, in their blueprints and assessment methodology, they model their contemporary internationally recognized awards in the United States, United Kingdom, Canada and other developed countries. The introduction of the three Awards thus provides Egyptian enterprises that thrive in reaching world-class standards in performance of the opportunity to gain a well- deserved wide array of public and consequently international recognition. On the other hand, all the companies rallying for the awards achieve the benefit of having their performance appraised by the assessment committee in which case they may get more acquainted with the basis upon which they should , later on , be able to self assess their companies aiming at improving their performance. The National Awards for Excellence are administered and awarded by the Egyptian Industrial Modernisation Centre. The Awards Ceremony was organized by Global Trade Matters.

As we leave behind the year 2007 and move into 2008, Global Trade Matters, in cooperation with the Cairo and Alexandria Stock Exchanges, will host the Annual CASE Gala Dinner and Awards Ceremony 2008 to recognize and celebrate the achievements of the companies traded on the Egyptian Stock Exchanges (CASE 30 Index) and the accomplishments of the men and women behind them. The process of evaluation and assessment has been undertaken in a collaborative effort by a 6-member committee that are the ultimate judge of the awardees' selection. Hence, we have invited some of the most prominent members of the banking and financial communities to select and award the best performing companies in the following categories: Best Corporate Governance Award / Best Financial Transparency Award / Best Investors Relations Award / Best Corporate Social Responsibility Award / Best Female Banker of the Year Award / Distiguished Members of the 2008 Awards Committee: Hala El-Said, Executive Director, Egyptian Banking Institute (EBI), Central Bank of Egypt / Ashraf Kamal, General Manager, Disclosure Department, Cairo and Alexandria Stock Exchanges (CASE)/ Ashraf Gamal El-Din, Executive Director, The Egyptian Institute of Directors (EIoD)/ Ahmed Ashraf Marawan, Chairman and CEO, Sigma Capital / Tarek Mansour, Country Senior Partner, PriceWaterhouseCoopers (PWC)/ Andrew Rourke, Editor-in-Chief, Quality Communications Productions (QCP)/

Trade and investment between Egypt and the US have increased 35 per cent in the past two years, a US diplomat said yesterday. “Bilateral trade reached $6.5 billion in 2006, compared to $4.3 billion in 2004, ” US Ambassador to Egypt Francis Ricciardone said during the 'Business with America' conference in Cairo yesterday.The US is Egypt's largest trade partner. “Last year, 33 per cent of Egypt's exports went to the US.” Ricciardone said, adding that the number of Egyptian companies with trade and investment links with the US were increasing “even in the absence of free trade agreement”. “This is due to the efforts by the private sectors and the governments in both countries in facilitating trade in both directions.”Ricciardone added that most of the companies, which invest in the US, were textile firms. Mohamed Farid Khamis, one of the biggest exporters to the US, told the same conference that the US market was the most difficult market to penetrate.“One should study the market and find a way to get into it. Once you are in, it will be easier to continue.” Khamis added that Egyptians should import equipment and know-how to produce high-quality goods. “We aim to make traders and exporters aware of the importance of the American market, through this conference,” Khamis said. Other large markets like China had expanded through the US market, he said. Khamis said that his companies would be raising their exports to the US by 70 per cent, and increasing fourfold over the next three years. Khamis is the chairman of the industry and energy committee of the Shura Council (the upper house of the Egyptian Parliament) and chairman of a group of petrochemical and textile firms. Amer Kayani, Regional Senior Commercial Officer of the US Embassy said US exports were worth $4.1 billion in 2006, while imports were at $2.39 billion.“'Business with America' aims to show the impact of American companies on the Egyptian economy,” said Ashraf Naguib, the managing director of Global Trade Matters, which organised the conference. “We will also look at how Egyptian companies have expanded their business in the US.”

Global Trade Matters in association with the AUC Marketing Association will be holding a 1 hour presentation and Q&A session at the AUC on November 12 2007, from 11am - 12pm to introduce and present the Global Trade Matters Student Program.

Emanating from its belief that global trade, in this day and age, is codependent on the advancement of the technological sector, Global Trade Matters (GTM) has taken the initiative to bring tech-based industries to the lesser technologically-savvy yet foremost regions in Upper Egypt in order to proliferate technological awareness and exhibit the world of opportunities and benefits it offers. Ergo, in collaboration with the Assiut Governorate and Nokia, the world's leading mobile phone supplier and a leading supplier of mobile and fixed telecom networks, GTM hosted an elegant gala-dinner at one of Assiut's finest hotels for the region's top 200 Nokia phone distributors. Various factors contributed to GTM's selection of the governorate of Assiut to be the commencement grounds for its technological awareness initiative. Assiut is considered the capital of the entire Upper Egypt region not only for being the birthplace of historic figures such as President Gamal Abdel Nasser and Pope Shenuda the Third but primarily for the substantial size of its population (3.617.393 capita) as well as its agricultural economic importance due to its high quality cotton production. Also, in their ongoing efforts to expand in emerging markets,multinational financial institutions have recently begun to invest in Assiut in order to create a new financial center away from the crowded and almost saturated Cairo and Alexandria markets. Furthermore, the presence of 3 major universities in Assiut operating above their capacity in order to hold the vast number of Assiut's local youth forecasts the upcoming boom in the city's market from the sheer number of individuals entering it and potential opportunities they provide. Without a doubt, in today's modern global trading systems, advancement in technology has almost become a prerequisite to succeed in integrating in the global economy. E- commerce and communication technology have become an indispensable element in any thriving business. Thus, creating a generation of technologically-savvy professionals may be Egypt's veritable stepping-stone into the global market. Millions of youth in Assiut, a need to educate them, GTM—a visionary to point out the obvious window of opportunity, and Nokia—a philanthropic sponsor that can make it all happen have come together to commence a technological awareness initiative in Egypt's prime emerging city of Assiut. The grand event was attended by Mr. Ismael Al- Shafee, General Assistant Secretary of the governorate of Assiut as well as several local government representatives and Nokia top marketing executives.

Global Trade Matters and the United States of America Department of Commerce Sign MoU to co-organize the Global Trade Matters annual conference titled “Business with America” to be held this coming November 21 at the Grand Hyatt Hotel in Cairo. Global Trade Matters (GTM) in collaboration with the Embassy of the United States of America in Cairo will give delegates and participants an opportunity to know more on how to do business with Corporate America. The conference will also highlight different sectors where American companies in Egypt are taking the lead, discussing future outlooks and presenting different points of views. “The meeting would attract more US investments in fields of natural gas, energy, transportation and communication,” said Executive Director of GTM Nancy el-Maghrabi. About 500 businessmen and executives are expected in the meeting. El-Maghrabi said US investments in Egypt multiplied in the last two years by which statistics showed that they rose from $5.7 billion in 2004 to $12 billion in 2005 and were expected to hit $20 billion next year.

Global Trade Matters organizes the World Economic Forum Signing between the OWF and the Goverment of Egypt. - The World Economic Forum on the Middle East will return to Sharm El Sheikh in Egypt on 17 to 19 May 2008. Preparations for the Meeting got under way this week when Rachid M. Rachid, Egypt's Minister of Trade and Industry, and André Schneider, Managing Director and Chief Operating Officer of the World Economic Forum met in Cairo to sign an MoU that will bring the Forum to Egypt for the second time. Over 300 VIP guests attended the event which was covered by both local and international media and press.

Global Trade Matters and the Marketing Association at the American University in Cairo have reached an agreement to promote the Global Trade Matters program directly to AUC students, faculty and alumni interested in participating and understanding more about the global economy and the impact of trade agreements on the future of world markets. Since its founding in 1919, the American University in Cairo has been an important force in the intellectual and cultural development of Egypt and the Middle East. Through this exclusive agreement GTM hopes to help in the educational process and knowledge expansion for such students by giving them the opportunity to hear first hand from expert speakers about bilateral and multilateral trade and its importance in the era of globalizations.

Global Trade Matters; in association with the Canadian Embassy, the Canadian Trade Commissioner Service, the Arab- Canadian Business Council, the Canadian-Egyptian Business Council, Canadian-Egyptian Chamber of Commerce, Quality Communications Productions, and Oxford Business Group, proudly announces this unique and exclusive opportunity to meet and engage in trade and investment discussions with His Excellency Ambassador Philip MacKinnon, the Canadian Ambassador to Egypt, over breakfast on Sunday the 2nd of September 2007 at the Semiramis Intercontinental Hotel. Commercial Counselors, Trade Officers and Trade Commissioners from the Canadian Embassy will be present to answer any technical questions.

Investments in Egypt will focus on highlighting UAE investments / investment projects in Egypt, reviewing numbers, figures and statistics, while providing a venue for discussions.

Cairo, 28 April 2007 Under the Auspices fo the Ministry of Trade and Industry, Global Trade Matters and Citadel Capital, one of Egypt's leading Private Equity firms, are jointly hosting a Pre-Conference reception to celebrate the launch of the first annual Global Trade Matters Conference on Egypt / Emirates Trade and Investment to be held on the 29th of April at the Four Seasons. The Reception will be held at the prestigious BEYMEN at the Four Seasons and is proudly sponsored by Citadel Capital and Nokia ESeries. This event is by invitation only and will bring together over 300 key government officials, members of the local and international business community, foreign investors, and members of the diplomatic community.

Global Trade Matters and Oxford Business Group, a leading UK economic and business publishing company, have signed an agreement to co-promote and develop GTM conferences in and around the region. Oxford Business Group publishes its flagship Emerging Markets Series of investment guides in emerging markets around the globe. Sarah Gkonos, OBG Egypt Country Director will be speaking at the Global Trade Matters Egypt/Emirates Conference to held this April 29th 2007 at the Four Seasons, Cairo at the Nile Plaza. This agreement between Global Trade Matters and Oxford Business Group is the perfect mixture of international expertise and local knowledge in providing valuble and quality information.

The Common Market for Eastern and Southern Africa formed on December 9, 1994 on the basis of the former Preferential Trade Area of Eastern and Southern Africa, has now 21 members.