This move highlights the Group’s commitment to serving its clients needs wherever they are, and Libya is the new promising growth market in the region. Libya has been largely isolated from the world economic crisis due to a healthy financial reserve. The country is currently in the midst of a five-year, $123 billion infrastructure and public works project.

Following four years of brisk economic expansion due to buoyant oil prices and foreign investor interest, Libya’s GDP growth is expected to decline slightly this year to 5.1 percent because of weak world hydrocarbon prices. However, growth is projected to rebound to 6.1 percent in 2010 due to higher export margins.

The establishment of the office is a great accomplishment for the Group due to the vitality of the new and open Libyan economy which is witnessing fast growth and investment in the oil and gas sector as well as in the manufacturing sector that will lead to positive growth in all its major sectors.

The new office will commence its operation by beginning of the year 2010 aiming to bring the Group closer to clients in the North African region and addressing the needs of its local and global clients who have strengthened their presence in Libya. The office will have professionals who have significant country and industry expertise, in addition to the Groups plan to recruit from within Libya itself, as part of its nationalization initiatives.