1992

.
.

.
:

.
,
.
-:






)(
.
) ( .
) ( .

.
. Private Equity

)(

Private Equity

Private Equity


-:
.
.
.
.
.
.

.



: .
:
.


.

. "
"
) ( Top-Down Asset Allocation



" "


.

.

.

.

.


.


Investment Process



:
Macro Analysis
Econ/ Political/Social Factors

Industry Analysis

.

.

Company Specific Analysis

Profitability

Financing
Decisions

Business Risk

Management

.


.



:
.
.
.
.
.
.
.
.
.
.
......
) (.

.


.


: ) (

//

%,
%,
%,
%,

%,
%,
%,
-------

: ) (

) (

% ,

% .

) (CASE

% , -

% , -

% ,

% ,

% ,

% ,

%,

% ,

) ( -

: /

%, %,
.

,
.%

, .

% , ,
.

, .

, ,
%
, .

, , .


7.1%

6.8%

7
6
4.5%

4.1%

3.2%

3
2
1
2007

2005

2006

2004

2003
12

11.5

10
8

6.1

) (

3.9
4
0.4

2007

2006

2005

2004

0.7
2003

2
0


30

28.6

25

22.9
19.3

20
14.8

14.8

15

) (

10
5
2007

2006

62.8

2005

64.8

2004

2003

60.4

60.4

70
60

54
36.9
) (
) (

29.4

31.1

38.5

50
40

29.7

30
20
10

2007

2006

2005

2004

2003

.

.% ,

,
.

,
.


768

800
700

534

600

456

) (

500
400

234

172

300

122

200
100

362.72

400
350
300

286.74

250
200
150

160.63
) (
42.37

2007

2006

2005

2004

2003

2002

100 34.18 27.76

50
0

2002 2003 2004 2005 2006 2007

30.23

35
30

23.9

25

) (

20

13.39

15

2.85 2.31 3.53

2002 2003 2004 2005 2006 2007

10
5
0

900
768 731.2

800
617.7
534

700
538.5
456

) (
) (

600

485.3

417.5

500
400

234

300
172

200
100
0

2007

2006

2005

2004

2003

: /

34.31%

40.87%

47.73%

51.29%

50
40

33.92%

2007

24.25%

60

24.75%

30
20

12.14%

10
0

: /

 Dow Jones
) ( Arab )( MSCI Emerging
160%

146.29%
134.46%
122.23%

140%
120%
100%

Case 30
Dow Jones Arab
MSCI EF

68.96%

80%
51.77%

51.29%
51.77%

42.39%
29.38%

36.27%

60%

51.12%

40%

30.38%
22.40%

20%

10.26%

0%
68.96%

-20%
2007

: /

2006

2005

2004

2003

160.00%

146.29%
122.23%

134.46%

140.00%
120.00%
100.00%
80.00%

51.29%

60.00%
40.00%
10.26%

20.00%
0.00%

2007

2006

2005

2004

2003

16%

14.40%

14%
12%
8.50%
7.20%
6.50%

9.30% 9.50% 9.40% 8.73%

12%
9%

7.92%

8%

7.68%

4.70% 6% 6.20% 6%

10%

6%
4.40%

3%

3.60% 3.20%
2.30% 2.30%

4%
2%
0%

2007 1st Q
2008

2005 2006

2004

2003

Av Interest Rate
:

2002

2000 2001

1999

1998

Av Inflation Rate



-:

.
.