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Announcement from Global MENA Financial Assets Limited

Portfolio Update

Global MENA Financial Assets Limited (GMFA), a closed-ended investment company incorporated in Guernsey, offers the following update in relation to its initial portfolio of eight high growth financial services sector assets ("the Initial Portfolio").

The portfolio of GMFA consists of eight investments as of 30 September 2008, of which six are unlisted equities and two are listed equities. For the six months ending June 2008, the portfolio companies registered an excellent average net profit growth of 75% over the corresponding period last year. Driven by strong fundamental growth we expect the value of the portfolio to be higher than acquisition cost. GMFA expects to announce an updated portfolio valuation by the end of November 2008.

The latest unaudited financial results for the Initial Portfolio companies are as follows:

Listed companies

	% Stake in Company[1]	As % of total portfolio	Revenue H107 (US$m)	Revenue H1 08 (US$m)	Revenue Growth	Net Profit H107 (US$m)	Net Profit H108 (US$m)	Net Profit Growth
Bindar Trading and Investment	69.6%	16.8%	1.6	3.4	115.3%	0.3	1.5	+323.5%
Jordan Trade Facilities Companies	87.3%	15.8%	2.0	2.8	43.4%	1.1	1.2	+4.4%

[1] As at date of most recent financials

Unlisted companies

	% Stake in Company1	As % of total portfolio	Revenue H107 (US$m)	Revenue H1 08 (US$m)	Revenue Growth	Net Profit H107 (US$m)	Net Profit H108 (US$m)	Net Profit Growth
Al-Manar Financing & Leasing Company	13.7%	10.2%	20.0	30.1	+50.2%	3.9	8.9	+128.7%
Asian Finance Bank	10.0%	5.9%	1.9	11.0	+491.8%	(0.4)	(2.2)	-
Bank Muscat International	10.0%	17.9%	10.9	19.5	+78.5%	6.0	7.4	+22.7%
Gulf Takaful Insurance	18.2%	3.5%	3.2	5.0	+59.4%	2.9	4.7	+60.8%

	% Stake in Company1	As % of total portfolio	Revenue FY06 (US$m)	Revenue FY07 (US$m)	Revenue Growth	Net Profit FY06 (US$m)	Net Profit FY07 (US$m)	Net Profit Growth
Industrial Bank Kuwait	2.5%	15.7%	101.7	113.2	+11.3%	70.5	86.6	+22.8%

Note: All above December year end

	% Stake in Company1	As % of total portfolio	Revenue Q107 (US$m)	Revenue Q108 (US$m)	Revenue Growth	Net Profit Q107 (US$m)	Net Profit Q108 (US$m)	Net Profit Growth
Al Soor Financing & Leasing Company	12.4%	14.2%	10.6	12.5	+17.8%	5.3	6.1	+15.2%

Note: Above March year end

In the first six months of 2008, Bindar Trading and Investment, one of the listed stocks, registered 115% growth in revenues and 323% in net profit. In H1 CY2008, Jordan Trade Facilities , the other listed equity, registered sales growth of 40%. This was a result of 79% growth in its credit portfolio over the last one year period.

Among the unlisted stocks, the top performers are Al Manar Financing (Kuwait), Al-Soor Financing (Kuwait) and Bank Muscat International (BMI, Bahrain) . In H1 CY08, Al Manar 's revenue grew by 50% and net profit by 128%. The main contribution to growth was from investment income. For the year ended December 2007, Al Manar paid a dividend of Fils 10 per share, representing a dividend yield of 5.6%. Al Soor's revenues and net profit grew by 18% and 15% over the three months ending June 2008. For the year ending March 2008, Al Soor paid a dividend of Fils 8 per share, representing a dividend yield of 5.7%.

In H1 CY08 BMI , the largest constituent of GMFA's portfolio representing around 24% of equity portfolio, registered revenue growth of 79% and net profit growth of 23%. For the period ended 30 June 2008, its loans and advances grew by 36% when compared to end of 2007. In 2008, BMI launched its first offshore bank in the Seychelles, acquired Diners Club franchise in Bahrain and opened its fifth branch in Bahrain.

Among other unlisted equities, Industrial Bank of Kuwait paid a dividend of KD 4.5 per share, giving a dividend yield of 4.2% for the year ended December 2007. Gulf Takaful Insurance (Kuwait) has also recorded an impressive result. In H1 CY2008, it has already surpassed full year 2007 profitability. In line with its expansion plan, Gulf Takaful is in the process of establishing an Islamic insurance company in Egypt and negotiating to manage an existing insurance company in Qatar. The company also plans to IPO.

Shailesh Dash, CFA - Managing Partner, Global Capital Management Ltd , commented:

"Our initial portfolio has performed well against a backdrop of very challenging global capital market conditions. Indeed, the MENA investment case remains intact; growth levels in the MENA economies are still forecasted to match emerging market growth rates and are backed by stronger credit ratings, and leverage levels in MENA are lower compared to those in advanced economies."

"We continue to believe that the financial services and real estate sectors remain critical to the diversification plans of GCC economies, which are aiming to reduce their dependency on oil revenues. The overall banking sector registered excellent profit growth across all GCC nations in the first half of 2008. In fact, these sectors were primarily responsible for attracting foreign investors to the region. These sectors have led the growth in corporate profitability over the years and remain critical for employment generation and diversification in the MENA region."

-Ends-

About Global Mena Financial Assets Ltd.
Global MENA Financial Assets Limited "GMFA" is a Guernsey incorporated investment company formed on 2 June 2008 to make attractive absolute gains through investment in a diversified portfolio of financial sector assets focused predominantly in the MENA Region (including Turkey).

About Global Capital Management Ltd .
Global Capital Management Ltd is the wholly owned subsidiary of Global Investment House K.S.C.C. The Manager has one of the largest private equity teams in the MENA region. The team is organized into transaction, due diligence and organizational development and monitoring subgroups. The members of private equity team have diverse sector and geographic experience in countries across the MENA and other emerging markets. The team collectively maintains a broad network of institutional relationships within the regions targeted for investments by its Fund. The private equity team currently manages assets more than US$2.9 billion, including GMFA.

Enquiries:
Financial Dynamics
UK
Ed Gascoigne-Pees
+44 (0)20 7269 7132

Nick Henderson
+44 (0)20 7269 7114

GCC
John Hobday
+971 (0) 50 464 8706

Manash Bhuyan
+971 (0) 4 332 8832

JPMorgan Cazenove
Angus Gordon Lennox
+44 (0)20 7155 4605

Global Capital Management Ltd .
Shailesh Dash
www.gmfa.com
+965 2295 1200

© Press Release 2008

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