TOP STORIES

• Microsoft Signs Agreement to Purchase Data Quality Start-up Zoomix
• SAP to Open R&D Center in Israel
• Abu Dhabi Buys 90% Stake in Chrysler Building
• Rising Oil Prices and the Arab Countries - Winners & Losers
• Moody's Warns Turkey Could Face Ratings Downgrade
• Teva to Acquire Barr

TABLE OF CONTENTS:

1: ISRAEL GOVERNMENT ACTIONS & STATEMENTS

1.1 Fischer Steps In To Save the Dollar
1.2 Knesset Committee Approves 16-Week Maternity Leave
1.3 Knesset Members Call for Recycling Policy
1.4 Netanyahu Says Fischer's Influence is Limited
1.5 Israel Widens Bribery Ban

Back to Top

2: ISRAEL MARKET & BUSINESS NEWS

2.1 Microsoft Signs Agreement to Purchase Data Quality Start-up Zoomix
2.2 Mobixell Networks Broadens its Solutions in the Mobile TV and Advertising Domain
2.3 Zon Announces $7 Million Investment Round
2,4 ClassifEye Set Up Shop in Rockville & Raises B Round
2.5 World's Largest Desalination Plant To Use ERI's PX Technology
2.6 Xeround Secures $16 Million in Series B Financing Led By Ignition & Trilogy Partnership
2.7 Aladdin Knowledge Systems to Acquire Eutronsec S.p.A.
2.8 SAP to Open R&D Center in Israel
2.9 Norwegian State Wealth Fund To Invest €500 Million In Israel
2.10 VocalTec Receives $9.2 Million Net from the Sale of 11 of its 22 Patents
2.11 modu Selected By AlwaysOn As the Top Mobile Company Of AO Global 250

Back to Top

3: REGIONAL PRIVATE SECTOR NEWS

3.1 21st Century Systems' HiRSA Technology Selected for Jordan Border Security Program
3.2 IRIS Receives Order for Seven iQ 200 Urine Analyzers for Kuwait Ministry of Health
3.3 Abu Dhabi Buys 90% Stake in Chrysler Building
3.4 Versar Announces New Office in Abu Dhabi, UAE
3.5 Alison Nelson's Chocolate Bar to Open First Gourmet Concept Stores in India and Pakistan
3.6 QuadraMed Signs $10.6M QCPR Contract with Saudi Arabia National Guard Health Affairs
3.7 Maui Wowi Hawaiian Expands to Turkey Master Franchise Signing
3.8 Turkish Airlines Orders Mechtronix Ascent XJ Trainer
3.9 Zila to Begin Distributing Its Proprietary Oral Cancer Screening Product in Greece
3.10 Clear Skies Solar Opens International Office in Larissa, Greece
3.11 Cytori Sells First European Union StemSource Bank with Biohellenika of Greece

Back to Top

4: ISRAEL MACRO-DEVELOPMENTS

4.1 Israel Water Authority Details Emergency Plan
4.2 PM Brown Says Bilateral Trade to Reach £3 Billion by 2012

Back to Top

5: ARAB STATE & PAKISTANI DEVELOPMENTS

5.1 Rising Oil Prices and the Arab Countries - Winners & Losers
5.2 Jordan Thanks US Officials & Asks For Maintaining High Levels Of Aid
5.3 Joint Jordanian-Israeli Delegation to Discuss Trade Relations in Washington
5.4 Jordan's Inflation Rate Reaches 13.3% in First Half of 2008
5.5 Jordan & US Sign Environmental Cooperation Agreement
5.6 Different Perspectives About Poverty in GCC Countries
5.7 Gulf States Garner $1b Daily From Record Oil Prices
5.8 Gulf to Set New Currency Deadline in 2009
5.9 UAE Eyes Asian & African Farm Lands
5.10 UAE Slashes 2007 Economic Growth Estimate
5.11 Ras Al Khaimah Economy To Grow By Up To 18%
5.12 Oman Economy Surges 43%
5.13 Oman Budget Surplus Soars Amid Record Oil Prices
5.14 Oman's Inflation Jumps To Record 13.2%
5.15 Saudi Agrees To Defer Pakistan Oil Payments

Back to Top

6: TURKISH, CYPRIOT, GREEK & BULGARIAN DEVELOPMENTS

6.1 Moody's Warns Turkey Could Face Ratings Downgrade

Back to Top

7: GENERAL NEWS AND INTEREST

*ISRAEL:

7.1 Methuselah Date Palm Makes World Debut
7.2 Isra Al Mi'Raj to Be Marked by Moslems

*REGIONAL:

7.3 Cairo Screening of Israeli film - The Band's Visit
7.4 UAE to Deport 40 Transvestites

Back to Top

8: ISRAEL LIFE SCIENCE NEWS

8.1 Teva to Acquire Barr
8.2 Gamida Cell Signs Collaboration Agreement With Biologics Delivery Systems
8.3 Orthocrat Announces Sale of TraumaCad for Orthopedic Preoperative Planning
8.4 Alfacell Announces ONCONASE Distribution and Marketing Agreement with Megapharm for Israel
8.5 Oramed Pharmaceuticals Raises $5 Million Through a Private Placement
8.6 BioLineRx's BL-1040 Named One of 10 Most Promising Cardiovascular Projects by Windhover
8.7 Tissera Reports Initial Closing of Bridge Loan Agreement
8.8 Verto Completes Successful Human Clinical Trial of a Treatment for Lupus
8.9 Gamida Cell Announces License Agreement Support StemEx for Hematological Malignancies
8.10 Teva Introduces First Generic Lamictal Tablets in the United States

Back to Top

9: ISRAEL PRODUCT & TECHNOLOGY NEWS

9.1 Elbit Systems & ATK to Develop Laser Guided Advanced Tactical Rocket System
9.2 Nova Sets an Industry Milestone for Optical CD Metrology
9.3 Panavision & Tower Announce New Family of Re-Configurable Linear Image Sensors
9.4 Cimatron's Microsystem Offers GibbsCAM in Italy
9.5 ECI Telecom Leads Israeli Consortium for Denmark's First Nationwide WiMAX Network
9.6 ECI Telecom Launches World's First GPON Solution with a High Bandwidth Network Processor
9.7 Shunra Marks New Milestone for Interoperability With HP LoadRunner
9.8 IDE Starts Marketing Snowmakers for the Global Ski Industry
9.9 Aladdin & IdenTrust Partner to Strengthen Security for Online Banking
9.10 Port of Houston Authority Further Enhances Security Capabilities With Orsus' Situator
9.11 Turner's MLB All-Star Show Relies on Orad's 3DPlay Solutions for Broadcast Graphics
9.12 Major North American Bank to Optimize Field Workforce Scheduling With ClickSoftware
9.13 Magal Receives an Order to Install a Municipal Command & Control System in an Asian Capital
9.14 Kornit 933 Ends Beta Site Period With Phenomenal Success

Back to Top

10: ISRAEL ECONOMIC STATISTICS

10.1 Israel's CPI Rises Just 0.1% in June
10.2 State Of Economy Index Drops Second Month in A Row
10.3 Tourism to Israel Grows by 45% Over Past Six Months

Back to Top

11: In Depth

11.1 ISRAEL: Summary of Israeli High-Tech Company Capital Raising Q2 / H1 2008
11.2 BAHRAIN: Back to Baghdad
11.3 BAHRAIN: E-economy Coming On Line
11.4 UAE: Abu Dhabi - Tool in Reserve?
11.5 SAUDI ARABIA: Fitch Upgrades to 'AA-'; Outlook Revised to Stable
11.6 YEMEN: Economic and Regional Challenges
11.7 TUNISIA: Drills at the Ready
11.8 TUNISIA: IMF Concluding Statement of the Article IV Consultation Mission
11.9 MOROCCO: Fitch Affirms at 'BBB-'; Stable Outlook
11.10 MOROCCO: Multilateral Agreements
11.11 TURKEY: Power Tenders open Market

Back to Top

1: ISRAEL GOVERNMENT ACTIONS & STATEMENTS

1.1 Fischer Steps In To Save the Dollar

The Bank of Israel announced on 10 July that it was raising its daily purchases of foreign currency from $25m to $100m to stem the rapid appreciation of shekel against the dollar. The decision to increase the pace of purchases was taken after examining the program in light of current market conditions, and the cumulative and rapid change in the exchange rate of the shekel," the central bank said in a statement. The Bank of Israel will continue to review the program from time to time to take into account changing market conditions. Prior to the announcement, the shekel continued to appreciate against the dollar in inter-bank trading. By midday, the shekel-dollar exchange rate rose to a 12-year high of NIS 3.20. Just minutes after the announcement, the shekel dropped to NIS 3.33 against the dollar, closing at a representative rate of NIS 3.31. In March, Bank of Israel Governor Fischer announced plans to increase the bank's foreign currency reserves to between $35b and $40b from $28b over the next two years by buying $25m of foreign currencies daily. Growing expectations that the Bank of Israel would have to raise the interest rate at the end of the month in response to surging inflation pressures had prodded Israeli investors to sell dollars over recent days. (Various10.07)

Back to Table of Contents

1.2 Knesset Committee Approves 16-Week Maternity Leave

On 15 July, the Knesset Committee on the Status of Women approved a bill to extend maternity leave by two more weeks to 16 weeks. The bill will now be sent for its first Knesset reading. MK Gideon Saar (Likud) and MK Sheli Yacimovich (Labor) jointly sponsored the bill. Last year, the Knesset extended maternity leave from 12 to 14 weeks. The committee said that the bill would cost the National Insurance Institute $73m a year, based on estimates submitted to the committee for discussion. Saar and Yacimovich said after the committee discussion that extending paid maternity leave by two more weeks would help reduce the number of women forced to forego their jobs after maternity leave, facilitate the return to work and juggle parenting and the job. They added that the bill was important for social welfare, especially for young families. (Globes 15.07)

Back to Table of Contents

1.3 Knesset Members Call for Recycling Policy

Knesset Internal Affairs & Environment Committee chairman MK Pines-Paz (Labor) has called on the government to formulate a recycling policy for household waste as soon as possible. Israel produced six million tons of waste in 2006, according to the Knesset Research Center. The center added that the amount of household waste has increased by 3% a year since 2000, and that each Israeli produces 1.53 kilograms of waste a day. The study found that 80% of household waste ends up in landfills, compared with less than 50% in the EU. Burying waste in landfills creates numerous problems, including inefficient use of land, contamination of groundwater, and emission of greenhouse gases. In terms of waste, organic material, mostly left over food, comprises 40% of municipal waste, 17% is paper, 13% plastic, 8%, carton, and 5% are diapers. In terms of volume, plastic accounts for 46% of household waste, paper accounts for 15%, carton accounts for 13%, and organic material accounts for 10%. Several entrepreneurs told the Internal Affairs Committee about Israel's unexploited recycling potential. (Globes 15.07)

Back to Table of Contents

1.4 Netanyahu Says Fischer's Influence is Limited

Likud leader MK Benjamin Netanyahu said on 21 July that Governor of the Bank of Israel Prof. Stanley Fischer has limited influence on the exchange rate. He made the comment at the joint "Globes" and Tapuz TASE and Capital Markets Forum. Netanyahu said, "I have a good opinion of (Governor) Fischer. I had to persuade him to come (to Israel). I think that he's doing the best he can, but his influence is limited. I liken this to waves at sea. You can build a small dam, but the ocean currents are stronger. He made a dramatic move, but it won't help for long. There was large movement here that reflected the rise of other economies." Netanyahu also said that Minister of Finance Bar-On's plan for tax cuts was correct. Netanyahu said that he was not among those who said that this was election economics. In response to a question if he saw himself taking the finance portfolio in the near future, Netanyahu replied, "I don't think so. I'll manage policy from the Prime Minister's Office and I'll take a consistent policy line. Anyone who is considered must believe in the free market and social policy." As for the condition of Prime Minister Ehud Olmert's government, Netanyahu said, "I don't see elections in the offing because the coalition members are showing an impressive ability to hold onto their seats. If we do have elections, I will ask the public's trust for the position of prime minister." (Globes 21.07)

Back to Table of Contents

1.5 Israel Widens Bribery Ban

The Knesset Constitution, Law and Justice Committee has approved for second and third reading an amendment to the Criminal Code [New Version] (1977) which sets a maximum prison sentence of three and half years for offering a bribe to a foreign official. The amendment defines a bribe as a payment designed to procure, guarantee or promote business activity or any other business advantage. Until now, the law addressed offenses of bribery relating to Israeli officials only. Under the law, the maximum penalty for giving a bribe to an Israeli official is three and a half years imprisonment, while the maximum penalty for accepting a bribe is seven years imprisonment. The amendment to the law will enable Israel to join the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. (Globes 09.07)

Back to Table of Contents

2: ISRAEL MARKET & BUSINESS NEWS

2.1 Microsoft Signs Agreement to Purchase Data Quality Start-up Zoomix

Microsoft announced on 14 July that it has signed an agreement to purchase Zoomix, an Israeli start-up focused on data quality software. With the Zoomix acquisition, Microsoft will provide customers with a manageable and scalable enterprise-class data quality solution which further enhances Microsoft's vision of making SQL Server a complete data platform for all data management needs. Zoomix has developed a unique approach to data quality software. The Zoomix system uses guided self-learning technology to easily build knowledge of how to parse, match, classify and clean data, and apply what it has learned to every new piece of information fed into the system, even if it has not encountered similar data before. Following the acquisition, Zoomix's development staff will join the Microsoft research and development center in Israel, and the Zoomix solutions will be added to those of the Microsoft International SQL Server group. Jerusalem, Israel's Zoomix (http://www.zoomix.com) develops and markets software which automates the delivery of correct, complete, synchronized enterprise data, within the business workflow. The company's proprietary self-learning technology combines advanced semantic and linguistic analysis with machine learning to automatically and accurately classify, match and standardize complex corporate data, including highly-variable product data and financial data. Unlike rules-based systems, Zoomix's products provide a comprehensive solution for correcting, synchronizing and governing enterprise data without the need for manual development of rules or scripts. (Zoomix14.07)

Back to Table of Contents

2.2 Mobixell Networks Broadens its Solutions in the Mobile TV and Advertising Domain

Mobixell Networks has received a total of $6m in funding from existing investors Apax, Intel Capital and smac partners. This investment round offers Mobixell additional resources to expand the development and marketing of its mobile multimedia, mobile TV and advertising solutions. The funds will help Mobixell address the many opportunities emerging in the burgeoning messaging, video and advertising market. As Mobixell partners directly with operators on large-scale projects, the new funding will enhance customer support and professional services to support these initiatives, as well as further sales and marketing activities. Ra'anana, Israel's Mobixell Networks (http://www.mobixell.com) develops and delivers innovative mobile multimedia and advertising solutions to the dynamic world of mobile telecommunications. (Mobixell08.07)

Back to Table of Contents

2.3 Zon Announces $7 Million Investment Round

Founded only 6 months ago, Zon Networks (temporary name) prefers to completely fly under the radar even after announcing the $7m round led by Draper Fischer Jurvetson (original backer of Hotmail and Skype), Israeli VC funds Tamir Fishman Venture Capital and Megama, as well as Trilogy Partnership - a Seattle-based fund that handles the money of former Microsoft and AT&T executives. The company is keeping a low profile but in interviews to the Israeli media DFJ commented that Zon will change the internet in the same way Skype changed VOIP. Founders revealed that the product is still a theoretical idea, but it will be aimed at the end user and it will leverage communication components of Windows operating system. The co-founder added that if all goes according to plan, the first product will be on the market in early 2009. Zon (http://www.zon-networks.net) is headquartered in Tel Aviv and currently is looking to double in size in the coming months and it is looking for product development talent, particularly in telecommunications and internet protocols. (Zon13.07)

Back to Table of Contents

2.4 ClassifEye Set Up Shop in Rockville & Raises B Round

ClassifEye (http://www.classifeye.com), the Israeli startup developing identity authentication software raised a second round of $2m led by Maryland-based Nobska Ventures joined by the state of Maryland's Enterprise Investment Fund ($250,000) and $75,000 from Montgomery County. The investment in ClassifEye was facilitated following a delegation to Israel, led by Governor Martin O'Malley. Following the investment ClassifEye will start its US headquarters with a small team in Rockville, Maryland. In addition to the broad homeland security applications that could spawn off of this technology, fingerprint recognition using cell phone cameras could be a big enabler for M-commerce, M-banking and anything related to mobile micro payments. The technology could literally be ‘big in Japan‘, the leader in mobile transactions. ClassifEye was founded in 2003 and is currently based in Jerusalem with a team of 10 and it is planning to recruit 5 more for its US office. (ClassifEye15.07)

Back to Table of Contents

2.5 World's Largest Desalination Plant To Use ERI's PX Technology

San Leandro, California's Energy Recovery, a global leader of ultra-high-efficiency energy recovery products and technology for sea water desalination, announced that the company's PX Pressure Exchanger (PX) technology has been selected by IDE Technologies to be the energy recovery device (ERD) solution for the Hadera Sea Water Reverse Osmosis (SWRO) Desalination Plant. The project is currently under construction and is scheduled for completion in 2009. The Hadera plant, located between Tel Aviv and Haifa in Israel, is being designed and built by IDE Technologies. It will initially produce 100m cubic meters per year (m3/yr), or 274,000 m3/day (72.3m US gallons per day (MGD)) of fresh water and may eventually be expanded to supply 130m m3/yr (94 MGD). The plant is designed with PX-220 Pressure Exchanger energy recovery devices. These devices will save over 34 mega-Watts (MW) of energy compared to operating without an energy recovery solution. IDE selected PX technology for both projects over competing devices due to a proven track record in reliability, high efficiency and energy savings, as well as having the smallest physical footprint. (ERI15.07)

Back to Table of Contents

2.6 Xeround Secures $16 Million in Series B Financing Led By Ignition & Trilogy Partnership

Xeround announced the Company has closed a $16m round of Series B funding led by Ignition Partners and Trilogy Partnership. Also participating in the round were existing investors Benchmark Capital and Giza Venture Capital. The newly acquired funds will be used to increase sales and marketing activities as well as to step up research and development to advance the product roadmap. Xeround has developed a live, scalable Intelligent Data Grid, or IDG, which is a groundbreaking cloud computing database with true data virtualization capabilities. With Xeround's offerings, applications no longer need to know where data resides or if it is being managed with relational, hierarchical or object models. Now, applications get access to data in whatever format is needed - wherever it's needed. Xeround (http://www.xeround.com) is a software company delivering a live, scalable Intelligent Data Grid that can unify existing database and enable the rapid launch of new services. With more than three years of research and development, Xeround is providing the industry's first distributed data grid complete with true data virtualization capabilities, effectively eliminating the dependencies between data and applications. Xeround is based in Bellevue, Wash., with research and development in Yehud, Israel.

Back to Table of Contents

2.7 Aladdin Knowledge Systems to Acquire Eutronsec S.p.A.

Aladdin Knowledge Systems signed a definitive agreement to acquire Eutronsec, S.p.A., a provider of software protection and authentication products, for approximately €10.0m in cash, including acquisition related expenses. The acquisition of Eutronsec is focused on further expanding Aladdin's market share and presence in the European region and extending their global position as an industry leader in the areas of software protection and authentication. Eutronsec's innovative products are designed to guard against software piracy as well as protect electronic intellectual property and are a complement to Aladdin's award-winning portfolio of IT security products. Eutronsec is a significant player in the Italian software security and authentication market, with full year 2007 annual revenue relevant to Aladdin's primary business just under €5m. The closing of the transaction is subject to customary closing conditions and is expected to be consummated by September 2008. Pending a successful completion of the transaction, the acquisition is anticipated to be accretive to Aladdin on a diluted earnings per share basis during H1/09. Petah Tikva, Israel's Aladdin Knowledge Systems' (http://www.Aladdin.com) Software Rights Management products are the #1 choice of software developers and publishers to protect intellectual property, increase revenues, and reduce losses from software piracy. Aladdin eToken is the world's #1 USB-based authentication solution. The Aladdin eSafe secure Web gateway provides the most advanced protection against the latest Web-based threats and attacks. (Aladdin25.06)

Back to Table of Contents

2.8 SAP to Open R&D Center in Israel

SAP co-CEO Leo Apotheker held a press conference in Tel Aviv on 16 July, where SAP announced the establishment of an R&D center in Israel that will operate alongside Ra'anana-based SAP Labs Israel. SAP Labs Israel managing director Mickey Steiner said that SAP could finance research. Earlier, SAP announced that it was buying the SAP activities of Ness Technologies, its Israeli distributor for ERP products to the large and mid-sized enterprise sectors for the past 14 years. The new SAP R&D center will be based on this activity. Ness said that the purchase price was $30m, two thirds of which will be paid immediately and the rest subject to meeting targets within the next two years. (Globes 16.07)

Back to Table of Contents

2.9 Norwegian State Wealth Fund To Invest €500 Million In Israel

Haaretz reported that the Government Pension Fund of Norway, which is actually one of the world's largest sovereign wealth funds managing over €270b, has decided recently to invest over half a billion euros in Israel. The Government Pension Fund - Global, is where the Norwegian government invests its surplus oil wealth for future generations. The fund decided to allocate 0.25% of its holdings for investment in Israel, out of its over €270b in assets. The Global fund is said to invest according to ethical policies, and does not invest in arms or cigarette manufacturers. It is allowed to invest half of its assets in global stocks. (Haaretz21.07)

Back to Table of Contents

2.10 VocalTec Receives $9.2 Million Net from the Sale of 11 of its 22 Patents

VocalTec Communications announced the closing of the Patent Purchase Agreement (PPA) for the sale of selected patents to Karo Millennium J.P., L.L.C. as previously announced on May 28th, 2008. The transaction was successfully brokered by IPinvestments Group of Atlanta, Georgia. Pursuant to the agreement, VocalTec sold 11 patents and certain patent-related rights, out of the company's portfolio of 22 patents. With the consummation of the transaction and the payment of all transaction-related expenses, including payment to the Office of the Chief Scientist of the Israeli Ministry of Industry (OCS), Trade & Labor, VocalTec retained net proceeds amounting to approximately $9.2m. VocalTec is granted a geographically unlimited, non-exclusive license to use the sold patents and other patent-related rights in connection with the development and marketing of its products. In addition to the 11 patents sold, VocalTec retains a patent portfolio comprising 11 additional patents as well as several trademarks, including “Internet Phone” trademark and Internet domain name. Herzliya, Israel's VocalTec Communications (http://www.vocaltec.com) is a global provider of carrier-class multimedia and voice-over-IP solutions for communication service providers. A pioneer in VoIP technology since 1994, VocalTec provides proven trunking, peering and residential/enterprise VoIP application solutions that enable flexible deployment of next-generation networks (NGNs). (VocalTec21.07)

Back to Table of Contents

2.11 modu Selected By AlwaysOn As the Top Mobile Company Of AO Global 250

modu has been chosen by AlwaysOn as the Top Mobile Company of the AO Global 250. Selection as the AO Global 250 Top Mobile Company signifies major developments in the creation of new business opportunities in the global mobile industry. modu was specially selected by the AlwaysOn editorial team and other industry experts spanning the globe, based on a set of five criteria: innovation, market potential, commercialization, stakeholder value and media buzz. The AO Global 250 was selected from over hundreds of companies, nominated by a panel of industry experts in the online technology, media, entertainment, mobile, enterprise and greentech sectors from around the world. modu has developed a disruptive solution poised to revolutionize the mobile handset industry. At the heart of the modu ecosystem is modu - a tiny, sleek and sophisticated mobile phone. modu is designed to be slipped into a wide variety of modu jackets - stylishly designed phone enclosures - and modu mates - modu-enabled consumer electronic devices. modu's ecosystem offers boundless possibilities in a simple and affordable way.

Kfar Saba, Israel's (http://www.modumobile.com) modu manufactures the world's lightest modular mobile phone, with a vision of bringing a fundamental change to the dynamics of the personal communication world. modu has developed a tiny, sleek and sophisticated mobile phone, called modu, which enables users to personalize their mobile experience in a simple and affordable way. Users can customize the look of their phone while gaining functionality by inserting modu into other devices in its ecosystem, including a range of stylish phone enclosures, called modu jackets, as well as enhanced, modu-enabled consumer electronics devices, called modu mates. (modu22.07)

Back to Table of Contents

3: REGIONAL PRIVATE SECTOR NEWS

3.1 21st Century Systems' HiRSA Technology Selected for Jordan Border Security Program

Omaha, Nebraska's 21st Century Systems (21CSI) announced that its state-of-the-art High Resolution Situational Awareness (HiRSA) software system will provide the surveillance and situational awareness information technology backbone for the end-to-end Jordan Border Security Program for which DRS Technologies was recently selected. In May 2008, it was announced that DRS Technologies was chosen by the U.S. Army's Communications and Electronics Command (CECOM) for the initial phase of the Jordan Border Security Program. For over ten years, 21CSI has pioneered design, development and fielding of agent-based decision support systems for time and mission-critical applications for the U.S. Department of Defense. The HiRSA technology will provide unique capabilities to help maintain the security of Jordan's border with Iraq. DRS Technologies, headquartered in Parsippany, New Jersey, is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. (DRS15.07)

Back to Table of Contents

3.2 IRIS Receives Order for Seven iQ 200 Urine Analyzers for Kuwait Ministry of Health

Chatsworth, California's Iris International, a leading manufacturer of automated in-vitro diagnostics systems and consumables for use in hospitals and commercial laboratories worldwide, announced that its Mideast distributor, Bader Sultan & Bros. Co., has received an order from the Kuwait Ministry of Health for seven iQ200 ELITE Automated Urine Microscopy Analyzers. This initial order covers more than 85% of the Ministry of Health hospital laboratories in Kuwait. Bader Sultan & Bros. Co. is one of the leading medical companies in Kuwait specializing in the healthcare and pharmaceutical business with an active presence in the Kuwait market since 1960. The Company has a wide share of the Kuwait medical market and has achieved annual sales in excess of $100 million. The iQ200 uses Auto-Particle Recognition (APR), a well-trained neural network, to classify and quantify twelve formed elements with true image morphology and walkway capability, providing the highest level of diagnostic accuracy and workflow efficiency. (IRIS16.07)

Back to Table of Contents

3.3 Abu Dhabi Buys 90% Stake in Chrysler Building

On 8 July, the government of Abu Dhabi bought a 90% stake in the Chrysler Building for $800m from German real estate investors and Tishman Speyer. However, the Abu Dhabi Investment Council (the emirate's sovereign wealth fund) did not get a controlling interest in the building. Despite having only a 10% holding, Tishman Speyer Properties will continue to control the property and manage it, much as it has since 1997, because it controls the land beneath the 77-story tower, with its trademark stainless steel crown, gargoyles and elevator cabs that evoke the chrome-laden autos of the 1930s. Tishman Speyer and its partner, Travelers Group, bought the Chrysler Building, at 42nd Street and Lexington Avenue, and the adjoining Kent Building in 1997 for about $220m from a consortium of banks and the estate of Jack Kent Cooke. The tower was built in 1930 by Walter P. Chrysler, the automaker, and was briefly the tallest building in New York, losing out months later to the Empire State Building. Now many in the industry say they have seen increased interest from the Middle East, especially in top assets in major US cities such as New York, LA, Washington and Boston, as oil prices soar, the dollar remains weak and building values soften or fall. Now many in the industry say they have seen increased interest from the Middle East, especially in top assets in major US cities such as New York, LA, Washington and Boston, as oil prices soar, the dollar remains weak and building values soften or fall. (Various09.07)

Back to Table of Contents

3.4 Versar Announces New Office in Abu Dhabi, UAE

Springfield, Virginia's Versar announced the opening of an office in Abu Dhabi, UAE to provide program management services to private, as well as government clients in the United Arab Emirates. Operating through a limited liability company, VIAP Middle East Engineering Project Management, Versar plans to provide its successful program management and quality assurance services to a host of construction projects in the UAE and other Gulf Council Countries. In mid January Versar participated in the INTERSEC Middle East 2008 at the Dubai International Convention and Exhibition Center, Dubai, United Arab Emirates. INTERSEC speakers provided an overview of global issues facing the Middle East region in 2008 across the areas of security, police, civil defense and safety. Versar is a publicly held international professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. (Versar 14.07)

Back to Table of Contents

3.5 Alison Nelson's Chocolate Bar to Open First Gourmet Concept Stores in India and Pakistan

Alison Nelson's Chocolate Bar, the New York-based chain of cutting-edge gourmet cocoa emporiums, is set to launch 10 stores in India and Pakistan through a partnership with Dubai-based HFK General Trading. Known for its high-quality cocoa and unusual flavor combinations such as "salty pretzel" and "malted milk", Chocolate Bar employs an artful approach, using graffiti-influenced chocolate-bar wrappers designed by iconic New York-based artists. Bespoke gift presentations include embroidered, bejeweled gift boxes, stunning handbags and limited-edition bowls created by Jonathan Adler, a popular designer recently featured on Oprah. HFK Holding is based in Pakistan, with a main branch in Dubai. The total turnover of the company is over $50 Million. The company's activities include major investments in real estate, sugar mills and sugar works, rice mills, and trade in many commodities including sugar, rice, lentils and other food items with key clients in Europe, Middle East and Africa. (HFK Trading22.07)

Back to Table of Contents

3.6 QuadraMed Signs $10.6M QCPR Contract with Saudi Arabia National Guard Health Affairs (NGHA)

Reston, Virginia's QuadraMed Corporation announced that the Saudi Arabia National Guard Health Affairs (NGHA), located in Riyadh, signed a contract for QuadraMed CPR (QCPR) service expansion, migration to InterSystem's Cache database and interface licenses that represent sales bookings of approximately $8.8m, with a total contract value of approximately $10.6m. This agreement covers the rollout of the QCPR product to the NGHA facilities throughout Saudi Arabia. Currently installed at one hospital and four primary healthcare centers in the central region of Riyadh, QuadraMed will install QCPR at three additional hospitals and twelve primary healthcare centers: two primary healthcare centers in the eastern region, eight in the western region and two in the central region of Saudi Arabia. The Saudi Arabia NGHA provides modern medical care to National Guard employees and their dependents, as well as to Saudi Nationals with tertiary health problems. (QuadraMed 15.07)

Back to Table of Contents

3.7 Maui Wowi Hawaiian Expands to Turkey Master Franchise Signing

Denver's Maui Wowi Hawaiian announced it signed a master franchise agreement with ALOHA Danismanlik Hizmetleri (ALOHA Limited Company), an affiliate of TUNC Group. The move brings Maui Wowi to the Republic of Turkey and further extends Maui Wowi Hawaiian's rapidly expanding global presence. Since the implementation of economic reforms in 2001, Turkey has quickly become one of the world's fastest-growing and most dynamic economies. The country's gross domestic product has grown at an average annual rate of 7.4% over the past five years, with heavy foreign investment and only moderate inflation. Home to over 70m people, the Republic of Turkey has a young population (half its residents are under the age of 28.3) that is heavily urbanized and culturally aware. Now numbering over 500 franchised operating units and with an additional 800 in development, Maui Wowi Hawaiian is a fruit smoothie drink franchise. Maui Wowi has grown from a single smoothie booth at arts and cultural festivals to become the Banzai Pipeline of the franchised coffee/smoothie field. Maui Wowi's coffee creations include gourmet blends from the Kona district of Hawaii as well as blends from the sister islands of Molokai, Kauai, and Maui, while its smoothies are considered nutritionally equivalent to whole fruit due to their high natural fiber content.

ALOHA Limited Company's franchise strategy will focus initially on Turkey's major tourism areas, primarily in the country's Southern and Western coastal regions. Beginning with a fixed store location in a major shopping mall, the company intends to expand with the rollout of mobile kiosks along popular beachfronts. ALOHA Limited Company will begin actively developing franchise opportunities this summer. (Maui Wowi 15.07)

Back to Table of Contents

3.8 Turkish Airlines Orders Mechtronix Ascent XJ Trainer

Montreal, Quebec's Mechtronix Systems, a fast growing and third leading provider of flight training equipment in the world, announced the purchase by Turkish Airlines (THY) for the advanced flight trainer, the Ascent XJ Trainer. THY plans to deploy this cost-effective commercial jet Multi Crew Cooperation platform at its ab-initio school by fall of 2008. The new simulator will serve the airline by familiarizing its students with the commercial jet flight deck, FMS, EFIS, performance and speed. THY becomes the first airline in Europe to select the Ascent XJ Trainer. In addition to providing a jet flight model, the device can later be upgraded to a generic turboprop providing extra flexibility. The Ascent XJ Trainer also offers exceptional Full Flight Simulator comparable visual system fidelity featuring a 180degrees Field of View. The airline will be looking to obtain FNPT II MCC certification under JAR-STD 3A. (Mechtronix 15.07)

Back to Table of Contents

3.9 Zila to Begin Distributing Its Proprietary Oral Cancer Screening Product, ViziLite Plus, in Greece

Phoenix, Arizona's Zila has selected Intertrade Dental to be the exclusive distributor of ViziLite Plus with TBlue, Zila's proprietary oral cancer screening product, in Greece and Cyprus. Intertrade has placed orders for ViziLite Plus and plans to immediately begin training its sales representatives and preparing the market for the product launch. Terms of the agreement were not disclosed. ViziLite Plus will provide dental professionals in Greece and Cyprus with an effective screening tool in the fight against oral cancer. Greece and Cyprus represent good markets in Zila's continuing efforts to expand their geographical footprint for ViziLite Plus. The combined population of Greece and Cyprus is approximately 11.5 million. (Zila20.07)

Back to Table of Contents

3.10 Clear Skies Solar Opens International Office in Larissa, Greece

New York's Clear Skies Solar, a leading developer and provider of solar power solutions, announced the establishment of a corporate office in the city of Larissa, in Central Greece. Partnering with Larissa-based Aspen Energy, whose focus is the procurement of solar energy business opportunities throughout Greece, Clear Skies Solar (CSS) will serve as Aspen's exclusive supplier of renewable energy technology and installation. Due to government tax incentives, Greece has emerged as a leading market for solar power. In 2006, the country's Parliament passed comprehensive Renewable Energy Sources legislation, part of which provides grants and favorable tax treatment as incentives for implementing solar energy solutions. For commercial entities, incentives in the form of grants can run as high as 50% of the total cost of a company's solar system. Furthermore, high levels of environmental awareness among Greece's populace are a driving demand for renewable energy sources. (CSS15.07)

Back to Table of Contents

3.11 Cytori Sells First European Union StemSource Bank with Biohellenika of Greece

San Diego's Cytori sold its first European Union StemSource Cell Bank as part of an agreement with Biohellenika. Biohellenika, the leading provider of cord blood stem cell banking services in Greece, will be the exclusive provider of the StemSource Cell Bank cryopreservation services in Greece, which is one of the largest markets for cell banking in Europe. The StemSource Cell Bank is a comprehensive product offering, which allows companies or hospitals to economically process and store their clients' adipose tissue-derived stem and regenerative cells for potential future use. The foundation of the cell bank is Cytori's Celution 900 System, which automates the processing of stem and regenerative cells from adipose tissue to facilitate cryopreservation. Cytori is commercializing the StemSource Cell Bank directly in Europe and the Middle East and additional countries in Asia. (Cytori 14.07)

Back to Table of Contents

4: ISRAEL MACRO-DEVELOPMENTS

4.1 Israel Water Authority Details Emergency Plan

On 8 July, the Israel Water Authority Council detailed its emergency plan to deal with the country's water crisis, launching a media campaign entitled "Israel goes from red to black". The reference is to the red line, which mark the minimum safe water levels in the Kinneret and aquifers and the black lines that mark the point of irreversible damage. The Water Authority Council chairman said Israel was at a low point not seen since measurements began in 1932. For the past five years, he has warned that the water level in the country's three strategic sources - the Kinneret and the mountain and coastal aquifers - was nearing the black line. Falling below the black line will cause irreversible damage to the water sources, he warned. As part of the emergency plan, the Water Authority is preparing to immediately drill wells to tap water slated for use after 2010. Israel will invest $3.5b in the water economy in the coming years. In the immediate term, tens of millions of shekels will be invested in treating contaminated water sources. Current desalination facilities will also be expanded. The emergency plan calls for the desalination of 600m cubic meters of water by 2013 and 750m cubic meters by 2020. (Globes 09.07)

Back to Table of Contents

4.2 PM Brown Says Bilateral Trade to Reach £3 Billion by 2012

Visiting Israel, on 20 July British Prime Minister Brown emphasized the UK's long-term economic commitment to Israel and the target of boosting bilateral trade to £3 billion by 2012. Over the past decade the bilateral trade has grown by 40% to more than £2.3b per year. The UK was Israel's third largest export destination - not including diamonds - after the US and Germany. Brown added that with over 250 Israeli companies located in the UK and 47 Israeli companies listed on London stock exchanges (41 having joined in the past three years), Israel was one of Britain's top business partners. Furthermore he said he would like to work closer with Israel on an electric car project. The UK Trade & Investment Minister, who headed a business delegation here as part of Brown's visit, said his office was committed to securing 25 more inward investment projects from Israel by 2010. The Minister also met with Israel's Minister of Industry, Trade & Labor Yishai. One of the goals of the meeting was to try and refresh R&D cooperation in industry and technology. Since the UK decided to close Britech, the Britain-Israel Technology Foundation, founded in 1999, there has been a lack of collaborative R&D projects and technology partnerships. Furthermore the ministry is seeking to sign a memorandum of understanding with Britain over advancing collaborative projects in professional training similar to agreements reached with Germany. Yishai said his ministry was committed to strengthening economic ties between the two countries and therefore the number of officials in the economic division of the ministry's representative office in London was doubled over the past year. In 2006, Britain was Israel's 23rd largest trading partner. The ministry said bilateral trade grew by 11% in 2007. Exports of goods amounted to $1.7b last year, an increase of about 18% compared with a year earlier. (JP21.07)

Back to Table of Contents

5: ARAB STATE & PAKISTANI DEVELOPMENTS

5.1 Rising Oil Prices and the Arab Countries -- Winners & Losers

The Arab countries controlled 31% of global oil production last year while their consumption was limited to 7%, thereby leaving ample production output for export. This situation will prevail in the future as the Arab countries are likely to control 50% of global reserves. While the revenues totaled $419b in 2007 when the price of crude averaged $61 a barrel, the revenues are likely to be far greater when the average price will be $110 a barrel in OPEC basket. (The highest price of oil is usually reserves of Texas light). These oil revenues do not represent a net income to the oil-exporting countries. Research, exploration and development of new oil fields take a big bite of oil revenues. In some instance, the foreign partner, as in the case of Egypt, earns 40% of the income. A similar situation prevails in Yemen, Sudan and elsewhere. In some Arab countries, the limited refinery capacity impels countries to import gasoline, diesel and other oil derivatives. Falling in this category are Iraq, Syria, Yemen, Tunisia, Morocco, Jordan, Lebanon and Mauritania. A number of these countries, whether producers or consumers, allocate a sizable amount of foreign exchange for importing their oil requirements. While there are 16 Arab countries whose production exceeds their consumption some of them import oil derivatives. Five Arab countries produce no oil at all. These are Jordan, Lebanon, Somalia, Djibouti and Comoros. In some cases, the production represents a fraction of consumption. Eight Arab countries import about 417,000 bpd, divided between 176,000 bpd by Morocco, 113,000 bpd by Jordan, 106,000 bpd by Lebanon, and 22,000 bpd by Djibouti, Somalia, Mauritania and Comoros combined. Arab oil importers normally suffer from deficits in their current accounts, and the rising prices of oil aggravates the problem. Arab oil producing countries have not been generous toward Arab oil importing countries with the exception of two bilateral agreements between Jordan and Iraq and Jordan and Saudi Arabia. King Abdullah's initiative to grant $500m to help all developing countries cope with their oil burden does not go too far. (al-Sharq 09.07)

Back to Table of Contents

5.2 Jordan Thanks US Officials & Asks For Maintaining High Levels Of Aid

Planning & International Cooperation Minister Al-Ali thanked the US for approving $450m in supplemental economic and military assistance for 2008 and 2009 and asked that the overall increased assistance levels be maintained for the next few years in light of various challenges Jordan is facing. During meetings with key officials and several members of the US Congress, the minister outlined the challenges facing Jordan and the comprehensive reform agenda aimed at improving Jordanians' quality of life. Discussions with senior State Department officials, including Undersecretary Burns, covered strengthening bilateral relations and maintaining increased US assistance to Jordan in order to forge ahead with investments in water, health and education projects. According to the Ministry of Planning, US officials expressed their understanding to the various challenges which face Jordan and reiterated their commitment to help Jordan's reform and development drive. With the additional assistance in 2008, total US assistance reached $911.5m, of which $561.5m is economic assistance and $350m is military aid. (JT14.07)

Back to Table of Contents

5.3 Joint Jordanian-Israeli Delegation to Discuss Trade Relations in Washington

An official joint Jordanian-Israeli delegation met in mid-July with representatives from the office of the United States Trade Representative, Department of State, Department of Commerce, as well as Members of Congress and their staffs to promote the expansion and strengthening of the trilateral United States-Jordan-Israel trade relationship. In order to strengthen this vital economic relationship, the delegation will promote the expansion of the Qualified Industrial Zone initiative (QIZ) beyond the current 11 sites by creating satellite units composed of individual factories to be designated as QIZs and run by current QIZ investors, this change will expand Israeli-Jordanian economic cooperation, help boost Jordan-US trade and help create jobs and spur U.S. investment throughout Jordan and Israel. The proposed satellite units would be located in densely populated areas with high poverty and unemployment rates, particularly among women. It is anticipated that the satellite unit initiative will create 4,500 new job opportunities and training for Jordanians closer to their homes, and may result in an additional $45m in foreign direct investment. The joint delegation will seek to promote the creation of a trilateral accord on rules of origin between the US, Jordan and Israel under the framework of U.S. free trade agreements with Jordan and Israel. This change will expand Israeli-Jordanian economic cooperation, help boost Jordan-US trade and help create jobs and spur U.S. investment throughout Jordan and Israel. QIZs are industrial parks in Jordan from which jointly manufactured Jordanian-Israeli goods can be exported to the US duty free. (HKJ15.07)

Back to Table of Contents

5.4 Jordan's Inflation Rate Reaches 13.3% in First Half of 2008

Jordan's inflation rate for H1/08 reached 13.31% as the consumer price index rose to 136.61 points from 120.56 points during the first half of last year. The rise was mainly the result of the increase in the prices of fuel, electricity, transport, dairy and poultry products, cereals and cooking oil, According to data obtained from the Department of Statistics (DoS), the higher prices of the mentioned principal products was coupled with a decline in telecommunication charges. Transport prices shot up recently due to the increase in oil prices. Other statistics showed the industrial production index, which measures real production output, also rose during the first five months of this year compared to that recorded during the same period last year. The rise was empowered by an increase in the output of manufacturing industries by 5.5%, electricity by 10.3% and mining industries by 1.5%. Meanwhile, exports and re-exports rose during the first five months of this year by 18.5% and 49.5% respectively while imports went up by 32% compared to those recorded in the same period last year. As such, the trade deficit recorded at the end of June reached $4.081b compared to $2.959b for the same period last year. Pharmaceuticals, raw phosphate, potash and fertilizers topped the list of the Kingdom's exports while there was a decline in the country's garments and vegetable exports. This was accompanied by an increase in the amounts of several imported goods, such as crude oil, steel, electric equipment, vehicles and cereals. As for the country's principal economic partners, Asian countries, particularly India, and countries of the Greater Arab Free Trade Agreement and the European Union accounted for the largest portion of the Kingdom's exports. Exports to countries of the North American Free Trade Agreement went down as a result of a drop in exports to the US. (JT16.07)

Back to Table of Contents

5.5 Jordan & US Sign Environmental Cooperation Agreement

On 13 July, Jordan and the US signed an agreement to boost capacity building and environmental technical training. The $600,000 agreement, which was signed by Ministry of Environment, the US Agency for International Development (USAID) and the US environmental Protection Agency, also aims to improve environmental legislations, inspection laws. Jordanian Minister of Environment Irani said this agreement is a good achievement, which paves the way to train the trainers through an integrated approach for environmental inspection and enforcement of environmental laws. Irani added that the agreement will allow training the ministry's Environmental Police inspectors, judges and prosecutors to strengthen national capacities and protect environment. He added that this agreement would allow the transfer of expertise in different domains, such as advanced environmental inceptions and investigations in line with the latest international standards. The agreement is part of an integrated program developed by the ministry to increase capacity of environmental police. (Petra13.07)

Back to Table of Contents

5.6 Different Perspectives About Poverty in GCC Countries

It has been common among government officials in GCC countries to consider any reference to poverty in their countries as “an affront to national dignity". When governments have sought to control the supply or prices of consumer goods voices would rise quickly against such measures perceived as turning the people into beggars who must stand in line before cooperative societies to buy their needs. With oil revenues multiplying any discussion of poverty is even more muted than ever.

There is a variety of official classifications of poverty--below the poverty line, relative poverty and quasi-poverty. The classification is governed by a single criterion: the dollar spent per capita, per day--$1 for “below poverty” to $3 for “quasi-poverty”. In Kuwait, the average income is $18,000 per capita. According to this measurement there is no poverty in Kuwait. The reality is different. Against $30 billion of oil revenue surplus half of the population have difficulty meeting their monthly payments and thousands of families live in areas that demonstrate a glaring problem of wealth distribution. Initial estimates in Saudi Arabia indicate that 20% of Saudis live below the poverty line and more than 75% of the population has long-term consumer debts. People live in huts made of tin and during religious holidays the number of poor people who receive charities and donations rises. Anyone who has been able to wander outside the major cities in the Gulf will discover the real picture of poverty. In the UAE, there are many dwellings made of tin with no electricity and the roads to many villages are unpaved. There is a truly unbalanced equation in countries with the biggest financial surpluses in the world, suffering from bundles of poverty, interruption in the supply of electricity, increasing unemployment and shortage of work opportunities--a combination of poor administration and poor distribution of wealth in a world unequal either in income or expenditures. (al-Sharq10.07)

Back to Table of Contents

5.7 Gulf States Garner $1b Daily From Record Oil Prices

Persian Gulf states accumulated $750b in current account surpluses over the last five years on the back of a seven-fold rise in oil prices since 2002, according to Merrill Lynch. Merrill Lynch reported that Gulf Cooperation Council (GCC) members are likely to receive another $360b this year in their external surpluses with oil hovering above $140 a barrel , equating to almost $1b a day. Merrill said that every $10 increase in the price of oil adds around $55b to export revenues of the GCC, home to around 40% of the world's proven oil reserves and 25% of natural gas reserves. The bank forecast GCC economic growth of 6.4% this year and 6.2% in 2009, assuming oil prices stay at around $135 a barrel and interest rates remain low. However, Merrill highlighted high inflation is the biggest challenge facing the Gulf's economic success story and said it could threaten the long-term sustainability of regional economies. It said record oil revenues were fuelling economic growth, but that loose monetary policy and increased public spending were creating a situation where inflation risked spoiling the party. Merrill said inflation, which is above 10% in five out of the six Gulf states, could begin to hamper governments' efforts to diversify their economies away from oil. It said the region was already facing supply bottlenecks - both in terms of human capital and capacity - and inflation was putting GCC plans to alleviate these bottlenecks, namely through increasing the expatriate population and mega infrastructure projects, in jeopardy. However, the bank said the asset bubble still had a long way to go before it was in danger of popping. (Various14.07)

Back to Table of Contents

5.8 Gulf to Set New Currency Deadline in 2009

Gulf Arab oil producers are unlikely to decide on a new deadline to launch a single currency until next year as the 2010 target for monetary union becomes "difficult", Bahrain's central bank governor said on 8 July. Bahrain, Saudi Arabia and three other states in the world's biggest oil-exporting region have been working towards monetary union for years, but the project has faced numerous hurdles as economies boom and inflation soars across the region. Saudi Arabia's Central Bank Governor Hamad Saud Al-Sayyari said recently that Gulf states would decide on a "feasible" schedule for rolling out the single currency after reviewing the 2010 target at meetings this autumn. At a meeting in June, Gulf central bankers finalized a draft monetary union deal as well as an agreement to set up the nucleus of a regional central bank. But rapid economic growth spurred by a seven-fold surge in oil prices since 2002 and inflation that is soaring to record- and near-record peaks were placing hurdles before a 2010 deadline set in 2001. Monetary union first hit trouble when Oman chose not to join in 2006 and Kuwait broke ranks, severing its dollar peg in 2007.

As well, Bahrain's GDP will likely expand to 6.5% this year and between 6 and 7% next year; rapid regional economic growth has been a driver of inflation. Dollar pegs in all Gulf states but Kuwait have exacerbated inflation as the US currency tumbled, driving up import costs. Gulf central banks have also been forced to track seven US interest rate cuts since September to defend their pegs, driving real interest rates - the difference between official rates quoted by banks and inflation - into negative territory. (Reuters08.07)

Back to Table of Contents

5.9 UAE Eyes Asian & African Farm Lands

The United Arab Emirates is seeking to buy farmland in Vietnam, Cambodia, Africa and South America to secure food supplies for the desert country, according to the Minister of Economy Sultan bin Saeed Al Mansouri. This is part of the UAE's strategic investment in general. Gulf Arab countries, enriched by petrodollars, have seen rising inflation to record or near record highs, sparking fears of food shortages in a region where low rainfall and a lack of arable land mean a heavy reliance on imports. Saudi Arabia moved in May to create facilities to stockpile basic staples and said it would increase global investments to ensure food security. Traders said it was seeking to grow rice in Thailand. Bahrain is also making plans to stockpile food. Mansouri was speaking during a tour of supermarket chains that have agreed with the government to freeze prices of some basic food items at 2007 levels after inflation hit a 20-year peak of 11.1% last year. (Various09.07)

Back to Table of Contents

5.10 UAE Slashes 2007 Economic Growth Estimate

The United Arab Emirates' Ministry of Economy revised down its 2007 economic growth rate to an estimated 5.2% from an earlier 7.6%. The ministry did not say why it revised GDP data going back to 2001. Real GDP of the world's fifth-largest oil exporter reached $135.8b in 2007, compared with $129b in 2006, the ministry announced. In March, the ministry said the economy grew 7.6% as construction, industry and trade sectors surged. The UAE grew 11.6% in 2006, the revised data showed. GDP growth in 2007 was the slowest since 2002. The UAE has been trying to diversify its economy from oil. Oil dominates the economy of Abu Dhabi, while Dubai's relies more on trade, real estate and transport. The value of petroleum sector output fell 1.2% in 2007 to $33b, the data showed, compared with growth of 1% in data released in March. Manufacturing rose 12.4% last year, down from a previous estimate of 15%, while construction gained 14.4%, down from a 17% March estimate. (Various09.07)

Back to Table of Contents

5.11 Ras Al Khaimah Economy To Grow By Up To 18%

The economy of UAE emirate Ras Al Khaimah will grow at a rate between 15 to 18% this year, as the government is commissioning an urban development master plan that will include a rapid transit system that will eventually be linked to the national rail system. In five years' time, Ras Al Khaimah seeks to become a major metropolis retaining its own identity and culture as a modern and vibrant Arab society where people from other countries will work and live. Since becoming the Crown Prince and Deputy Ruler of Ras Al Khaimah in June 2003, Sheikh Saud has spearheaded a massive economic development program that is bearing fruits now. The emirate has attracted $2.477b investment in industries, while more than $9.53b are being pumped into its real estate sector. Since then, the emirate launched RAK Properties, RAK Petroleum, Ras Al Khaimah Investment Authority that is spearheading investment in the industrial sector, projects like Al Hamra Village, Mina Al Arab, Al Marjan Islands, the Cove, La Hoya Bay and others. Its real estate development arm, Rakeen, is building Gateway City, RAK Financial City, RAK Convention Centre, among others. (AB15.07)

Back to Table of Contents

5.12 Oman Economy Surges 43%

The Omani Ministry of National Economy announced that Oman's economy grew 42.9% in the first quarter of 2008 - the highest rate of GDP growth in 28 years - on the back of soaring oil and gas revenues and lower interest rates. Growth in the petroleum sector accelerated 60.8%, mainly driven by rising oil prices, which have reached record highs above $145 a barrel in recent weeks, the said in a report carried by the official on Saturday. There was a 4.9% increase in production and a 60% increase in prices in the petroleum sector during the first quarter. The non petroleum sector also performed well, expanding 28.3% during the period, the highest growth since 1996. High growth rates in the wholesale and retail trade, manufacture of basic chemicals, transport, storage and communication and financial intermediation sectors were behind the strong performance. Soaring oil prices and rock bottom interest rates have fuelled economic growth in the Gulf state, but have also driven inflation to record levels. Annual inflation in Oman has risen for 13 straight months and hit 13.2% in May as a global food crisis, high commodity prices and a currency peg to the weak US dollar pushed costs higher. The Ministry of National Economy said last month Oman's budget surplus for the first quarter of this year was $2.37 billion. (OMA20.07)

Back to Table of Contents

5.13 Oman Budget Surplus Soars Amid Record Oil Prices

Oman announced on 11 July that its budget surplus for Q1/08 was $2.37b, fuelled by record crude prices. Oman posted a $1.084b surplus in the first three months of 2007, the Ministry of National Economy said in its monthly bulletin. The Gulf Arab state's oil revenue soared 55.8% to $4.18b in the first quarter compared with $2.676b in the year earlier. Like other states in the world's top oil-exporting region, the non-OPEC member's economy is surging on a more than seven-fold increase in oil prices since 2002. The ministry said total government revenue grew 36.5% to $5.5b for the first quarter from $4.03b in the corresponding period last year. (Various11.07)

Back to Table of Contents

5.14 Oman's Inflation Jumps To Record 13.2%

Annual inflation in Oman accelerated to a record 13.24% in May from 12.43% in April, as food prices soared, official data showed on 13 July. Oman's consumer price index hit 123.2 points on May 31, compared with 108.8 points on the same day a year earlier, the ministry of national economy said in a monthly report. Food, beverage and tobacco costs - which account for almost a third of the index - jumped 22.9%, the data showed. Rents jumped 16.6%. Inflation is accelerating across the world's biggest oil-exporting region where most countries, including Oman, peg their currencies to the weak US dollar. (MNE13.07)

Back to Table of Contents

5.15 Saudi Agrees To Defer Pakistan Oil Payments

Saudi Arabia has agreed in principle to defer payments for crude oil sales to Pakistan, expected to be worth about $5.9b during Pakistan's present July-June financial year. The agreement would provide a significant boost to the south Asian country's economy just when it is coping with fast-mounting political and economic difficulties. The agreement involves deferring payments until at least June 2009 when the financial year ended. It was not clear if the deferred payments would be paid back. One western diplomat familiar with Saudi ties to Pakistan said the Saudis in 1998 began supplying crude oil under a deferred payment plan after Pakistan carried out its maiden nuclear tests and came under international sanctions. The Pakistani rupee has fallen about 18% against the dollar this year as annual inflation accelerated to a three-decade high above 19% and fiscal and current account deficits have widened, due largely to a soaring oil import bill. Foreign exchange reserves have fallen sharply, largely because of the oil payments and withdrawals from Pakistan's stock market, but some funds have begun flowing back into the country in the form of loans from multilateral lenders and friendly governments. According to Pakistani officials, Saudi Arabia sells about 110,000 bpd of crude oil to Pakistan or about 40 million barrels a year. (Various12.07)

Back to Table of Contents

6: TURKISH, CYPRIOT, GREEK & BULGARIAN DEVELOPMENTS

6.1 Moody's Warns Turkey Could Face Ratings Downgrade

On 8 July, Moody's Investor Service (http://www.moodys.com) said that Turkey's rating could face downward pressure if economic and political developments hit debt ratios. Large external financing and refinancing requirements and “ongoing conflict between secular and religious elements in society” are the two most important credit challenges Turkey is facing. The credit opinion also highlighted that the large, dynamic economy with deep European linkages, well-entrenched macro framework including commitment to primary fiscal surpluses and the strategic geopolitical location are Turkey's credit strengths. Moody's currently rates Turkey “Ba3 credit” for foreign currency bonds and offers its relatively high debt payments burden compared to its revenue-raising capacity as the rationale for this rating. The country's heavy external financing requirements are also cited as the reason for the Ba3 rating, which is definitely not the best rating. Moody's said in a statement yesterday that a recent revision of the nominal gross domestic product (GDP) by an average of 31% over the period 2000-2006, the country's debt ratios relative to GDP are now closer to other Ba-rated countries. “However, these changes do not improve the government's payment capacity, as indicated by its interest payments/revenues or debt/revenues,” Moody's said. Moody's also has a stable outlook for the Turkish economy overall. “Although the pace of structural reform has slowed, a number of initiatives are under way to address longer-term fiscal sustainability and growth,” Moody's opined. But Moody's identified the Constitutional Court case deliberating the closure of the ruling Justice and Development Party (AK Party) as a potential “roadblock to implementation of those reforms.” If the government shows a stronger commitment to producing revenue and paying off debt, the credit rating may be upgraded, the company acknowledged. The other most significant factor that may give way to an improvement in the rating was stipulated as the implementation of structural reforms in the social security system, electricity sector, the labor market and the public sector. As the element that may pull the rating down, Moody's listed economic or political disarray. Such a case will “meaningfully reverse the virtuous trajectory of the government's debt ratios,” it emphasized. (Moody's08.07)

Back to Table of Contents

7: GENERAL NEWS AND INTEREST

*ISRAEL:

7.1 Methuselah Date Palm Makes World Debut

This July, Kibbutz Ketura's Arava Institute's Dr. Elaine Solowey made international news by presenting to the world "Methuselah," a 4-foot-tall date tree sapling whose seed dates back at least 2,000 years. Originally discovered in the 1960s during the archaeological excavations of Masada by Prof. Yigael Yadin, the seed was carbon dated to roughly the time of the ancient fortress' siege, in 73 CE. Climatic conditions at the Dead Sea may have contributed to the longevity of this oldest, directly dated, viable seed, which has set a new record as the oldest germinated seed in the world. Today, this sapling is the only living Judean date palm (Phoenix dactylifera L.), a species entirely extinct in this region, which was once covered in forests of the date palm. Dr. Solowey was asked to germinate the seed by Sarah Sallon, Director of the Louis L. Borick Natural Medicine Research Center in Jerusalem, who became interested in the ancient date palm as a possible source of medicines. Dr. Solowey bathed three ancient seeds in fertilizer and enzyme-rich solutions before planting them. "I really never thought we would get life out of this group of seeds because when we first acquired them, they looked so dry," said Dr. Solowey. "Most of the seeds were dead and then suddenly, we saw that we could get life out of this one." Dr. Solowey and her research team are hoping that by reviving the plant they may be able to study its medicinal uses. The tree also has enormous historical value as the seeds were most likely remnants of fruits stored or eaten by the Zealot Jewish community living in Masada during this time period as well as being an abundant plant specie during biblical times. (AI07/2008)

Back to Table of Contents

7.2 Isra Al Mi'Raj to Be Marked by Moslems

On or about 30 July, the Moslem world will mark the Isra and Mi'raj, which falls on the 27th day of the Muslim month of Rajab. In Islamic tradition, the Isra and Mi'raj are the two parts of a journey that Muhammad took in one night, in 621. Many Muslims consider it a physical journey but some Islamic scholars consider it a dream. The Isra begins with Muhammad resting in the Kaaba in Mecca, when the archangel Gabriel came to him and brought him the winged steed Buraq, who carries Muhammad to the "farthest mosque". The location of this mosque was not explicitly stated in the Qur'an, but some believe it is Temple Mount in Jerusalem. There, Muhammad takes the second part of the journey, the Mi'raj, when he is taken to heaven, where he speaks with the earlier prophets and with Allah (the Moslem name for G-d). Allah tells him to enjoin the Muslims to pray fifty times a day; however, Moses tells Muhammad that they would never do it, and urges Muhammad to go back several times and ask for a reduction, until finally it is reduced to five times a day. The story is celebrated each year via a festival primarily for children, the Lailat al Miraj. Muslims bring their children to the mosques, where the children are told the story, allowed to pray with the adults and then afterwards food and treats are served.

Back to Table of Contents

*REGIONAL:

7.3 Cairo Screening of Israeli film - The Band's Visit

The Israeli embassy in Cairo held a festive screening on 10 July of the award-winning Israeli film, The Band's Visit. The film, which was rejected a year ago for political reasons by the Cairo International Film Festival, was screened for the first time publicly in Egypt as part of the cultural events organized by the Israeli embassy. The film, which met with great success, aroused much public and media attention. More than a hundred people, including prominent Egyptian intellectuals and cultural figures, media personalities, senior government officials, and Egyptian and foreign diplomats were present at the special screening, which took place at an exclusive Cairo hotel. The film's director, Eran Kolirin, was invited to Cairo by the embassy especially for the screening, the first to be held in an Arab country, and afterwards addressed the audience. Kolirin told the viewers that he was very excited about the Cairo screening. Reactions to the film, which won the Coup de Coeur du Jury award at the Cannes Festival, were very positive. The audience burst into laughter many times throughout the screening, applauding enthusiastically at the end of a particularly emotional scene. Many asked where they could see the movie again. The film screening is part of the cultural activities organized by the Israeli embassy in Cairo, which aims to bring closer not only governments but also peoples. (MFO13.07)

Back to Table of Contents

7.4 UAE to Deport 40 Transvestites

Forty cross-dressing tourists have been arrested in shopping malls and other public places and they will be deported soon, the UAE police announced on 16 July. The visitors were held after police launched a campaign against transvestites in May. The 40 offenders were referred to the Public Prosecution, which issued an administrative deportation order against them. All of those arrested were visitors and tourists and not residents, police stressed. Any man or woman who dresses up and behaves like the opposite gender in public will be questioned and legal action will be taken against him or her, UAE police chiefs have warned. (GN17.07)

Back to Table of Contents

8: ISRAEL LIFE SCIENCE NEWS

8.1 Teva to Acquire Barr

Teva Pharmaceutical Industries and Barr Pharmaceuticals have signed a definitive agreement under which Teva will acquire Barr, the fourth largest generic drug company worldwide. Under the terms of the agreement, each share of Barr common stock will be converted into $39.90 in cash and 0.6272 Teva ADRs. Teva expects the transaction to close in late 2008 and to become accretive to GAAP earnings in the fourth quarter after closing. This acquisition will further enhance Teva's leadership position in the U.S. and will significantly strengthen its position in key European and Central and Eastern European markets. On a pro forma basis, 2007 revenues of the combined company would have been approximately $11.9 billion. The combined company will have an unmatched global platform, operate directly in more than 60 countries and employ approximately 37,000 people worldwide. The companies' highly complementary product offerings and development pipelines will extend Teva's generic and proprietary offerings for customers globally. By adding development resources and breadth to Teva's product portfolio and pipeline, particularly the Paragraph IV and first to file opportunities, Teva will bring more products to market while increasing access to affordable medicines. The transaction also bolsters Teva's specialty pharmaceutical platform through the addition of Barr's substantial women's health portfolio to Teva's respiratory franchise, further enhancing Teva's balanced business model.

Teva Pharmaceutical Industries (http://www.tevapharm.com), headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative pharmaceuticals and active pharmaceutical ingredients. (Teva18.07)

Back to Table of Contents

8.2 Gamida Cell Signs Collaboration Agreement With Biologics Delivery Systems

On 14 July, Gamida Cell announced a collaboration agreement with Biologics Delivery Systems Group, Cordis Corporation. Under the terms of the agreement, Biologics Delivery Systems will supply catheters for the upcoming Phase I/II clinical trial of Gamida Cell's CardioCure product for the treatment of post-myocardial infarction (heart attack) patients. CardioCure is a proprietary ex-vivo expanded autologous (from the patient's body) bone marrow product. The randomized, controlled multi-center Phase I/II clinical trial, due to start in Q4/08 in Israel, will evaluate the safety and efficacy of Gamida Cell's CardioCure in 48 post-MI patients. CardioCure will be injected directly into the myocardium using the latest generation of Biologics Delivery Systems' NOGA Cardiac Navigation System and MyoStar Injection Catheter. Jerusalem, Israel's Gamida Cell (http://www.gamida-cell.com) is a world leader in stem cell expansion technologies and therapeutic products. The company is developing a pipeline of cell therapeutics to effectively treat debilitating and often fatal illnesses such as cancer, cardiac disease and peripheral vascular disease. Gamida Cell's therapeutic candidates contain adult stem cells, selected from non-controversial sources such as umbilical cord blood and bone marrow, and which are enriched in culture using the company's proprietary technologies. (Gamida14.07)

Back to Table of Contents

8.3 Orthocrat Announces Sale of TraumaCad for Orthopedic Preoperative Planning

Orthocrat announced that Duke University Hospital, in Durham, North Carolina, has purchased TraumaCad. TraumaCad will be integrated with other existing systems at Duke and will ultimately enable surgeons to have single-click access to TraumaCad. Orthocrat's goal is to make preoperative planning for orthopedic surgeons simpler, faster, and available anywhere. The company's flagship product, TraumaCad, has been successfully installed in over 1,000 locations in ten countries, including hospitals, clinics and academic institutions. Petah Tikva, Israel's Orthocrat (http://www.orthocrat.com) was established in 2003 by a team of software engineers and orthopedic surgeons, with the objective of providing the orthopedic community with a 100% filmless working environment. Orthocrat's flagship product is TraumaCad web-based pre-operative planning and digital templating software. (Orthocrat16.07)

Back to Table of Contents

8.4 Alfacell Announces ONCONASE Distribution and Marketing Agreement with Megapharm for Israel

Somerset, N.J.'s Alfacell Corporation has entered into a distribution agreement with Megapharm, a leading pharmaceutical company in Israel, for the commercialization of ONCONASE (ranpirnase) in Israel. ONCONASE, the company's lead drug candidate, recently completed an international confirmatory Phase IIIb clinical trial for unresectable malignant mesothelioma (UMM). Under the agreement, Alfacell has granted Megapharm exclusive rights in the defined territory for the marketing, sales and distribution of ONCONASE. Alfacell will receive 50% of all sales in the territory. In addition, Alfacell will manufacture and supply the product to Megapharm, while Megapharm will be responsible for all activities and costs related to regulatory filings and commercial activities in the territory. ONCONASE is a first-in-class therapeutic product candidate based on Alfacell's proprietary ribonuclease (RNase) technology. A natural protein isolated from the leopard frog, ONCONASE has been shown in the laboratory and clinic to target cancer cells while sparing normal cells. ONCONASE triggers apoptosis, the natural death of cells, via multiple molecular mechanisms of action. Megapharm is one of the leading private biotech, pharmaceutical and medical nutrition marketing companies in Israel with a strong biotech orientation, exclusively representing a number of major American and European pharmaceutical companies. (Alfacell15.07)

Back to Table of Contents

8.5 Oramed Pharmaceuticals Raises $5 Million Through a Private Placement

Oramed Pharmaceuticals has completed a raise of $5m in a private placement of 8,668,002 shares of its common stock with a select group of investors, led by Montaur Capital Partners. In connection with the private placement, investors received three year warrants to purchase an aggregate of 4,262,337 shares of common stock at an exercise price of $0.90 per share. Oramed will use the funds for its ongoing R&D efforts as well as for the next phase of the Company's clinical trials on its lead product, an oral insulin capsule. The Company is currently conducting Phase 2A trials, testing the capsule for both safety and efficacy. The results from these trials are expected within the next few weeks. Oramed is planning on launching Phase 2B trials of its oral insulin capsule by the end of the year. The trial is intended to evaluate the safety, tolerability and efficacy on diabetic type 2 volunteers. It is anticipated that this study will be conducted over several months, and the subjects will each receive the treatment for a period of 6 weeks.

Jerusalem, Israel's Oramed Pharmaceuticals (http://www.oramed.com) is a technology pioneer in the field of oral delivery solutions for drugs and vaccines presently delivered via injection. Oramed is seeking to revolutionize the treatment of diabetes through its patented flagship product, an orally ingestible insulin capsule currently in phase 2 clinical trials. (Oramed15.07)

Back to Table of Contents

8.6 BioLineRx's BL-1040 Named One of 10 Most Promising Cardiovascular Projects by Windhover

BioLineRx announced that BL-1040, a novel myocardial implant for the treatment of acute myocardial infarction (MI), has been selected as one of the Top 10 most promising cardiovascular projects in development available for strategic partnering by an independent committee assembled by Windhover Information, a Connecticut based provider of business information products and services to senior executives in the pharmaceutical, biotechnology and medical device industries. BL-1040 represents a breakthrough approach to supporting cardiac tissue damaged as a result of acute myocardial infarction (MI), improving cardiac function and survival. The novel myocardial implant is a resorbable liquid polymer that is administered via the coronary artery during standard catheterization and flows into the damaged heart muscle. The liquid polymerizes within the infarcted cardiac tissue and forms a protective “scaffold” that enhances the mechanical strength of the heart muscle during recovery and repair, thereby preventing pathological enlargement of the left ventricle after the MI. It is excreted naturally from the body within six weeks after injection, leaving behind a stronger, more stable heart muscle. BL-1040 is currently in Phase 1/2 testing. BL-1040 was in-licensed by BioLineRx from Ben-Gurion University through BGN Technologies. Jerusalem, Israel's BioLineRx (http://www.biolinerx.com), a clinical stage drug development company traded on the Tel Aviv Stock Exchange, is dedicated to building a robust pipeline of promising therapeutics for unmet medical needs. The Company's leading programs are BL-1020 for the treatment of schizophrenia, which has begun a Phase 2b trial, and BL-1040 for the treatment of damaged heart tissue post-myocardial infarction, which is undergoing a Phase 1/2 study. Additional products under development include compounds for the treatment of cancer and CNS, cardiovascular, metabolic, infectious and autoimmune diseases. (BioLineRx16.07)

Back to Table of Contents

8.7 Tissera Reports Initial Closing of Bridge Loan Agreement

Tissera entered into a bridge loan agreement with an accredited investor, who was a participant in the Company's December 2006 fund raising. The terms of this agreement are detailed in a separate Form 8-K report to the United States Securities and Exchange Commission. As part of the initial closing of this agreement, a loan in the sum of $200,000, with net proceeds amounting to $170,000, has been received by the Company. The current proceeds are earmarked for the continuing support of the research activity of the Company, performed at the Weizmann Institute of Science. Having reached a solid proof of concept for the therapeutic efficacy of its pancreatic transplantation technology in primate models of insulin-dependent (type I) diabetes, the Company aims at completing its preclinical studies on further primate diabetic models and at engaging into the regulatory pathway leading to the submission of an application for the authorization to initiate human clinical studies on diabetic patients. Herzliya, Israel's Tissera (http://www.tissera.com) is a biotechnology company dedicated to the development of novel tissue precursor regeneration technologies for treating gene deficiencies and diseases in which organ transplantation is necessary, while minimizing the dosage of immunosuppressive drugs. (Tissera 14.07)

Back to Table of Contents

8.8 Verto Completes Successful Human Clinical Trial of a Treatment for Lupus

Hadasit Bio-Holdings, (HBL) a subsidiary of Hadasit (the technology transfer company of the Hadassah - Hebrew University Medical Center), announced that one of its portfolio companies, Verto (in which it has a 75% stake), has successfully completed a human clinical trial of a device for treating patients who suffer from systemic lupus erythematosus. The goals of the trial at the Hadassah Medical Center in Ein Kerem, in which ten lupus patients took part, were to demonstrate the safety and efficacy of the Lupusorb, developed by Verto. The treatment was successful and achieved the goals. Verto is developing the Lupusorb for the treatment of systemic lupus erythematosus. The device is a filter column that can be incorporated into the standard process of plasmapheresis (in which the blood is removed from the patient's body, cleansed of immune-system compounds and returned to the body) for lupus patients. The column contains a peptide (short protein), designated VRT101, which specifically binds a subgroup of auto-antibodies that the body has developed against itself, and which cause the disease. At the end of the process the blood is returned to the body with all the vital components intact, except for the auto-antibodies, which have been bound to the peptide in the column. During the trial, ten patients underwent plasmapheresis. Over the next two months they came in for regular check-ups, which included blood and urine tests and medical examinations.

The results indicated a statistically significant decrease in the level of disease-related antibodies in the patients' blood (anti-VRT). The antibody level remained low for three weeks and only than returned to its pre-treatment levels (increased four weeks into the trial) but there was no rebound effect (in which the antibody level exceeds that before treatment), as is usually found in routine plasmapheresis. There was also an improvement in other components of the immune system that bolster the body's resistance to the disease. Hadasit (http://www.hadasit.co.il), a subsidiary and the technology transfer company of Hadassah Medical Organization (HMO) in Jerusalem, Israel, is responsible for commercializing HMO's intellectual property and R&D capabilities in the field of biomedical technology. (HBL22.07)

Back to Table of Contents

8.9 Gamida Cell Announces License Agreement Support StemEx for Hematological Malignancies

Gamida Cell announced that the company has executed a licensing agreement with Amgen for the use of a number of proprietary cytokines in the manufacturing of StemEx for Gamida Cell's pivotal registration study of StemEx and its subsequent commercialization. Under the terms of the agreement, Amgen will receive a minority equity interest in Gamida Cell in addition to royalty payments from future sales of StemEx for hematological diseases. Gamida Cell will receive a non-exclusive license to manufacture and utilize a number of cytokines for StemEx manufacturing. StemEx is being developed for treatment of hematological malignancies by Gamida Cell in a joint venture with Teva Pharmaceutical Industries. The clinical protocol for the international, multi-center, pivotal registration study of StemEx received an FDA Special Protocol Assessment (SPA) in October 2006. In November 2007, the first patient enrolled in this study, called ExCell, underwent a StemEx transplant.

Jerusalem, Israel's Gamida Cell (http://www.gamida-cell.com) is a world leader in stem cell expansion technologies and therapeutic products. The company is developing a pipeline of cell therapeutics to effectively treat debilitating and often fatal illnesses such as cancer, cardiac disease and peripheral vascular disease. Gamida Cell's therapeutic candidates contain adult stem cells, selected from non-controversial sources such as umbilical cord blood and bone marrow, and which are enriched in culture using the company's proprietary technologies. (Gamida Cell 21.07)

Back to Table of Contents

8.10 Teva Introduces First Generic Lamictal Tablets in the United States

Teva Pharmaceutical Industries announced that it has commenced commercial shipment of its generic version of Lamictal (Lamotrigine) Tablets, 25mg, 100 mg, 150 mg, and 200 mg. Teva's Lamotrigine tablets are the AB-rated generic equivalent of GlaxoSmithKline's Lamictal Tablets, and are indicated as adjunctive therapy in the treatment of partial seizures and the generalized seizures of Lennox-Gastaut syndrome, for conversion to monotherapy in adults with partial seizures who are taking certain other antiepileptic agents, and for maintenance treatment of Bipolar I Disorder. In February 2005, GlaxoSmithKline and Teva entered into an agreement to settle patent litigation under which GlaxoSmithKline granted Teva the exclusive right to manufacture and sell a generic version of Lamictal during the six-month pediatric exclusivity which ends on January 22, 2009. Teva Pharmaceutical Industries (http://www.tevapharm.com), headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the world's leading generic pharmaceutical company. The Company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. (Teva22.07)

Back to Table of Contents

9: ISRAEL PRODUCT & TECHNOLOGY NEWS

9.1 Elbit Systems & ATK to Develop Laser Guided Advanced Tactical Rocket System

Elbit Systems and Minneapolis' Alliant Techsystems signed a teaming agreement to develop the Guided Advanced Tactical Rocket - Laser (GATR-L). GATR-L provides an affordable precision strike capability for all fixed-wing, rotary-wing, and Unmanned Aerial Systems (UAS) platforms. The 70mm rocket employs a Semi-Active Laser (SAL) guidance package to achieve high accuracy against both stationary and moving targets. In addition, GATR-L provides the ability to lock-on before launch to ensure only the target of interest is engaged. GATR-L is compatible with existing 70mm launcher hardware and utilizes enhanced Insensitive Munitions technologies. Elbit Systems is a world leader in laser guided weapon solutions, and ATK is a leader in the production of rocket motors, advanced warhead and fuze applications. The two companies are currently conducting ground and airborne-guided tests. Haifa, Israel's Elbit Systems (http://www.elbitsystems.com) is an international defense electronics company engaged in a wide range of defense-related programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned air vehicle (UAV) systems, advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. (Elbit09.07)

Back to Table of Contents

9.2 Nova Sets an Industry Milestone for Optical CD Metrology

Nova Measuring Instruments announced achieving and demonstrating performance which satisfies an industry challenge previously considered by ISMI/Sematech to be the "Holy Grail" of Optical CD throughput. During an evaluation by a global body of leading semiconductor manufacturers, Nova demonstrated a Move-Acquire-Measure (MAM) time of less than 1 second on CD applications while maintaining all metrology parameters: Total Measurement Uncertainty (TMU), precision, accuracy and fleet matching, well within the required specifications down to the 32nm technology node. The comparative evaluation report acknowledges that Nova's metrology meets the International Technology Roadmap for Semiconductors (ITRS) requirements for TMU and fleet matching down to the 32nm technology node and states that the demonstrated MAM time sets a milestone for Optical CD. Referring to NovaMARS, the report adds that with its set of predefined plug & play ready and complex setup models, a process engineer is not required to be an expert in optical physics and can design a model within less than 3 hours. Rehovot, Israel's Nova Measuring Instruments (http://www.nova.co.il) develops, produces and markets advanced integrated and stand alone metrology solutions for the semiconductor manufacturing industry. Nova is traded on the NASDAQ & TASE under the symbol NVMI. (Nova09.07)

Back to Table of Contents

9.3 Panavision & Tower Announce New Family of Re-Configurable Linear Image Sensors

Homer, New York's Panavision Imaging, a pioneering innovator and developer of high performance CMOS image sensors, and Tower Semiconductor announced the DLIS-2K and the DLIS 4K re-configurable line scan CMOS image sensors. The sensors were developed by Panavision using Tower's Advanced Photo Diode (APD) pixel process and pixel IP, and are to be manufactured in Tower's 200mm Fab2 in Migdal HaEmek, Israel. Linear imagers are often used in spectroscopy, barcode, touch screen, OCR, machine vision, measurement and other applications in consumer, industrial, automotive and scientific markets. The addition of the DLIS-2K and DLIS-4K expands and compliments the existing linear product line from Panavision Imaging. The technological advances implemented in these products allow for flexibility in image collection and readout, including: ambient light subtraction, oversampling, non-destructive read mode, binning of different integrations, and a high resolution mode.

Migdal HaEmek, Israel's Tower Semiconductor (http://www.towersemi.com) is an independent specialty foundry that delivers customized solutions in a variety of advanced CMOS technologies, including digital CMOS, mixed-signal and RF (radio frequency) CMOS, CMOS image sensors, power management devices and embedded non-volatile memory solutions. Tower's customer orientation is complemented by its uncompromising attention to quality and service. (Tower09.07)

Back to Table of Contents

9.4 Cimatron's Microsystem Offers GibbsCAM in Italy

Cimatron Limited announced that Microsystem Srl., its Italian subsidiary, is now selling and supporting the GibbsCAM advanced machining soft