Richard Melson

May 2005

Alahli

http://www.alahli.com

Noel Rotap

n.rotap@alahli.com

Economics Department

The National Commercial Bank HO PO Box 3555

Jeddah 21481

Kingdom of Saudi Arabia

Tel: +966 2 6463232 / Fx: 6449783

Dear Readers:

The subject of the "In Focus" section of this week's report is:

" A Review of Construction Activities in Saudi Arabia".

Please note that any views or opinions expressed in this e-mail are

those solely of the author and do not necessarily represent those of:

The National Commercial Bank.

Although we believe that this e-mail and any attachments are virus-free, the recipient

should nevertheless check this e-mail and any attachment for the presence of any viruses.

The Bank cannot accept any liability whatsoever for any loss or damage caused

directly or indirectly by virus / error transmitted by this e-mail or its attachments.

Regards;

Said A. Al-Shaikh

Market Review and Outlook:

Attachment:

MR&O(31May05).pdf

Attachment:

New NCB logo 04.jpg

Noel Rotap

n.rotap@alahli.com

2005/05/31