researchandmarkets .com
Fax: +353 1 4100 980

business lebanon

kr .

lebanon egypt

newscom.

Changes that are taking place include:
Two mobile operators, MTC-Vodafone and Etisalat have made significant
moves in expanding outside of Middle East markets. The
increase in competition, demand for broadband content such as Video-on -Demand
(VoD), and maturing market will result in increased demand for higher
bandwidth connections .com/reports/c18855

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets.
David Woong-Jin Yoon, Chief Executive Officer of Gravity, stated , "This is
another impressive milestone for Gravity.

middle bahrain

MTC-Vodafone acquired
pan-African mobile operator Celtel in March 2005.com
Fax: +353 1 4100 980

314) Tel: +646-536-7006
dpasquale@theruthgroup.

bahrain construction

com/reports/c18848) has announced the addition
of 2005 Telecoms, Mobile and Broadband in the Middle East to their offering. Sento is one of the largest distribution companies in
the Middle East, with well-established channels covering the Middle East and
North Africa.

With Ragnarok Online now in 37
countries globally, the title is clearly established as one of the world's
most dominant games. We have proven time and again that we are able to match
our excellent online gaming content, global marketing expertise and technical
resources with top distribution companies on a region-by-region basis to
create a compelling and synergistic force.

CONTACTS:
In Korea: In the U.

egypt asia

New providers include Israel's three GSM
operators , Turkcell and two new iDEN operators in Jordan and Saudi Arabia;
This report on the "Middle East " provides information on Bahrain, Iran,
Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria,
Turkey, United Arab Emirates and Yemen.

Gravity's Ragnarok Online Now in 37 Countries Worldwide

gravity. Actual results may differ materially from those discussed
in, or implied by , forward-looking statements.

pakistan middle

com/cgi-bin/prnh/20040820/RESEARCH )
Middle Eastern countries are beginning to move towards less government
involvement and greater competition in their telecoms markets , often
encouraged by World Trade Organisation (WTO) membership requirements.

Research and Markets: Approximately half of Israel's households are subscribers to broadband but majority of connections are in the sub-1Mb/s range.

bahrain pakistan

(Logo: http://www. UAE's Etisalat entered into a strategic
partnership with West African mobile operator Atlantique Telecom and acquired
a 50% stake in the group in April 2005. Broadband is Israel is set to go mainstream with the bundling of voice
and video services by the cable companies that have recently launched Voice
over Internet Protocol (VoIP) services and eventually by incumbent Bezeq which
is currently prevented from bundling its services for competitive reasons.

estate turkey

DUBLIN, Ireland, Research and Markets
(http://www., Ltd.

egypt economy

Push-to-Talk takes (PTT) off -- There will be a total of seven operators
providing PTT services by mid-2005.

business israel

real cyprus

Research and Markets: More Competition Among Telecom Market in Middle Eastern Countries

Topics detailed in the report include the
following:

- Regional Internet and broadband market developments and analysis
- xDSL, Cable Modems, Fibre-to-the-home (FTTH), WiFi
- Growth in regional broadband penetration and availability (Trends,
Growth Patterns, Prospects)
- Major Broadband Service Providers
- Internet Access Locations and ISPs
- Censorship of the Internet in Middle East countries

Countries covered: Bahrain, Iran, Iraq, Israel, Jordan , Kuwait, Lebanon,
Oman, Qatar, Saudi Arabia, Syria, Turkey United Arab Emirates, Yemen

Extract:
Approximately half of Israel's households are subscribers to broadband but
research has shown that the majority of connections are in the sub-1Mb/s
range.
Under the agreement , Gravity granted Sento Enterprises Limited exclusive
licensing rights to distribute Ragnarok Online in the Arab Emirates, Saudi
Arabia, Kuwait, Qatar, Bahrain, Oman, Yemen, Iraq, Syria, Egypt, Iran , Israel,
Lebanon, and Jordan.

business economy

newscom. Broadband was introduced into a number of Arab
countries last year and growth has or is set to take off in a few others,
namely Bahrain, Iran, Jordan and Turkey, attributed to tariff reductions and
recent government initiatives

For more information visit
http://www. All forward-looking statements involve risks
and uncertainties, including, but not limited to, the ability to diversify
revenue, ability to collect license fees and royalty payments from overseas
licensees and in a timely manner; ability to acquire, develop, license,
launch , market or operate commercially successful online games; competition
from companies that have greater financial resources; introduction of new
products into the marketplace by competitors; the ability to recruit and
retain quality employees as Gravity grows; and economic and political
conditions globally.S.:
Kwan Shik Seo, CFO David Pasquale, EVP
Gravity Co.

estate real

For
more information visit http://www.com

iran estate

Broadband is becoming more prevalent and is now available in most Middle
East countries. Ragnarok Online Becomes First Massively Multiplayer Online Role-Playing Game
(MMORPG) Ever Serviced in All Six Continents

SEOUL , South Korea, GRAVITY Co.
Based in Korea, Gravity is a leading developer and distributor of online
games worldwide.

economy arabia

pakistan estate

com/cgi-bin/prnh/20040820/RESEARCH )
This annual report provides an insight into the developing Broadband and
Internet markets of the Middle East.

pakistan business

Recent tariff reductions will further increase penetration
rates, which although low, have shown significant rates of growth .

regional business

researchandmarkets.
(Nasdaq: GRVY), a leading developer and distributor of online games, today
announced the launch of its hugely popular Massively Multiplayer Online Role-
Playing Game (MMORPG) Ragnarok Online into 14 new countries, making Ragnarok
Online, which is believed to be the first Massively Multiplayer Online Role-
Playing Game ever serviced in all six continents."
"We are excited about the Middle East market opportunity given the rapid
increase of young game users and because the high-speed bandwidth already that
gamers require, especially in the Arab Emirates, Saudi Arabia , Israel and
Bahrain.

business regional

Ragnarok Online is now
serviced in total of 37 countries globally."

About GRAVITY Co.

business arab

com/reports/c18848

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets. We are confident that our flagship title, Ragnarok Online , will
build a strong following as it has already worldwide. The Company's principal product, Ragnarok Online, is
currently commercially offered in 20 markets.

Forward-Looking Statements:
Certain statements in this press release include forward-looking
statements within the meaning of the U.

maintenance jordan

Celtel provides services to
6 million subscribers in 13 countries. Each country is represented by its own
chapter, comprehensively covering the key areas of interest including:

-- Key trends
-- Market overview
-- Regulatory environment
-- Major fixed network operators
-- Telecommunications infrastructure
-- Public data communications services
-- Internet
-- Broadband networks and services
-- Content and e-Services
-- Wireless communications
-- Broadcasting

For more information visit
http: //www., Ltd. We believe this is the
first online game ever serviced in the Middle East and Africa , becoming the
only online game serviced in all six continents, and we fully intend to make
it a winner.co. The Ruth Group
Tel: 82-2-516-5438(Ext.

architects maintenance

DUBLIN, Ireland, Research and Markets
(http://www.researchandmarkets.S. Private Securities Litigation Reform
Act of Forward -looking statements generally can be identified by the use of
forward-looking terminology, such as "may," "will," "expect," "intend,"
"estimate," "anticipate," "believe," "project" or "continue" or the negative
thereof or other similar words.

africa lebanon

researchandmarkets. Gravity also offers a number of
mobile games, which are played using mobile phones and other mobile devices,
participates in the production of a televised animation series, and licenses
merchandizing of character-related products based on its online games. The forward-looking statements
speak only as of the date of this release and Gravity assumes no duty to
update them to reflect new, changing or unanticipated events or circumstances . Ltd.

pakistan cyprus

com/reports/c18855) has announced the addition
of 2005 Middle Eastern - Broadband and Internet Markets to their offering
(Logo: http://www.