Arab-British Business Volume 35 Issue 2 September 2012 Monthly bulletin of the Arab British Chamber of Commerce
SPREADING THE NET Report on Omanรข€™s efforts to expand its broadband network, Page 28
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e
Business and Legal News, Tenders and Events
N CO EW M SE IN R Fo G VIC in r d SO E si et de ai ON S pa ls s g e
Reports on Lebanon, Qatar, Saudi Arabia, Tunisia, Gulf Construction
CHAMBER NEWS
Monthly bulletin of the A-BCC Editorial Team Abdeslam El-Idrissi Cliff Lawrence David Morgan Dr Yasmin Husein Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7235 4363 Fax: +44 (0) 20 7245 6688
Membersรข€™ networking event at the Chamber. For report see Page 5.
d.morgan@abcc.org.uk (English Editorial) y.husein@abcc.org.uk (Arabic Editorial) www.abcc.org.uk
Production & Design Distinctive Publishing 6th Floor Aidan House Sunderland Road Gateshead NE8 3HU Tel: 0845 884 2385 www.distinctivepublishing.co.uk
CONTENTS CONTENTS Chamber News
3
New Chamber Members
6
Chamber Services
7
Tunisia
8
Qatar Infrastructure
9
Advertising
Gulf Construction
10
Distinctive Publishing
Business & Project News
12
Saudi Non-Oil Sector
16
Lebanon
17
Global Investment Flows
18
Law Reports
19
Arabic Section
25
Tenders
26
Trade Fairs, Conferences and Events
31
Tel: 0845 884 2331 Karen.hall@distinctivepublishing.co.uk
Disclaimer Distinctive Publishing or Arab-British Chamber of Commerce cannot be held responsible for any inaccuracies that may occur, individual products or services advertised or late entries. No part of this publication may be reproduced or scanned without prior written permission of the publishers and Arab-British Chamber of Commerce. ISSN No: ISSN 0958-8116
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CHAMBER NEWS
CLYDE & CO OPENS OFFICE IN TRIPOLI International law firm Clyde & Co opened an office in Tripoli on 1st August, the firmโs fifth in the Middle East and North Africa region. Libyan lawyer Albudery Shariha joins Clyde & Co from the Libyan Investment Authority, where he was General Counsel, to head the Tripoli office which is located in Tripoli Tower.
LIBYA INVESTMENT & INFRASTRUCTURE SUMMIT Chamber member LibyaBusiness TV is pleased to announce its partnership with the EU-Libya Chamber of Commerce for the Libya Investment and Infrastructure Summit which will take place in Tripoli on 2-3 October. The Summit will offer the opportunity to achieve specific introductions that will oversee successful implementation of business ventures in and with Libya. Baroness Symons of Vernham Dean, Chairman of the Arab British Chamber of Commerce, will be a keynote speaker at the event. Subscribers to LibyaBusiness TV will benefit from a 20% discount which can be redeemed by emailing Hind Bensari at hind@libyabusiness.tv Details of the programme can be found in: http://www.eulibyacc.org/04_event_ detail/index.html
The Tripoli-based team will be supported by dedicated multilingual Libya desks in London, Abu Dhabi and Dubai. Albudery Shariha said: โLibya is embarking on an exciting new phase this month and there are significant opportunities as the country rebuilds. Clyde & Co, with its long history of Middle East involvement and its energy and infrastructure expertise, is well placed to advise clients looking to the Libyan market. Adrian Creed said: โWe expect to undertake a mix of contentious and non-contentious work for Libyan government entities and
international clients. A large number of companies are actively exploring opportunities in Libya and we envision a steady increase in activity.โ Clyde & Co partner and board member Ben Knowles said: โWe are thrilled to launch in Tripoli and to build on our existing Libyan practice. We believe the office has huge growth potential.โ The firm has offices in Abu Dhabi, Dubai, Doha and via an associated office in Riyadh. Clyde & Co is currently advising the Libyan Government on a number of matters.
ARAB ACHIEVEMENT AWARDS 2013 22ND JUNE 2013 LONDON HILTON PARK LANE BALLROOM Over the years the Arab community has made significant contributions to the UK economy and to the rich cultural diversity of British society. Now more than ever before Arabs are playing an increasingly important role in various walks of life such as Sport, Business, Media, Investment, Trade, Academic excellence, Arts, Culture and the community now boast Arab achievers at the highest level. More than 500,000 Arab nationals make the UK their home with more than 7 million across Europe. Arab Achievement Award is an annual award event whose categories will be: 1. Innovation in Education 2. Philanthropy & Charitable Services 3. Professional of the Year Award 4. Young Entrepreneur Award
5. Arab Women of the Year 6. International Achievement 7. Sustainable Development to the Environment 8. Business person of the Year 9. Lifetime Achievement Award 10. Scientific and Technological Achievement 11. Sport Achievement Award For sponsorship details and to take part in this event contact: Saad Al-Saraf on: Tel: +44 (0)77595 704 090 Email: saad.saraf@mediareachstar.com
CHAMBER NEWS
AIWF CONFERENCE IN SHARJAH
Membersโ Networking Event The Chamber recently held a networking event for new members to enable companies to familiarise themselves with the office resources, staff and services of the Chamber.
Dr Afnan Al-Shuaiby, Secretary General & CEO of the Arab British Chamber of Commerce, undertook an official visit to Sharjah in May 2012 to participate in the annual conference organised by the Arab International Womenโs Forum (AIWF). The international conference was formally opened by His Highness Sheikh Dr Sultan Bin Mohammad Al Qassimi, Supreme Council Member, Ruler of Sharjah and President of American University of Sharjah. The Ruler of Sharjah thanked Mrs Haifa Fahoum Al Kaylani, Chairman of the AIWF and the conference organisers, for their efforts and wished them success. Taking as its theme, "Emerging Economies, Emerging Leaderships: Arab Women and Youth as Drivers of Change," the two-day conference, held on 16 and 17 May, brought together Arab and international global leaders to the University of Sharjah (AUS), which is recognised as one of the leading centres of academic excellence in the Arab world.
During the conference, eminent guest speakers and high profile participants examined the role of women and youth as drivers of change in emerging economies. Dr Afnan delivered one of the keynote speeches at the conference on the subject of โInnovators and Entrepreneurs in Emerging Economiesโ. As well as exploring strategies to implement policy recommendations already identified at the AIWF's 10th anniversary conference held in London in May 2011, the conference sought to identify enablers for job creation in emerging economies, taking the unique opportunities presented within the Arab World to help shape future policy, reinforcing the message that gender equality is vital for sustainable development. The Chamber has a MOU with the AIWF and works closely with the organisation to pursue common objectives of improving cooperation between businesswomen in the UK and the Arab World.
SOMEONE IN YOUR CORNER, IN EVERY CORNER OF THE WORLD Whether itโs for a six-month assignment, a six-week business project or a larger scale move, securing global housing can be a daunting task. Youโre faced with changing time zones, differing cultures and business operations requirements.
apartments and extended stay housing, delivering reliable solutions virtually anywhere in the world.
You want the whole process to be seamless and streamlined โ and to make sure your employees feel at home, anywhere in the world. With Oakwood you get more than just a service. You get a strategic partner, whoโs poised and ready to meet nearly any housing need, wherever you need to be.
Every time an employee travels for business, there is a unique set of needs and requirements to consider. Thatโs when the benefits of Oakwoodโs global expertise and local market knowledge really make the difference. We create the best possible solution for your housing needs to help ensure that your business in any location is always a complete success.
Oakwoodโs well-earned global reputation stems from decades of strength, stability, growth and innovation. Weโve become known as the leading provider of serviced
Weโve developed a well-honed skill for matching the right person with the right housing solution. Whether your employee wants to stay close to a work site or needs room for kids and a dog, your
As your global business takes off, itโs nice to find the perfect place to land
The event, which took place on the morning of 9 March, proved to be extremely successful as it was very well received by the members who were present judging by the positive feedback that was received. The event provided each member with an opportunity to deliver a short presentation on their company, their services, products and business activities. There was ample time for networking enabling everyone to interact with each other in an informal setting. It also provided an opportunity for members to meet the Chamberโs staff who are responsible for delivering the services that they use. Further membersโ networking events will be announced in due course.
Oakwood account representative will work with you to find the right solution. Global living solutions that exceed your expectations Oakwood manages the entire housing process, from booking request to billing, through our three Global Service Centres. Our end-to-end fulfillment model facilitates quick move-ins, expedites housing requests, and allows us to optimise invoicing and provide transparent reporting. We understand requirements for global housing vary from country to country and even region to region. Thatโs why weโre familiar and fully-compliant with local laws and procedures as well as cultural nuances. Our ultimate goal is to give you confidence and peace of mind that every aspect of your housing fulfillment is in expert hands, every step of the way. For more information, visit oakwood.com or contact:Europe/Middle East/Africa Tel: +44(0) 20 7749 4460 Email: emea@oakwood.com
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NEW MEMBERS
NEW MEMBERS THE A-BCC WELCOMES THE FOLLOWING NEW MEMBERS
Addleshaw Goddard LLP Milton Gate 60 Chiswell Street LONDON EC1Y 4AG Tel: +44(0)20-7606 8855 Fax: +44(0)20-7606 4390 Email: info@addleshawgoddard.com; claire. northcote@addleshawgoddard.com; Website: www.addleshawgoddard.com Contact: Ms Claire Northcote International Development Business Activity: International law firm with core areas of expertise in commercial services, corporate, litigation, finance & projects, private capital and real estate A1 Company Services Limited Winnington House, 2 Woodberry Grove North Finchley LONDON N12 0DR Tel: +44(0)20-8492 6363/ Direct: +44(0)20-8492 6386 Fax: +44(0)20-8492 0196 Email: simon.evans@a1companies.com Website: www.a1companies.com Contact: Mr Simon Evans Secretarial Manager Industry Classification: Professional Services Business Activity: Company formation agent, also offering company secretorial and legalisation services Calcom Holdings Ltd t/a G6 Global The Old Workshop, Hortham Farm, Almondsbury BRISTOL South Gloucestershire BS32 4JW Tel: +44(0)1454- 610050 Fax: 0870-7622167 Email: andrew@g6-global.com; john@g6-global.com Website: www.g6-global.com Contact: Mr Andrew J Clark Managing Director Business Activity: Radio and satellite communications company working with special forces teams, private security, military, close protection, residential security, surveillance operators, armed protection teams, oil, mineral and gas exploration; also extensive training capability in the UK and overseas.
CiC 23 Kensington Square LONDON W8 5HN UK Tel: +44(0)20-7937 6224 Fax: +44(0)20-73761914 Email: Javier.Paredes@cic-eap.co.uk Website: www.cic-eap.co.uk Contact: Mr Javier Paredes Senior Account Manager Business Activity: Counselling services in Arabic and English; unparalleled, bespoke assistance, including telephone advice lines, lifestyle support, work-life solutions, critical incident and trauma response, organisational consultancy, employee wellbeing packages, mediation and training Humber Work Boats Limited North Killingholme Haven GRIMSBY North East Lincolnshire DN40 3LX Tel: +44(0)1469-540 156 Fax: +44(0)1469-540 303 Email: dsymon@humberworkboats.co.uk Website: www.humberworkboats.co.uk Contact: Mr David Symon Managing Director Business Activity: Marine and dredging contractors and vessel builders IPD Think Tank for Development and Evolution Stratiotikou Syndesmou 14A, Athens 10673 GREECE Tel: +302 1 0361 8692 Fax: +302 1 0361 8692 Email: ipd@otenet.gr Contact: Mr Nikolaos Samaras Chairman Business Activity: think tank, policy development institute ITSC Limited 9 Northfields Prospect, Northfields LONDON SW18 1PE UK Tel: +44(0)20-8874 7282 Fax: +44(0)20-8874 7539 Email: info@itscltd.com Website: www.itscltd.com Contact: Mr Nabeel Ahmed Director Business Activity: Multidisciplinary engineering and planning corporation
Libya Business TV 12 Hallmark Trading Centre, Fourth Way WEMBLEY Middlesex HA0 0LB Tel: +44(0)845-434 8284 Email: muftah@libyabusiness.tv Website: www.libyabusiness.tv Contact: Mr Muftah Benomran CEO Business Activity: Media and business partners for companies wishing to partner with Libyan counterparts; support for companies seeking to establish business in Libya Mediareach Advertising 1 Fulham Business Exchange, The Boulevard, Imperial Wharf, Imperial Road LONDON SW6 2TL UK Tel: +44(0)20-7751 3333 Email: saad.saraf@mediareach.co.uk Website: www.mediareach.co.uk Contact: Mr Saad Al-Saraf CEO Business Activity: Advertising, consultancy, digital, experiential, media, PR, production and lobbying Reabrook Limited Rawdon Road, MOIRA Swadlincote, Derbyshire DE12 6DA UK Tel: +44(0)1283-222266 Fax: +44(0)1283-550963 Email: enquiries@reabrook.co.uk; rachael.holmes@reabrook.co.uk; ala.alhihi@arrowchem.com Website: www.reabrook.co.uk Contact: Ms Rachael Holmes International Sales Administrator Business Activity: Manufacturer of maintenance and cleaning chemicals, aerosols & solvent degreasers, supplying oil, gas, engineering, rail & aerospace industries Rehab Group Services Limited Lombard House, 145 Great Charles Street BIRMINGHAM B3 3LP Tel: +353 1 205 7356 Fax: +353 1 205 7211 Email: angela.kerins@rehab.ie Website: www.rehab.ie Contact: Ms Angela Kerins CEO - Rehab Group Business Activity: Independent, not-forprofit organisation which provides training, employment, health and social care and commercial services Travelex Limited Worldwide House, PO Box 36 THORPE WOOD Peterborough PE3 6SB Tel: +44(0)1733- 503799 Fax: +44(0)1733- 502751 Email: belinda.munnings@travelex.com; mark. smith@travelex.com Website: www.travelex.com Contact: Mr Mark Smith Director Business Activity: Foreign exchange
CHAMBER SERVICES
ARAB BRITISH CHAMBER OF COMMERCE OUR MAIN SERVICES TO BUSINESS
Export Documentation The Chamberรข€™s unique Export Documentation service is an important asset to Arab-British trade. With our extensive experience, we are ideally positioned to assist exporters entering the substantial and sophisticated Arab market, encompassing all your certification and legalisation needs. Read more http://www.abcc.org.uk/ExportDocumentation
Translation Services ABCC specialises in Arabic/English and English/Arabic translation for over 35 years. Read more... http://www.abcc.org.uk/ Translation-Service
Visa Services ABCC visa service is available to UK firms and firms with offices in the UK. If you are travelling on business to any Arab country and need a visa secured quickly and efficiently, then the Chamber's Visa Section is the ideal point of contact. Read more... http://www.abcc.org.uk/Business-VisaServices
FCO Service
Become a Member
ABCC provides a 24 hour service for FCO. To make use of this service please call
The benefits of becoming a member are considerable: joining the Chamber puts you in contact with a wide business network in the UK and the Arab World.
Mr Cliff Lawrence on 020 76594881
Notary Service ABCC offers this unique service within 48 hours. To use this service please call
Find out more... http://www.abcc.org.uk/Members_Benefits
Mr Cliff Lawrence on 020 76594881
Venue Hire ABCC offers clients a contemporary venue to suit a variety of different events and meetings. To see the business and conference facilities that the Chamber can provide see...
NEW SERVICES COMING SOON
http://www.abcc.org.uk/Venue_Hire
The Chamber will soon be able to offer the following services: Letter of Credit Management Service Pre-shipment Inspection Service Further details will be released in due course.
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TUNISIA
TUNISIA - PORTAL FOR TRADE IN AFRICAN MARKETS Up until the start of 2010, Tunisia was viewed as an โAfrican success storyโ owing to its sound macroeconomic and social management achievements. According to the African Development Bank, Tunisiaโs GDP growth was 3.7% in 2010 in spite of the global financial crisis. However following the โTunisian revolutionโ of 2010 the situation within the country remains fragile and is confronting fiscal challenges. Putting aside the political challenges, Tunisia remains attractive to foreign investors due to its strategic location. The country is situated at the crossroads of Europe and Africa, the Eastern and Western Arab world and aims to become a portal of access to trade in the African markets. The Tunisian code of investment aims to facilitate greater foreign investment by offering tax exemptions in export industries and within companies located in over 180 regional development zones. Besides the mechanical engineering industry and electronics and electrical industry, Tunisia offers strong growth potential in various developing sectors including healthcare, technology, textiles, energy, pharmaceutical, biotech and the medical industry. The private equity sector in Tunisia is still a relatively young market. The main
opportunities for private equity investment lie within the tourism, textiles, agri-business and technology sectors. According to the Global Venture Capital and Private Equity Index 2011, Tunisia is among the top five African countries in terms of levels of education, social indicators and transparency. Transparency International ranks Tunisia 59th out of 178 countries, which makes it the most highly ranked country in North Africa. Despite its reasonably liquid stock market and upward trajectory in corporate activity over the past 24 months, investors are looking for the return of stable government before fully committing to Tunisian investment. Private equity in the country has historically participated at the very early business creation stage rather than later in the development cycle of a business. Consequently, leveraged buyouts and growth capital transactions in Tunisia remain infrequent and investments in SMEs, which make up 90% of the economy, are the preferred form of private equity investment in the country. Tunisian SMEs generally have simple, family ownership structures. Across a number of SMEs there can be a tendency towards limited transparency and little adherence to good governance practice. Foreign investors, including private equity, require approval from the Higher Investment Board to take on the status of a majority shareholder in a Tunisian company. SMEs are not used to sharing control and decision making powers with foreign investors. This is likely to remain a key challenge for private equity in the country. In the past, private equity investments have been made through SICAR structures (Sociรฉtรฉ dโinvestissement en capital ร
risquรฉ) introduced by the Luxembourg Law on Risk Capital Investment Companies of 2004. Subject to a minimum investment of โฌ125,000, this offers private equity a tailored investment vehicle with flexible structuring options and considerable tax savings. This makes the structure popular among international private equity looking to invest in the country. The major drawback of such structures is that Tunisian law restricts Tunisian SICARs from investing in particular industries as a result of which there is an increasing trend to private equity investing directly into SMEs. SICAR structure investment is mainly restricted to: l Companies in industrial development
zones;
l Companies created by new promoters; l Companies investing in technology
related activities and the energy sector;
l Companies intending to finance upgrade
projects.
l Conclusion
Although Tunisia has historically seen significant improvement in its social indicators and was not directly impacted by the financial crisis, in the short term the recent turmoil reduced investor confidence and interrupted production capacity. Serious challenges remain before the full potential of reforms can be realised. While exports and the manufacturing sector continue to suffer the impact of the euro zone recession, Tunisia is moving towards an emerging optimism about the future. Reestablishing stability and social peace will be essential to Tunisiaโs economic fortunes and those of the private equity industry. Source: Emerging Trends in MENA Private Equity, KPMG
QATAR
QATAR URGES TRANSPARENCY IN BID PROCESS FOR KEY INFRASTRUCTURE PROJECTS Foreign companies wanting to win lucrative infrastructure projects in Qatar will need to reconsider their approach to the tender process, according to industry experts. International contractors need to be more strategic about their business development practices in the state and act more transparently throughout the bid phase to improve tender conversion rates, according to expert speakers participating in a major conference on the Qatar construction sector. โWith more than $70 billion worth of major projects to be awarded until 2022, Qatar remains one of the most robust global markets for construction companies. However, tendering for the major contracts will require more transparency on the part of contractors as the Gulf state seeks to appoint partners that can satisfy the technical and financial requirements of each project while showing their genuine commitment to the National Vision 2030,โ said Stuart Curtis, Group Managing Director, The Links Group. During the four-day conference held in London, British companies gained detailed insights into all areas of Qatarโs non-energy economy as the country continues on its remarkable and comprehensive investment programme. According to Ian Lyne, Director of Development Strategy, Place Dynamix (Middle East) and previously Project Manager of the multi-disciplinary team responsible for the preparation of the Qatar National Master Plan, procurement in the Gulf State has slowed as it re-evaluates development priorities ahead of the 2022 FIFA World Cup. However, he says Qatari clients are using this period of reflection to ensure they bring in the right expertise to deliver their massive infrastructure projects on time and to specification with minimal risk of additional contractual claims. The New Doha Port, for example, has moved its tender and bid process online in an effort to make the tender process more efficient, competitive and to improve the overall quality of submissions. All details of past, current and future tender packages are now available on its website. The authority also publishes the names of all companies who apply for prequalification as well as the names of those who get shortlisted.
โWe are trying to improve transparency between the client and bidders,โ explained Engineer Nabeel Mohammed A. R. Al Buenain, Project Executive Director, New Doha Port. โSome companies have complained to us about publishing their names when they have not prequalified, but we believe this creates a more competitive and fair marketplace. There are six criteria which bidders must satisfy before tendering for our projects. They must have acceptable cash flow, experience in the field, the right equipment, skills and staff and be committed to the project and Qatar. It is very important that submissions demonstrate capability in each of these areas.โ While New Doha Portโs tender portal has received some criticism from contractors, James Brenan from law firm Herbert Smith says it is an approach clients have to adopt in order to attract world class contractors. โWhat we have now is a cultural disconnection between clients and companies. Contractors need to change the way they approach a deal, adding more value beyond contractual communications by bringing new ideas and being innovative. Companies have to manage the client relationship as much as the contract. It can mean the difference between succeeding and losing the bid,โ said Brenan. The Links Group says Qatarโs shift towards transparency can play to British companiesโ advantage. โQatar is undergoing a mindset shift to get what they want, on time, with
quality and to the right specification. This move towards a transparent tender market is not necessarily an issue for larger British contractors who already have to comply with strict regulation and due diligence policies mandated by their government and company boards,โ said Curtis. However, The Links Group also says foreign companies that establish the correct commercial presence on the ground in Qatar will be better placed to bring more local market intelligence to their tender submissions. โForeign companies often like to wait until they win a contract before incorporating a commercial presence overseas. But this approach no longer carries favour with Qatari clients. They want to know the foreign company is committed to the long term development of Qatar and are serious about investing in their countryโs growth,โ said Wayne Merrick, General Manager โ Qatar, The Links Group. Albert Assad Maloof, Managing Partner, Infrastructure Advisors Middle East LLC, agreed. โOften the reason why some companies are unsuccessful in the bid is because they donโt know the environment or they donโt have the right local partner. It is so important to get established correctly on the ground,โ he said. The MEED Qatar Infrastructure Projects conference was held in London in July.
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GULF CONSTRUCTION
LATEST CONSTRUCTION PROJECTS IN THE GULF An overview of some of the latest and forthcoming construction projects in Bahrain, Kuwait and Oman.
KUWAIT PROJECTS
Bahrain Projects
Duration of the project: 2012-2023
In 2011-2012, the Government of Bahrain approved a strategic budget of $4.42 billion for special infrastructure projects. Projects include a new bridge to connect the Northern City to Manama, flyovers, new hospitals, clinics, housing projects, new roads and the expansion of Bahrain International Airport.
East Hidd and East Sitra Project 4,500 residential units in the east of Hidd spread over 2880000m2 and 4,000 housing units in the East of Sitra. Client Ministry of Housing
Transport
Bahrain Bay Development
The Government has also increased transportation expenditure to build new flyovers near Al Zinj, Sitra, Seef District, and near the Bahrain International Circuit racetrack.
Durrat Al Bahrain
Bahrain International Airport Expansion Bahrain Airport Company (BAC), 100% owned by Bahrain Mumtalakat Holding Company, announced the formal launch of the Bahrain International Airport (BIA) expansion project in June 2011. The project aims to boost capacity by 50%. Engineering and design firm Dar Al Handasah leads on the design phase. Scheduled completion: 2015 http://bahrainairport.com/bia/news_ airportexpansion2011.html
Khalifa Bin Salman Port Infrastructure Package For details see General Organisation of Sea Ports www.gop.bh/contact.asp
For information contact Bahrain Bay BSC www.bahrainbay.com
Bahrainโs largest planned luxury residential and commercial real estate development www.durratbahrain.com
Silk City โ Madinat Al Hareer The Silk City project aims to revive the ancient Silk Road Trade route by being a major free trade zone linking Europe and Central Asia. To be located at the northern edge of Kuwait, near the Iraqi border, on its completion in 2030, the city will house a population of 700,000 and is likely to provide 450,000 employment opportunities when completed in 2030. It will be a major new business hub spanning 250 kmยฒ and will include 30 communities grouped into four main districts: Finance City, Leisure City, Ecological City and Educational Culture City. It will combine an Olympic Stadium, residential units, hotels and retail facilities. Client: Kuwait Ministry of Public Work. Project website: www.madinat-al-hareer.com
Water Infrastructure
Failaka Island Development
In October 2011, the Higher Commission of Electricity and Water under the Ministry of Energy announced that it expected water consumption in Bahrain to reach an estimated 140 million gallons per day by 2018. Current water project initiatives in the Commission budget involve the new Dour water production plant, a water pipeline from ALBA, and plant expansion for the Ras Abu Jarjur water desalinisation facility.
A world-class tourist resort with 20 hotels, chalets, a golf course, housing units, a marine park, four marinas, and entertainment facilities in an environmentfriendly atmosphere. Client: Partnerships Technical Bureau, State of Kuwait http://www.ptb.gov.kw/en/Contact-Us Email: kifp@ptb.gov.kw
Useful Links
The project is to design and build a highend opera house with a capacity of 2,000 seats. Client: Ministry of Public Works.
The Economic Development Board is taking the initiative to modernise the infrastructure to attract foreign direct investment. Bahrain Economic Development Board (EDB) http://www.bahrainedb.com/
House Building Plans
Bahrain Tender Board
Bahrain is moving towards constructing affordable housing in partnership with the private sector. In October 2011, Naseej Construction company won a tender to assist in building affordable houses a tender worth $1.28bn. The Ministry of Housing is seeking to speed up housing projects, especially in the Northern City, Sitra, and the Southern Governorate.
http://www.tenderboard.gov.bh/ For tender notices see http://www.tenderboard.gov.bh/Tendering/ TenderNotices.aspx
Opera House
Airport Hotel The project is to design and build a new airport, hotel inside the airport area. Client: Partnerships Technical Bureau, State of Kuwait http://www.ptb.gov.kw/en/Contact-Us
Grand Zoo The project is to build a zoo with a โsafariโ type of design (1.400.000 m2). Client: Partnerships Technical Bureau, Kuwait
GULF CONSTRUCTION
New Physical Medicine and Rehabilitation Hospital New 500 bed Physical Medicine and Rehabilitation Hospital and Related Facilities project to be built as a PPP. The private partner will design, build, finance, maintain and operate the 500 bed New Facility which will be located on the site of the existing Physical Medicine and Rehabilitation Hospital in Al Andalus. Client: Ministry of Health. Contact Email: prhproject@ptb.gov.kw
Boubiyan Development Project Development of nature reserves, major sea port, tourist resorts, hotels and a residential area along the coastline. Client: Partnership Technical Bureau. JV Consultants: HOK Planning Group, Gulf Consult, Mouchel Parkman and KISRโ
National Rail Network and Metro The Kuwait Metropolitan Rapid Transit calls for construction of a 171km Kuwait Metro. The Metro will be built across the inner city of Kuwait and will include four lines. Project completion is expected by 2016. Client: Ministry of Public Work
Jaber Al-Ahmad Al-Sabah Bridge Project description: the Jaber Al-Ahmad expressway will link the new Silk City and the satellite cities to be built in the northern area of Kuwait city.
Kuwait International Airport Expansion
Oman Convention Centre
Duqm Industrial City Project
Project cost: $1bn
Project cost: $20bn
Construction tenders have been issued for the Oman Convention and Exhibition Centre (OCEC), following the completion of site preparation near Muscat.
Duqm port and industrial city project will initially house 60,000 people and transform the fortunes of a largely desolate area of the country.
The exhibition hall, parking area and power plant are scheduled to be up and running by 2014, with Phase Two, involving an auditorium, banquet halls and meeting rooms, expected to be completed by late 2015.
The city is based around the Oman Drydock Company (ODC) - wholly owned by the government - which has a contract with Daewoo Shipbuilding and Marine Engineering to build and manage the drydock, which opened in April last year.
Venue manager: AEG Ogden
http://www.som.com/content.cfm/contact_ details?office=LHR
http://www.aegogden.com/Contact%20Us. aspx
Muscat International Airport
Sohar Airport Expansion
Project cost: $1.2bn
Project cost: $400m
COWI, in a joint venture with Larsen Architects and Copenhagen Airports, are principal consultants on the expansion of the airport. The joint venture is carrying out the large-scale airport project from planning and designing to supervision of the building works.
Contracts for the initial site preparation, or Phase 1, were let in 2009 to Strabag Oman. The company has also secured Phase 2 work, which includes the construction of the new 4km-long runway and installation of aircraft landing instruments. Phase 3 will see construction of new passenger terminal building. The airport is expected to be operational by 2014 and has been designed to cater for the double-deck Airbus A380.
Sohar Port Expansion The new project includes a 3.5-km-long conveyor belt system that will connect the storage yard with the terminal, as well as a capacity of 10m tonnes per annum.
The assignment comprises runways, approach roads, terminals, baggage handling systems, control tower and all the other buildings and installations needed in a modern airport. Work is underway on a new terminal, which will be finished by 2014 and will have the capacity to handle 12 million passengers annually. Carillion Alawi was awarded the contract to build the new air traffic control tower, air traffic management centre, data centre, contingency and training building and crash fire and rescue services.
The project calls for design and construction of infrastructure work for the Kuwait International Airport, including approach roads leading to the airport, runway and aircraft hangars. UK architects Foster & Partners won contract worth KD19m ($66.7m) for the design of new terminal
The original site for Sohar Freezone was filled in 2007, and a new industrial zone for downstream industries, logistics and light industry is expected to open its first phase in 2014.
http://www.airport-technology.com/projects/ kuwait-international/
http://www.portofsohar.com/contactinformation
Salalah Medical City
OMAN PROJECTS
Salalah Port Expansion
Plans for the Gulfโs first multispecialty organ transplant and rehabilitation centre were announced in October 2011. The plans include a 530 bed hospital with latest equipment and diagnostics centre, a healthcare resort and education complex.
Omanโs eighth five-year plan which runs from 2011-2015 includes more than $11bn for infrastructure projects and big ticket items. There is a $4.29bn budget for airports expansion and projects are under way in Muscat, Salalah and Sohar; plus roads $3.2bn; seaports $1.3bn; water facilities $1.17bn; and housing projects $1.16bn.
Oman Rail Network Project Cost: ยฃ11bn The project is seeking to develop 1,200km of new track linking the ports of Salalah in the south with Sohar in the north and the UAE part of the GCC-wide rail network. UK interests are involved in the design and engineering aspect of the first package which is scheduled to be announced in September. Scheduled completion: 2017.
Contact: Port of Sohar
Project cost: $350m The countryโs oldest port is undergoing major redevelopment that includes a $218.2m breakwater project and $130m worth of additional tenders. Work includes a new general cargo terminal with 1.2km in ship berthing and an 18m draft for super-sized ships. Once completed, the expansion will add at least three new container ship berths to the six that already exist. The project will add an additional 1,350 metres of quay wall, and the terminal an additional 40m tons of general cargo plus 5m tons of liquid cargo annually. Dutch-based Archirodon Construction (Overseas) Company was awarded a 19month contract to build the new terminal in May this year. http://www.archirodon.net/content/profile. php?target=Offices
A consortium that includes Bechtel, ENKA and the Bahwan Engineering Company has won the new terminal building contract.
Project cost: $1bn
Apex Medical Group (AMG), part of the Saudi conglomerate AlJoaib Holding, has completed the market feasibility study for the city, while Kane Healthcare Consulting Group, in consortium with Ernst & Young (E&Y) as financial advisor and Atkins as master planner, completed the market, operational, regulatory and financial feasibility study in January 2012. Spread over 800,000m2 by the sea in Salalah, the project is being developed at the site of an integrated medical tourism complex donated by the Oman Ministry of Tourism. Sources: UKTI and business press
11
BUSINESS & PROJECT NEWS
UAE EMERGES AS TOP FINANCIAL HUB
The UAE has emerged as the leading financial centre in the GCC region in a new survey. The financial hubs in Abu Dhabi and Dubai scored 35.5 out of a possible 50 points based on five key criteria used by Meirs to evaluate shareholdersโ standing in the six GCC countries, the survey carried out by The National and the Middle East Investor Relations Society (MEIRS).
โThis survey confirms the UAEโs lead over rival financial centres in the region,โ said Oliver Shutzmann, the chief communications officer at the UAE investment bank Shuaa Capital. โThis follows the combined effort of regulators, exchanges and listed companies to remain attractive to the global investment community.โ
Saudi Arabia came second in the ratings, with a score of 34 points, narrowly ahead of Qatar on 32.5.
On Saudi Arabia, by far the biggest and most liquid equity market in the GCC, the survey said it โhas the potential to be the unrivalled financial centre of the GCC but there is still work to be done to get there.โ
The five key criteria are: the regulators; jurisdictional issues in the country concerned; the stock exchanges; the capabilities of investor-relations departments; and the level of international investor interest in each market. The survey found โthe UAEโs sophisticated regulatory environment, highly developed financial infrastructure [especially in the Dubai International Financial Centre] and a commercial legal system increasingly following rules of โinternational best practiceโ are all viewed as the best in the regionโ by financial professionals.
On Qatar, the survey found, โThe outwardly sleepy exchange is home to some of the regionโs largest industrial, financial and property giants such as Industries Qatar, the petrochemicals maker, and Qatar National Bank, the countryโs largest lender. Their collective shares are worth more than US$125 billion [Dh459.13bn].โ Oman won plaudits for recent moves to improve the investor-relations culture. The National, 03/09/2012
ASSETS OF TOP 50 GCC BANKS SURGE TO $1.28 TRILLION The GCC banking sector continued to grow rapidly in the first half of 2012, according to QNB Group analysis. The collective assets of the largest 50 banks in the region increased by 7.7% in the year to June 30 to reach $ 1.28 trillion. Profits were also up by 5.4%, compared to the first half of 2011, reaching $ 12 billion. While 76% of banks were profitable, with average profit
growth of 13%, only 11 out of 50 saw a decline and only one bank in the group recorded a net loss. GCC banks have benefited from the buoyant regional economy, supported by high oil
SUPPORT FOR MICROBUSINESS IN TUNISIA Local currency loan worth $7 million is being made available to Tunisian microfinance institution Enda Inter-Arabe to help it increase lending to micro-enterprises, especially those owned by women. The IFC is providing the loan to contribute to Enda Inter-Arabeโs plans to reach out to 400,000 clients by end2015, and to double its current loan portfolio to over $140 million, in a bid to spur economic development. Enda Inter-Arabe is presently Tunisiaโs sole private microfinance institution and the majority of its clients are women. Enda has 220,000 clients, up from 63,000 in 2007, and it has 67 branches across Tunisia.. IFC, 06/08/2012
prices and high levels of government spending. They have also avoided exposure to many of the problematic financial instruments, such as peripheral euro zone debt and mortgage-backed securities that have been weighing heavily on banksโ performance in Europe and the US. The strongest growth in assets was achieved in Qatar and Oman, by 20.1% and 19.0% respectively. Overall, the GCC banking sector appears to be in good shape, according to QNB Group. High oil prices, rising consumer spending and major infrastructure projects should all contribute to continuing strong growth in the coming year. Arab News, 03/09/2012
BUSINESS & PROJECT NEWS
INSURANCE SECTOR POSTS 2% GROWTH Bahrainโs insurance market posted an annual growth in 2011, with gross premiums of BD214.94 million, up by around two per cent. A significant part of the increase was attributed to a surge in engineering insurance, showing a 31% increase in gross premiums to reach BD16.46m from BD12.55m, representing almost 8% of all the gross premiums written in 2011, according to statistics issued by the Central Bank of Bahrain (CBB). Growth was also reported in medical insurance from BD31.75m in 2010 to BD34.84m in 2011, showing an increase of around 10%. Total assets of insurance and takaful firms in 2011 stood at BD1.46 billion compared to BD1.36bn in 2010, showing an increase of almost 8%.
By end of 2011, Bahrain's domestic insurance market comprised 27 locally incorporated firms and 11 overseas insurance companies. Locally incorporated firms consist of 14 conventional insurance and seven takaful firms. There are two reinsurance firms, two retakuful and two captive insurance operations. Overseas insurance firms consist of eight conventional insurance firms and three reinsurance firms. In addition, there are a substantial number of firms restricted to business outside Bahrain and insurance ancillary services.
FREE ACCESS TO BRITISH SCIENTIFIC RESEARCH The UK government is to make publicly funded scientific research immediately available for anyone to read for free online by 2014. Under the scheme, research papers that describe work paid for by the taxpayer will be free online for universities, companies and
individuals to use for any purpose, wherever they are in the world. โIf the taxpayer has paid for this research to happen, that work shouldnโt be put behind a paywall before a British citizen can read it,โ David Willetts, the universities and science minister, told the Guardian, 15/07/2012.
MIDDLE EAST CARRIERS DEFY GLOBAL TREND Middle East carriers experienced the strongest traffic growth at 11.2% yearover-year, although this was surpassed by a 12.4% rise in capacity, despite a slower global growth in both air travel and freight, the International Air Transport Association (Iata)โs global traffic results for July have shown.
Air freight demand contracted 3.2% compared to July 2011 but was unchanged compared to June. Middle East carriers recorded a 16% increase in demand yearon-year but all other markets experienced declines. Khaleej Times, 31/08/2012
BARCLAYS MIDEAST PUSH The Middle East will be an important growth area in coming years for investment banks, including Barclays, as local wealth funds put their oil dollars to work buying European assets, a senior executive at the British bank has said.
emerging markets and the Middle East is a key component of that,โ Makram Azar, global vice-chairman for investment banking at Barclays, said. โWe are committed to the Middle East. I do not see why our strategy would change,โ Azar said.
โIf you look globally, the upside is in
Gulf Daily News, 04/09/2012
"The insurance sector in Bahrain holds tremendous promise for growth, as demonstrated by the industry's strong performance not only during 2011 but also during the past five years," said CBB financial institutions supervision executive director Abdul Rahman Al Baker. "Bahrain is fast becoming a hub for major regional and international reinsurance and retakaful firms as evidenced by the increasing number of such firms established in the kingdom," said Mr Al Baker. Gulf Daily News, 03/09/2012
AMBITIOUS SOLAR POWER PLANS Morocco has said it is โvery confidentโ of finding the investment needed to build vast solar power plants in its southern desert regions and become a worldclass solar energy producer. โOur target is that in 2020, 42% of our power supply will come from renewable energy, including 14% from solar,โ Deputy Energy Minister Mohammed Zniber told AFP on the sidelines of a conference in Marrakesh. โAt the moment we have only one solar installation, in the east of Morocco, at Ain Beni Mathar, with an installed capacity of 20 megawatts.โ But Zniber said the country expects to build five new solar plants over the next eight years, with a combined production capacity of 2,000 megawatts and at an estimated cost of โless than 9 billion dollars.โ โWe are sure that a lot of investors will be interested and that we can find the money for these projects. We are very confident about that,โ he added. Morocco is experiencing a surge in energy demand in 2012, with power consumption to rise by 10%, according to Zniber, up from 6.5% in recent years. The pilot project at Ain Beni Mathar is a hybrid plant โ solar and gas โ but the new plants will use only the sun, with the first, located near the desert frontier town of Ouarzazate, to have a 500 megawatt production capacity. AFP, 12/09/2012
13
BUSINESS & PROJECT NEWS
INNOVATIVE ME PROJECTS WIN GLOBAL ACCLAIM Projects in the Middle East are among 100 of the most innovative global infrastructure projects that make cities liveable, sustainable and renewable, a new report finds. A range of projects spanning the region have received global recognition after selected as examples of innovative and
inspiring urban infrastructure in the second edition of KPMG's Infrastructure 100 report, Infrastructure 100 World Cities. The report, released at the World Cities Summit in Singapore, provides an insight into the kind of infrastructure projects that make cities great cities and there is a particular focus on the innovations that make them 'Cities of the Future' - places where people want to live and do business. Projects including social housing, hospitals, universities, waste management facilities, and a metro rail system from within the UAE, Saudi Arabia, Kuwait, Qatar and Bahrain are all featured in the report, alongside other outstanding projects from around the world.
NEW CERTIFICATION DEAL HELPS EXPORT OF ORGANIC LEBANESE PRODUCE TO EUROPE Lebanese organic produce can now be exported to Europe without authorisation from each Agriculture Ministry in individual countries, thanks to new food certification agreements. The agreements โ signed between the Mediterranean Institute of Certification (IMC), IMC Liban, Italian certification bodies CCPB and the Consortium for Research and Training on Quality and Food Safety
(RIFOSAL) โ focus on certification, quality and food safety development. Implementation will โrely on the experience and know-how acquired by the IMC, operational in the area for over 10 years with accredited offices and local staff,โ said a press release from the Italian Embassy in Beirut. The Daily Star, 05/07/2012
PROTECTING THE ALGIERS COASTAL REGION The European Commission has approved an ambitious โฌ34 million environmental programme in Algeria. This programme, which will be carried out in partnership with the Algerian authorities, will focus on protecting the Algiers coastal region, which is home to almost five million people, and aims to put the environment and efforts to tackle the impact of climate change
in coastal development at the heart of the countryโs development policies. The new programme illustrates the fresh momentum for cooperation between the EU and Algeria. Algeria has developed a national strategy and action plan for the environment and sustainable development. A number of specific sectoral programmes have been adopted, in particular on desertification, waste management and the protection of coastal and marine areas. EU Neighbourhood Info Centre, 21/08/2012
Paris Sorbonne University Abu Dhabi, the Kuwait Metro, Medina Airport in Saudi Arabia, The Energy City in Qatar and the Muharraq Wastewater Plant in Bahrain, are just some of the Middle East projects that were selected to strand alongside the World Trade Centre Redevelopment in New York, Rio Olympic Park in Rio de Janeiro and the Toronto Waterfront development, Canada. KPMG used 10 categories to assess the projects, including: Urban Mobility, Global Connectivity, Urban Regeneration, Education, Healthcare, Water, New and Extended Cities, Recycling and Waste Management, Urban Energy Infrastructure, and Communications Infrastructure.
OMAN INVITES FOREIGN FIRMS TO BID FOR SIX OIL GRIDS Oman has invited foreign oil companies to bid for exploration and development rights in six oil blocks around the country, the oil ministry said, as it pushes to raise production to 1m barrels per day. โTwo blocks will be awarded next month and the other four will be evaluated in the coming months,โ a ministry of oil and gas official told Reuters, declining to be named under briefing rules. The total area of the blocks being awarded is around 12,000 sqm, the official added, declining to reveal the names of the firms bidding. According to official statistics, Oman currently produces an average 902,000 bpd of oil. Its oil and gas minister Mohammad bin Hamad al-Rumhy said last year that the non-OPEC producer was aiming for production of 1m bpd in the next three years. Reuters, 28/08/2012
BUSINESS & PROJECT NEWS
SAUDI โMOST OPTIMISTIC MARKETโ IN GULF
COMMON WATER NETWORK Demand for potable water in the GCC is set to reach 11.9 million cubic meters a day by 2025.
Saudi Arabia led the GCC countries as the most optimistic market in the second quarter of 2012 followed by Oman, Qatar, UAE, Kuwait and Bahrain, a report said. While Saudi Arabia, Qatar and UAE are the most positive about future revenue growth, income and new investments top the list of the highest level of optimism across all GCC countries, according to second quarter GCC Business Confidence Index published by marketing and research specialists YouGov and McGill Consulting Group. While Oman, Saudi, and Qatar are most optimistic about new investments, competitiveness and operating costs top the agenda of challenges ahead, the report said.
$46.9bn budget surplus Kuwait posted a record budget surplus of 13.2 billion dinars ($47 billion) in the fiscal year that ended March 31 as oil prices and output rose. Government revenue was 30.2 billion dinars, including oil revenue of 28.6 billion dinars, according to data posted on the Finance Ministryโs website. Spending was 17 billion dinars, 12.5% below budget, the data showed. About 10% of revenue is saved in the Reserve Fund for Future Generations. Kuwait, the fourth-biggest producer in OPEC, is producing as much as 3.05 million barrels a day, according to Kuwaiti oil officials. Bloomberg, 28/08/2012
A new study commissioned by the GCC is recommending that a common water network linking all GCC countries be established to prevent future water shortages. It also proposes a network model for regular demand and a separate model for emergencies.
Telecoms are optimistic about revenue growth due to the introduction of new technologies driving usage rates; yet concerns in attracting and retaining talent is still an issue, the Index said.
The study has proposed the common water network supply water from two desalination centres in times of regular demand. One centre will produce to meet the need, while the second will guarantee a reserve supply equivalent to each countryโs need. In times of acute shortage, the common water network will be able to supply water directly to the region in need.
Trade Arabia, 03/09/2012
Arab News, 04/09/2012
According to the report, executives in the consumer product sector are most optimistic especially in terms of revenue growth. They foresee new investment and access to a variety of sources of finances fuelling profitability.
IRAQ SEES 10% GROWTH Iraqโs gross domestic product is expected to grow at an average rate of about 10% per year over the next three years, driven by increased oil revenues, a senior central bank official said. The country has the world's fourth-largest oil reserves and is producing more than 3 million barrels per day (bpd) for the first time in three decades. It has ambitions to double its oil production over the next three years. Its exports rose to 2.565 million bpd on average in August, the highest level for three decades, the head of the State Oil Marketing
Organisation (SOMO) said recently. 'Without the oil, in my opinion, it (GDP) would not exceed 4.5 percent, but the oil sector (makes up) 60 percent of the economy,' Mudher Kasim, deputy governor of the central bank, told Reuters. 'Oil adds a lot to GDP. Each increase of 100,000 bpd of exports adds more than $3.4bn per year.' Iraq's oil sector pulls in 95% of government revenue. Reuters, 04/09/2012
12% EUROPE BUYERS FROM M E Middle East real estate investors accounted for 12% of the European market in the second quarter of 2012, according to the latest research from CBRE.
"European property markets and infrastructure continues to prove interesting for Middle East investors," said CBRE Middle East managing director Nicholas Maclean.
Non-European real estate investors, in total, accounted for 25% of the European market in the second quarter of 2012, the highest proportion since the second quarter of 2007 before the financial crisis.
"What we are likely to see going forward, however, is co-investment activity, particularly involving Middle Eastern sovereign funds and Chinese state or quasi state investors," Mr Maclean added. Gulf Daily News, 12/09/2012
15
SAUDI ARABIA
GROWTH IN THE SAUDI NON-OIL SECTOR Saudi Arabiaโs non-oil sector has been gaining from the massive public spending taking place within the context of the long-term strategy of diversification, a new report says. Bank Audi in its latest Saudi Economic Report shows that real non-oil growth accelerated from 5.5% in 2010 to 7.8% in 2011 with both private and public sectors reporting higher activity. According to figures from the Saudi Arabian Monetary Agency the private sector grew at a constant rate of 8.3% last year, compared to 5.3% a year earlier, while the public sector was up 6.7% in 2011 compared to 5.9% in 2010. Another new report says that public spending on non-oil infrastructure is likely to be around 7% higher in 2012 than the previous year. CBREโs report points out that the 2012 budget has allocated $45 billion for the education sector, $23bn for healthcare and $9.4bn for transport. In addition to a trans-Saudi Arabian railway line, the Council of Ministers agreed to implement a massive public transport system for all the major cities. The transport solutions will include both buses and trains and will be first implemented in Riyadh, where phase 1 completion is expected in 2017. Around 80% of the metro network will be underground and will be served by 34 stations. The manufacturing sector, meanwhile, registered the highest real growth among non-oil industries with a rise of 15% in 2011, accelerating from a rate of 6.3% in 2010, the Bank Audi report stated. Among the main developments in 2011 was the joint venture between Saudi Aramco and Dow Chemical Company. The new entity, Sadara Chemical Company, will be situated in Jubail and one of the worldโs largest integrated chemical facilities and the largest ever built in a single phase. First production units are expected to come on line in the second half of 2015 and all units will be running by 2016.
In 2012, a colossal 440km2 industrial zone was launched to support the phosphate mining industry based adjacent to the Kingdomโs northern border with Jordan. Planning for the zone named Waad al-Shamal or Northern Promise will be led by Maaden. The construction sector, meanwhile, reported double digit growth of 11.6% in 2011 compared to 7.8% in 2010, according to the Central Department of Statistics. A key driver of the countryโs infrastructure is its housing market which continues to face a shortage of supply and escalating demand. About $67 billion has been set aside for the construction of 500,000 housing units intended to meet the needs of the lower income sector, CBRE says. Recently, a long awaited mortgage law was approved by the Cabinet and is expected to encourage housing finance providers to advance loans as it would ease the concerns of lenders discouraged by previous unclear regulations. According to Jones Lang Lasalle, the residential sector is still in a strong upswing of the market cycle. The total value of awarded contracts catapulted to $72bn in 2011. The transportation sector garnered the largest share of awarded contracts during the fourth quarter of 2011, accounting for 32% of the total value, while the power and industrial sectors accounted for 20% and 12% respectively. The government has adopted an active role to increase private sector participation in strengthening the economy. According to the Ministry of Finance, approximately 2,600 government projects were signed with the private sector valued at an estimated $39.6bn.
In 2011, Prince Alwaleed bin Talal awarded the key construction contract for Kingdom Tower, which will be the tallest building in the world and will cost around a projected $1.2bn, to the Saudi Binladin Group. Saudi Arabiaโs telecommunication and IT sector is the largest in the GCC and has grown since the adoption of reforms in 2005 to register a 10.1% growth in 2011 compared to 8% in 2010. Two of the Kingdomโs license holders, STC and Mobily, have announced moves to 4G networks which allow higher quality downloading and streaming services on mobile lines. The mobile market in the Kingdom still presents opportunities for growth despite a circa 200% penetration rate. The main growth driver is demand for mobile broadband services boosted by LTE network expansion and the widespread expansion of smart phones and tablets. In order to meet its domestic need for electricity which is growing at a rate of 7-8% a year, the authorities announced higher allocations to the sector with investment over the next decade boosted to $107bn, up from a previously announced $80bn. In September 2011, the Saudi Electricity Co signed a $2.9bn contract for the construction of Qurayyah power plant in the eastern city of Khobar. The plant will have a power generation capacity of around 3,900mw and will start production before the summer of 2014. In March 2012, Saudi Arabia announced a first of its kind project in the Middle East that converts waste into electricity using plasma technology at an estimated cost of $500mn. Tourism is another area that Saudi Arabia is keen to develop as part of its diversification efforts as the industry seems to have substantial potential. Relying mainly on religious tourism, it directly employed around 670 thousand people in 2011. The full report can be found at: http://research.banqueaudi.com/ documents/EconomicReports/saudi_ arabia_economic_report.pdf
LEBANON
INVESTORS LOOKING TO LEBANON Nabil Itani, the head of Lebanonโs Investment Development Authority, says that investors remain undaunted despite current challenges facing the country. โContrary to the general impression, investors who have approached IDAL to facilitate their projects are still determined to complete the work they started two years ago,โ he told The Daily Star. IDAL had processed more than $1.5 billion worth of projects since 2004, and in 2012 alone the agency was seeing close to $300 million worth of projects across the country. Itani said most of the investors who have approached IDAL in the last two years are Lebanese. He said, โThe volume of FDI this year will be close to 2011 figures which stood at $4bn. Most are involved real estate projects.โ Meanwhile, a recent report from Bank Audi stated that the countryโs economy has experienced a slowing down in the second quarter of the year, according to most real sector indicators. However, it had managed to avoid recession while sustaining monetary and financial stability. At the external sector level, growth in imports by around 17.9%, mainly driven by imports of consumer products, well outpaced the 2.4% growth in exports over the first six months. This trend resulted in an expansion of the trade deficit by 22.6% year-on-year to reach a high of 42% of GDP. Agriculture showed a weakened performance with a slight decrease in activity in both the internal and external components. Exports decreased by 4.1% year-on-year to reach $93mn. On the other side, Lebanonโs import bill for agricultural produce decreased 3.7% but remained high at $920mn during the first half of the year. The industrial sector recorded a relative slowdown in both its internal and external components. Exports amounted to $2,076mn in the first six months, up by 2.7% from 2011. Meanwhile, imports of industrial machinery reached $116.7mn, down by 15.4% on the previous year.
The countryโs real estate sector is characterised by a โwait-and-seeโ attitude on account of recent developments. Figures released by the Real Estate Registry revealed that the property market appeared to be picking up slowly from contraction in 2011. The value of real estate transactions increased by 7.8% to reach $4,149mn but this rise is not deemed significant as it starts from a low base in 2011 and does not restore the levels recorded in 2009 and 2010. The current frail performance is also reflected in the sales volume which contracted by 8%. A breakdown in transactions by region shows that buyers are still shying away from more expensive areas. Accordingly, the value of sales transactions in Beirut and Baabda went up respectively by a slight 3.1% and 7.8% during the first half of the year while other regions such as Metn, Bekaa and Nabatieh witnessed a double-digit growth rate. On the supply side, construction has been slowing in line with sluggish demand. Indeed, an increase in the vacancy rates of new buildings prompted developers to take more time before launching new projects. Moreover, construction costs have entered a downward path in 2012 following moderate single-digit growth in recent years.
Figures from the Order of Engineers in Beirut and Tripoli show that newly issued construction permits witnessed a significant decrease of 15.6% with all regions posting year-on-year contractions. Turning to tourism and services, a relatively unstable environment has left its mark on the sector which was characterised by a slightly weaker momentum during the period. Tourism and airport activity were moving in opposite directions with the former maintaining a net contraction in arrivals and the latter, though remaining on an upward path, experienced a comparatively weak drive than that seen in the first quarter of the year. Maritime transport, meanwhile, has been showing almost the same impetus on the back of sustained private consumption patterns while investment patterns have continued to reflect an ongoing wait-and-see approach. Latest statistics from the Rafic Hariri International Airport showed that the number of incoming passengers reached 1,397 thousand in the first half of 2012, up by 11.9% on last year. Hotel occupancy in Beirut rose by 11% year-onyear, moving from 54% in the first six months of 2011 to 65% in the same period of this year, according to Ernst and Young. On the whole, the countryโs tourism sector is influenced by developments in neighbouring countries and the aggregate number of tourists declined by 7.8% year-on-year to reach 713,919 tourists during the first six months of 2012. Notably, the number of Arab visitors arriving reported an annual rise of 7%, a much slower pace from the double-digit growth during previous periods. A breakdown in tourists by nationality reveals that most visitors were from Iraq which accounted for 8.3% of the total, followed by those from the US at 7.8%, France and Saudi Arabia each on 7.4%, Jordan on 6.8% and Canada on 5.2% of the total. The full report published by Bank Audi can be found at: http://research.banqueaudi.com/ documents/EconomicReports/lebanon_ economic_report.pdf
17
INVESTMENT
On the basis of the value of FDI projects, FDI in the services sector rebounded in 2011 to reach some $570 billion, after falling sharply in the previous two years. Investment in the primary sector also reversed the negative trend of the previous two years, reaching $200 billion.
GLOBAL INVESTMENT FLOWS RISING Global foreign direct investment (FDI) inflows rose in 2011 by 16% compared with 2010, reflecting the higher profits of TNCs and the relatively high economic growth in developing countries during the year, according to the World Investment Report 2012 recently published by UNCTAD. Global inward FDI stock rose by 3%, reaching $20.4 trillion, the report said. The rise was widespread, covering all three major groups of economies โ developed, developing and transition โ though the reasons for the increase differed across the globe. FDI flows to developing and transition economies saw a rise of 12%, reaching a record level of $777 billion, mainly through a continuing increase in greenfield projects. FDI flows to developed countries also rose โ by 21% โ but in their case the growth was due largely to cross-border mergers and acquisitions (M&As) by foreign transnational corporations (TNCs). Among components and modes of entry, the rise of FDI flows displayed an uneven pattern. Crossborder M&As rebounded strongly, but greenfield projects โ which still account for the majority of FDI โ remained steady. Difficulties with raising funds from third parties, such as commercial banks, obliged foreign affiliates to rely on intra-company loans from their parents to maintain their current operations.
The share of both sectors rose slightly at the expense of the manufacturing sector. Compared with the average value in the three years before the financial crisis (2005โ2007), the value of FDI in manufacturing has recovered.
On the basis of current prospects for underlying factors such as growth in gross domestic product (GDP), UNCTAD estimates that world FDI flows will rise moderately in 2012, to about $1.6 trillion, the midpoint of a range estimate. However, the fragility of the world economy, with growth tempered by the debt crisis and further financial market volatility, will have an impact on flows. Both cross-border M&As and greenfield investments slipped in the last quarter of 2011 and the first five months of 2012. The number of M&A announcements, although marginally up in the last quarter, continues to be weak, providing little support for growth in overall FDI flows in 2012, especially in developed countries. Developing countries continued to account for nearly half of global FDI in 2011 as their inflows reached a new record high of $684 billion. The fall in FDI flows to Africa seen in 2009 and 2010 continued into 2011, though at a much slower rate. The 2011 decline in flows to the continent was due largely to divestments from North Africa. In contrast, inflows to sub-Saharan Africa recovered to $37 billion, close to their historic peak. In 2011, FDI flows rose in all three sectors of production (primary, manufacturing and services), and the rise was widespread across all major economic activities.
FDI in the primary sector rose gradually characterised by an increase in investment in mining, quarrying and petroleum. It now accounts for 14% of total FDI projects. Investment in petroleum and natural gas rose, mainly in developed countries and transition economies, in the face of stronger final demand (after a fall in 2009, global use of energy resumed its long-term upward trend). The value of FDI projects in manufacturing rose by 7% in 2011. The largest increases were observed in the food and chemicals industries, while FDI projects in coke, petroleum and nuclear fuel saw the biggest percentage decrease. The food, beverages and tobacco industry was among those least affected by the crisis. The chemicals industry saw a 65% rise in FDI, mainly as a result of large investments in pharmaceuticals. Among the driving forces behind its growth is the dynamism of its final markets, especially in emerging economies, as well as the need to set up production capabilities for new health products and an ongoing restructuring trend throughout the industry. The automotive industry was strongly affected by the economic uncertainty in 2011 and the value of FDI projects declined by 15%. This decline was more pronounced in developed countries because of the effects of the financial and sovereign debt crises. With nearly $5 trillion in assets under management at the end of 2011, SWFs โ funds set up by or on behalf of sovereign states โ have become important actors in global financial markets.
Sectoral distribution of FDI projects, 2005โ2011 (Billions of dollars and per cent) Value Year Primary
Manufacturing
Share Services
Primary
Manufacturing
Services
Average 2005โ2007
130
670
820
8
41
50
2008
230
980
1 130
10
42
48
2009
170
510
630
13
39
48
2010
140
620
490
11
50
39
2011
200
660
570
14
46
40
Source: UNCTAD estimates based on cross-border M&A database for M&As, and information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com) for greenfield projects.
INVESTMENT
FDI by SWFs is concentrated on specific projects in a limited number of industries, finance, real estate and construction, and natural resources. As SWFs become more active in direct investments in infrastructure, agriculture or other industries vital to the strategic interests of host countries, controlling stakes in investment projects may not always be imperative. Where such stakes are needed to bring the required financial resources to an investment project, SWFs may have options to work in partnership with host-country governments, development finance institutions or other private sector investors that can bring technical and managerial competencies to the project โ acting, to some extent, as management intermediaries. SWFs may set up, alone or in cooperation with others, their own general partnerships dedicated to particular investment themes โ for example, infrastructure, renewable energy or natural resources. In 2010, Qatar Holding, the investment arm of the Qatar Investment Authority, set up a $1 billion Indonesian fund to invest in infrastructure and natural resources in Indonesia. In 2011, Moroccoโs Tourism Investment Authority
established Wissal Capital, a fund that aims to develop tourism in the country, through a partnership with the sovereign funds of Qatar, the United Arab Emirates and Kuwait, with investment funds of $2.5โ4 billion.
particularly in the crisis-hit countries, but also from continued investment in crisis-resilient industries related to climate change and the green economy such as foods and the energy sector.
Prospects and Challenges
The inescapable undertone of this yearโs survey results is that investor uncertainty remains high, with 57% of respondents from developing and transition economies either neutral or undecided about the investment climate in 2012.
Prospects for FDI flows have continued to improve since the depth of the 2008โ2009 crisis, but they remain constrained by global macroeconomic and financial conditions. The global outlook could deteriorate further. The eurozone crisis remains the biggest threat to the world economy, but a continued rise in global energy prices may also stifle growth.
The ranking of economies in UNCTADโs FDI Attraction Index, which measures countriesโ success in attracting FDI over a rolling threeyear period, has seen some significant changes in 2011.
The global economic outlook has had a direct effect on the willingness of TNCs to invest. After two years of slump, profits of TNCs picked up significantly in 2010 and continued to rise in 2011.
The top 10 contains newcomers including Ireland (5th, previously 13th) and Mongolia (8th, previously 20th) and Congo (10th, previously 11th). Saudi Arabia dropped out of the top 10 during the year, falling to 12th place.
In the medium term, FDI flows are expected to increase at a moderate but steady pace, reaching $1.8 trillion in 2013 and $1.9 trillion in 2014.
From the World Investment Report 2012 published by UNCTAD.
This trend also reflects opportunities arising not only from corporate and industry restructuring, including privatisation or reprivatisation,
For further information see: http://unctad.org/ en/Pages/DIAE/World%20Investment%20 Report/WIR2012_WebFlyer.aspx
Distribution shares and growth rates of FDI project values, by sector/industry, 2011 (per cent) Growth rates Sector/industry
Distribution shares 2011 compared with 2010
2011 compared with pre-crisis average
(2005โ2007)
100
15
-12
Primary
14
46
50
Mining, quarrying and petroleum
14
51
53
Manufacturing
46
7
-1
Food, beverages and tobacco
6
18
40 -30
Total
Coke, petroleum and nuclear fuel
4
-37
Chemicals and chemical products
10
65
25
Electrical and electronic equipment
5
-8
-26
Motor vehicles and other transport equipment Services
6
-15
10
40
15
-31
Electricity, gas and water
8
43
6
Transport, storage and communications
8
38
-31
Finance
6
13
-52
Business services
8
8
-33
Source: UNCTAD estimates based on cross-border M&A database for M&As, and information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com) for greenfield projects.
19
LAW REPORTS
NEW LAW TO BOOST SAUDI MORTGAGE MARKET The Council of Ministers in Saudi Arabia, chaired by Custodian of the Two Holy Mosques King Abdullah, approved on 2 July the much-awaited mortgage law, which would regulate the Kingdomรข€™s real estate financing and investment, and boost its mortgage market. Finance Minister Ibrahim Al-Assaf said the mortgage law, which was passed by the Cabinet, would develop a new real estate finance market in the Kingdom. It will also help Saudis get Shariah-compliant finance to build their homes. The Minister said the Saudi Arabian Monetary Agency (SAMA) would allow banks and licensed companies to finance real estate projects. The state-owned Public Investment Fund can participate in the new real estate holding companies to be licensed by SAMA. "The law gives necessary flexibility to make optimum use of real estate and movable assets in the country," Culture and Information Minister Abdul Aziz Khoja said while explaining the Cabinet decisions. SAMA Governor Fahad Al-Mubarak said his organisation was honoured to have been given the privilege to supervise the real estate financing sector and non-banking financial firms. He said the executive bylaw drafted by SAMA for real estate financing sets its operation mechanism and protects the rights of consumers. "This has been a great day for the housing sector. These long awaited laws will contribute tremendously to the development of real estate sector. It will also allow the financial sector to play a bigger role in mobilising adequate resources to meet the domestic demand for housing. The developers in Saudi Arabia should take advantage of the issuance of the laws by expediting their projects. The creation of a well regulated market will also help many other sectors which are connected to the real estate sector," said Khaled Al-Aboodi, CEO and general manager of Islamic Corporation for the Development of Private Sector (ICD), private sector arm of the Islamic Development Bank Group.
The newly approved mortgage law is envisioned to primarily minimise the risk on the lenders' side (banks and financiers), which in turn should translate into more affordable rates for a wider base of customers. However, if the supply of houses does not quickly catch up with existing and expected demand, the continued appreciation of property values will diminish any advantages from the lower rates. "This is what companies like KEC (masterdeveloper of Knowledge Economic City in Madinah which is envisioned to have nearly 30,000 residential units) are doing and we need more community developers with sizable developments," Khaled A Tash, vice president, Marketing & Sales - Knowledge Economic City (KEC), told Arab News.
of the population. In addition, to widening home ownership, it will also improve building standards and transparency, as developers have to be licensed and properties approved to be eligible for a mortgage. This will encourage developers to enter the market and as they can exploit economies of scale, should reduce prices." In addition, he said: "With mortgage financing likely to be more expensive than that offered by the Real Estate Development Fund, demand might not be high initially. Furthermore, while a mortgage law helps to address affordability, it does not increase supply of housing, in fact higher demand stemming from the availability of mortgages could cause prices to rise." Jarmo T Kotilaine, chief economist at the National Commercial Bank, said: "This is naturally eagerly awaited and very welcome news. It has the potential to lend a major impetus to the development of the Saudi housing market at a time when the need for new supply is acute. Although we have seen a lot of banks redouble their efforts in this space, the new law should substantially boost access and affordability." However, Kotilaine warned: "It is important to realise that this law is not a 'magic bullet.' It will not instantaneously transform the market. But it will give all participants greater comfort and hopefully ensure the sustainable development of the market. Overall, one of the most important pieces of 'enabling legislation' to have come in the area of Saudi financial markets." CBRE said in a recent Saudi real estate market review that as the supply and demand gap continues to widen in the Saudi housing sector, affordability, access to mortgage finance and the lack of suitable products remain the key barriers to home ownership among Saudi nationals.
Basil Al-Ghalayini, CEO of BMG Financial Group, said: "This long awaited approval is a historic development and a milestone in the real estate sector of the Saudi financial market. We have been anticipating the approval of this law for years now. With over 60% of the Saudi adult population who still do not own their residences, this new law will serve them in getting cheaper financing for their future homes."
Saudi Arabia has the largest real estate market in the GCC but the least developed mortgage market, and this has resulted in a shortage of owner-occupied residential housing, particularly at the lower end of the income scale.
Al-Ghalayini added: "It will serve all other parties involved including mortgage providers, sukuk issuers, property developers, appraisal firms and the like. It will definitely regulate this virgin but potentially huge market of SR170 billion and will make it more attractive to local and regional property developers and financiers."
"It is a very welcome development," said Asad Shareef, an Alkhobar-based real estate consultant. "Most of us in our industry were looking forward to it. This will provide the much-needed injection to the Kingdom's real estate sector."
Commenting on the decision, Paul Gamble, chief economist and head of research at Jadwa Investment, said: "Passing the mortgage law is a very important step. It will make housing more affordable for many
The CBRE report said Saudi Arabia's mortgage penetration rate is estimated at around 2%, while markets such as the UAE have rates at around 14%.
According to him, the new development will lead to a phenomenal resurgence in the housing sector. "This will be the game-changer as far the housing sector is concerned," Shareef said. Arab News, 03/07/2012
LAW REPORTS
SUDAN SIMPLIFIES TRADEMARK FORMALITIES The Trademark Office in Sudan recently dropped the legalisation requirement for powers of attorney submitted in support of trademark applications. The only authentication requirement will be a valid attestation by a Notary Public. Also, applicants will be required to submit a statutory declaration, simply signed, within two months from the end of the opposition period. This declaration is used to affirm that the nationality of the applicant has not changed since the date of filing. It is thus similar to an affidavit. For further clarification, we list below the statutory requirements for filing a trademark application at the Sudanese Trademark Office along with the revised authentication procedures: 1- Power of Attorney, notarised. A general power may be used for subsequent filings. 2- Certificate of incorporation, with English translation, legalised. 3- Copy of priority document, if priority is claimed, certified.
4- 15 prints of the mark for each application. 5- Declaration of nationality, simply signed. Documents 1 to 4 may be submitted within one month from filing date. Document 5 must be submitted within two months from the end of the opposition period.
Yemen New Regulations for Trademarks Pursuant to the new regulations implementing Trademark Law No 23 of 2010 in Yemen (issued on July 27, 2011), the registration number will remain the same as the filing number once an application matures to registration. This is now applicable in the country for all trademarks filed as of October 1, 2011.
The other salient features of the new implementing regulations include: 1. The 8th edition of the Nice classification is adopted with no local sub-classification. 2. The Registrar is expected to complete substantive examination (examination on absolute and relative grounds) within 30 days from submission of all required documents. 3. Applications for renewal of trademarks will be published in the Official Gazette. 4. In the event that an owner of a trademark desires to secure provisional protection to a mark which is used on products or services displayed in national or international exhibitions held in the country, he shall notify the competent authority one month before the opening of the exhibition. The trademarkรข€™s owner shall be granted a certificate of provisional protection of his trademark within a period that does not exceed three months after the end of the exhibition. 5. The Trademark Office will no longer issue any certificates of renewal, change of name or change of address. Only official receipts to this effect will be granted to applicants attesting to any change of title. The Trademark Office will only issue the following certificates: l l l l l
Certificate of Registration. Merger Recordal Certificate Assignment Recordal Certificate License Recordal Certificate Pledge Recordal Certificate
6. The Trademark Office has cancelled all surcharges imposed on late filing of documents. 7. There is a grace period of one year for late renewals without payment of a surcharge. www.sabaip.com
21
ARABIC SECTION
๏ ๏๏๏ถ๏๏ฌ๏๏ฎ๏๏๏ช๏ฏ๏ ๏๏๏๏ฑ๏ซ๏๏๏๏ ๏๏๏๏ญ๏๏๏๏ ๏๏๏น๏บ๏๏๏๏ผ๏๏ ๏๏๏๏๏๏ ๏ณ๏๏๏๏ผ๏๏๏๏พ๏ฐ๏๏ข๏๏ฆ๏๏๏๏๏๏ฃ๏๏ฏ๏ถ ๏๏๏๏๏๏๏๏๏ฉ๏๏ผ๏๏ฐ๏๏๏๏๏๏ฆ๏ช๏ฌ๏๏๏พ๏ฐ๏๏พ๏ถ๏ซ๏ญ๏๏๏ช๏๏๏๏๏๏๏ฟ๏๏๏ถ๏๏๏๏๏๏ป๏ ๏๏ถ๏๏๏ช๏ฌ๏๏๏ ๏๏๏๏๏๏๏ฝ๏ถ๏ฟ๏๏๏ด๏ฐ ๏๏น๏๏๏ผ๏ฆ๏ ๏๏ ๏๏น๏๏ ๏๏ ๏๏ถ๏ ๏ฟ๏๏๏ช๏ ๏๏ ๏ฉ๏๏๏ ๏๏ต๏ฌ๏ ๏๏๏ ๏๏๏๏ถ๏ฟ๏ถ๏๏๏ ๏พ๏๏ซ๏๏ผ๏ ๏๏ ๏ถ๏ฐ๏ ๏๏๏ถ๏ฟ๏ถ๏๏ ๏๏๏ช๏ฟ๏๏ญ๏ด ๏๏๏๏๏ฎ๏๏๏๏๏ถ๏๏ฟ๏๏๏ช๏ ๏๏๏พ๏๏ญ๏ช๏ ๏๏๏ซ๏๏๏๏ ๏ผ๏๏๏๏๏๏๏๏๏ฆ๏ช๏ฌ๏๏๏พ๏ฐ๏ถ๏๏๏๏ญ๏๏ ๏๏๏๏ ๏๏๏ฐ๏๏ฝ๏ ๏๏๏ฅ๏๏๏ช๏๏๏ฏ๏ ๏ ๏๏๏๏๏ช๏ผ๏ญ๏๏ ๏๏๏ซ๏ญ๏๏ ๏๏๏๏๏ ๏๏ซ๏ฒ๏๏๏ ๏
๏๏๏๏ ๏ง๏๏ง๏๏๏ ๏๏ก๏ฏ๏๏ ๏ ๏๏ ๏๏๏๏ ๏๏๏ ๏ซ๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏ฑ๏ง๏ข๏ ๏๏๏๏ ๏๏ด๏๏ช๏๏ ๏ฃ๏๏ฏ๏ข๏ง ๏๏ ๏ ๏ฑ๏๏ง๏๏๏๏ก๏ฏ๏๏ ๏๏ท๏๏ข๏๏๏๏ค๏๏จ๏ ๏ ๏ ๏๏๏๏ ๏๏๏๏๏๏ ๏ ๏๏๏๏ง๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏ฅ๏๏๏๏ ๏๏๏๏ง๏๏๏๏ ๏๏๏๏๏ง๏๏๏ ๏๏๏๏๏๏ช๏๏ง๏ ๏๏ ๏ก๏๏๏๏ ๏ฌ๏ง๏ฒ๏ ๏ ๏๏๏๏ ๏ฃ๏๏ฏ๏ข๏ง๏ ๏จ๏๏๏๏ ๏๏ ๏๏๏๏๏๏ ๏๏๏ ๏๏๏๏๏ ๏ ๏๏ก๏๏ ๏๏ ๏๏๏๏ ๏๏๏๏๏ ๏๏๏๏๏๏ ๏ซ๏๏ ๏ฉ๏๏ ๏ต๏ค๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏ฅ๏๏ง๏ ๏ซ๏๏๏๏ ๏จ๏๏ ๏ง๏๏๏ ๏๏๏๏พ๏๏๏๏๏๏๏ง๏๏๏๏๏๏๏๏ด๏๏๏๏๏๏๏๏ ๏ง๏ค๏ ๏๏๏๏๏ป๏๏ก๏๏๏๏ ๏
๏๏ช๏ญ๏ฎ๏๏๏๏จ๏๏ฝ๏๏ถ๏๏๏๏ ๏ถ๏๏๏๏ฑ๏ฌ๏๏๏ ๏๏๏ช๏ฌ๏๏๏๏ ๏๏๏ถ๏ฐ๏๏๏๏ผ๏๏ ๏๏๏๏๏๏ฑ๏ฌ๏๏ผ๏ฏ๏๏๏ผ๏๏๏๏๏๏ซ๏ฎ๏๏๏ถ ๏๏ฆ๏ถ๏ฌ๏ธ๏ ๏๏ฌ๏บ๏ถ๏ ๏๏ถ๏ฌ๏ญ๏ ๏๏ ๏ ๏ฝ๏๏ ๏๏ด๏ ๏๏๏ฝ๏ผ๏ ๏๏ ๏๏๏๏๏๏ ๏พ๏ฐ๏ ๏พ๏ถ๏ซ๏ญ๏๏๏ช๏ ๏๏๏๏๏ ๏๏ด ๏๏๏ด๏ ๏ฅ๏๏๏๏๏ ๏๏ ๏น๏บ๏ ๏ช๏ญ๏ฎ๏ ๏๏ ๏น๏๏ ๏๏ ๏๏ ๏ถ๏๏๏ ๏๏๏บ๏ซ๏ ๏๏ ๏ฑ๏ฟ๏ถ๏ฌ๏ก๏ ๏๏๏๏๏๏ ๏ถ๏ ๏๏๏ช๏ซ๏๏๏๏ฎ ๏๏๏ญ๏ช๏๏ฝ๏ ๏๏พ๏๏๏๏๏๏๏๏ฒ๏ฟ๏๏๏ผ๏ญ๏ด๏๏๏๏๏ผ๏ช๏ฌ๏ญ๏ฎ๏๏ฟ๏๏ถ๏๏๏ฃ๏ ๏ฐ๏ ๏ณ๏๏๏๏น๏ฝ๏๏ ๏ฌ๏๏๏๏๏ณ๏๏ฝ๏ท๏๏ฃ๏ ๏ฐ๏ ๏พ๏ ๏๏๏๏๏๏ถ๏ธ๏ถ๏๏๏ฎ๏๏ช๏๏๏๏๏๏ ๏๏๏๏
๏๏๏ด๏ณ๏ ๏๏๏๏ ๏๏ ๏๏๏๏ ๏๏๏ ๏ซ๏๏ ๏๏ฅ๏ก๏๏๏๏๏ ๏๏๏ ๏ญ๏๏๏ ๏ ๏๏ ๏ ๏ค๏๏ฅ๏๏๏๏ ๏ผ๏๏๏๏ ๏๏๏๏๏ ๏ง ๏๏๏ฅ๏๏๏๏ ๏๏ต๏๏ ๏ ๏ ๏๏๏ ๏๏ค๏ ๏ ๏ ๏๏๏ง๏ก๏ ๏ซ๏๏ ๏ฐ๏๏ฏ๏ง๏ฏ๏ณ๏ง๏ ๏จ๏ฐ๏ด๏ต๏๏ ๏๏๏ง๏๏ง๏ข๏ ๏ซ๏๏ ๏ ๏๏๏ ๏๏๏ ๏๏พ๏ผ๏๏๏๏๏๏๏ ๏๏ ๏๏ค๏ ๏บ๏๏ง๏๏ธ๏ ๏ผ๏๏๏๏ ๏๏ ๏๏ง๏ ๏จ๏๏ ๏๏๏๏๏๏ ๏ง๏๏ ๏ก๏ป๏๏ฅ๏๏๏ ๏๏ ๏๏ ๏จ๏๏ ๏๏๏๏๏ข๏ง ๏๏๏๏๏๏ฒ๏๏๏๏๏๏๏๏ง๏ ๏ฟ๏๏๏๏๏ซ๏๏๏๏๏๏ฒ๏๏๏ซ๏๏๏๏๏จ๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏ข๏๏๏ ๏ ๏๏๏๏๏๏๏๏๏ฌ๏ง๏ฅ๏๏๏๏ก๏๏๏๏๏ซ๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏ ๏ต๏ค๏๏๏๏๏๏๏ณ๏๏จ๏๏ ๏๏๏๏ ๏๏๏๏ซ๏๏๏๏ ๏๏๏๏๏๏ ๏ ๏พ๏ ๏ค๏๏ฅ๏๏๏๏๏ผ๏๏๏๏๏๏๏๏ฅ๏๏๏๏๏๏๏ก๏๏๏๏ซ๏๏ง๏๏ซ๏๏๏๏ ๏๏๏๏ ๏๏๏๏ ๏ถ๏๏๏ช๏ ๏๏ ๏ ๏ฝ๏๏๏ง๏๏ ๏น๏๏๏ฆ๏ช๏ฌ๏ผ๏ ๏๏ ๏๏๏ผ๏๏ ๏๏ ๏๏๏ ๏๏๏๏ ๏๏๏๏ ๏ฝ๏๏๏ช๏ ๏ข๏๏ฆ๏๏๏๏๏ ๏จ๏๏๏๏ถ
๏๏๏ซ๏๏ฎ๏ ๏จ๏ผ๏๏๏ ๏๏ฟ๏๏ญ๏๏ ๏๏ ๏๏๏๏ ๏๏๏ ๏ซ๏ ๏ ๏๏๏๏ฆ๏๏ ๏๏ ๏ฑ๏๏ผ๏๏ ๏๏ ๏ฌ๏๏บ๏๏ฎ๏ ๏ถ๏ฐ๏ ๏๏ฌ๏๏ ๏๏๏ด๏ ๏๏๏๏๏ ๏ ๏๏พ๏ฐ๏ ๏ฑ๏๏ถ๏ซ๏๏๏ ๏๏ ๏๏๏ฌ๏ฎ๏ ๏๏๏ถ๏ ๏๏๏ญ๏ฎ๏ ๏๏ฟ๏๏๏๏๏๏ ๏๏๏๏๏๏ฎ๏ ๏พ๏ง๏๏๏ถ๏ ๏๏๏ถ๏ฌ๏๏ ๏ ๏ฝ๏๏ ๏น๏บ๏ ๏๏๏ฝ๏ผ๏ ๏ ๏๏๏๏๏๏ ๏๏๏๏ด๏๏น๏ ๏บ๏ถ๏ ๏๏๏๏๏๏๏๏ด๏๏น๏บ๏๏๏๏ก๏๏๏ป๏๏๏๏๏๏ฌ๏๏๏๏๏๏๏๏๏๏๏ฆ๏ช๏ฌ๏๏๏น๏บ๏๏๏ธ๏๏ฝ๏๏ ๏๏๏ฟ๏๏๏๏ฐ ๏๏๏จ๏๏ฆ๏ ๏๏ ๏๏๏ด๏ ๏๏๏ผ๏๏๏ ๏ฌ๏ค๏ด๏ช๏ ๏๏๏๏ ๏น๏๏๏๏๏๏ ๏๏ ๏๏ญ๏ค๏ ๏ฃ๏๏ก๏ถ๏ ๏๏ ๏๏ฆ๏ผ๏ ๏๏ ๏๏๏ซ๏๏๏ ๏ข๏๏๏ฎ๏ฟ๏ ๏๏๏ฌ๏ผ๏๏๏ช๏๏๏๏๏ถ๏๏๏๏พ๏๏๏๏ฏ๏๏ฌ๏๏ธ๏๏๏๏๏๏๏๏ ๏พ๏๏๏ซ๏๏๏๏๏๏ซ๏ฝ๏๏ ๏๏๏๏๏๏ญ๏ฎ๏๏ฅ๏๏๏๏๏๏๏๏ป๏ฝ๏๏๏ถ ๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏ผ๏๏๏ถ๏๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏๏๏๏๏๏๏ผ๏๏ฝ๏๏๏๏๏๏ป๏๏๏๏ซ๏๏ธ๏๏พ๏ฐ๏๏ซ๏๏๏๏๏๏๏๏๏
๏๏๏๏ฟ๏๏ญ๏๏ ๏๏ ๏๏๏๏ ๏ ๏๏๏๏๏ ๏๏บ๏๏ ๏๏๏ฌ๏ด๏ ๏ฑ๏ฌ๏๏ ๏๏ถ๏๏ ๏๏ช๏ฌ๏๏๏๏ ๏๏ ๏ข๏๏ฆ๏๏ ๏ฌ๏ผ๏๏๏ช๏ถ ๏๏๏๏ผ๏๏ ๏๏๏๏๏ด๏๏ซ๏ฏ๏ฌ๏ช๏๏๏ฏ๏ ๏๏๏ข๏๏ฆ๏ญ๏ ๏๏๏๏ญ๏ ๏๏๏๏ฏ๏๏๏๏ ๏๏๏น๏๏๏ฎ๏๏๏๏๏๏๏ ๏ถ๏๏๏๏๏๏ฆ๏ช๏ฌ๏ผ๏ ๏๏ถ ๏๏๏ฟ๏๏ญ๏๏ ๏๏๏๏๏ฌ๏๏ ๏๏๏ฌ๏๏ช๏๏๏๏๏๏๏ฝ๏ผ๏ ๏๏๏ซ๏ช๏ซ๏๏ฎ๏๏๏๏๏๏๏๏๏๏ ๏๏๏ฑ๏ฌ๏๏ผ๏ฏ๏๏๏๏๏๏๏๏๏ณ๏ท๏๏๏ช ๏๏ฃ๏๏ป๏๏ ๏๏๏ฐ๏ซ๏๏๏๏๏ซ๏ฝ๏ด๏๏๏ฐ๏ซ๏๏๏น๏๏ ๏๏ ๏๏๏๏๏ถ๏ ๏๏๏๏ฒ๏ ๏น๏๏๏ด๏๏น๏บ๏๏พ๏๏๏๏ฒ๏๏๏๏๏๏ธ๏ฐ๏๏ซ๏๏ ๏๏๏๏ฏ๏๏๏๏๏๏๏ฌ๏๏ ๏๏ฑ๏ซ๏๏๏๏ ๏๏๏๏๏ช๏๏๏ ๏๏๏น๏บ๏๏๏๏ฌ๏ญ๏บ๏๏ฌ๏๏ฏ๏๏ ๏๏ฉ๏๏ฝ๏๏๏๏ถ๏ฌ๏๏ ๏๏๏ซ๏๏๏๏ด ๏๏๏๏๏ป๏ฎ๏ถ๏๏๏ถ๏๏ซ๏๏๏ ๏๏๏๏ฝ๏ผ๏ ๏๏๏ฃ๏๏๏ป๏ฎ๏๏๏๏๏จ๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏น๏บ๏๏ผ๏๏ฌ๏๏๏๏๏๏๏๏๏๏ฝ๏๏ฟ๏ถ ๏ ๏ ๏๏๏๏๏๏ ๏๏๏ ๏๏๏ ๏๏๏๏ ๏๏๏ ๏ถ๏๏๏ ๏๏ช๏ฌ๏๏๏๏ ๏๏ ๏๏๏ ๏๏๏๏ฆ๏๏ ๏๏ ๏๏ฟ๏๏ญ๏๏ ๏๏ ๏๏ถ๏ฌ๏ ๏๏ ๏ฅ๏๏ ๏๏พ๏๏ถ๏ ๏๏๏๏ถ๏๏๏ ๏๏๏๏๏๏๏๏ ๏น๏บ๏ ๏๏๏ฌ๏ธ๏๏ผ๏๏ ๏๏๏ต๏๏ผ๏ฎ๏ฟ๏๏ ๏น๏๏๏๏ฐ๏ ๏ช๏ญ๏๏๏ ๏๏ธ๏๏ฝ๏๏ ๏๏ ๏ฟ๏๏๏๏๏ ๏ฅ๏ผ๏ฎ๏ฌ๏ฎ๏ถ ๏๏พ๏๏บ๏๏๏ช๏ผ๏๏๏๏๏๏๏๏๏๏ฆ๏๏ ๏๏๏๏๏๏๏ฃ๏ ๏๏๏๏ผ๏๏๏๏๏๏๏๏ซ๏๏๏พ๏๏๏๏๏๏๏๏๏๏๏น๏บ๏๏๏ญ๏๏๏ ๏ ๏๏๏ฟ๏๏๏๏๏๏๏ฝ๏ด๏ซ๏ ๏๏๏๏๏๏ถ๏ถ๏๏๏๏ฏ๏ฌ๏๏๏๏พ๏๏ญ๏๏ ๏๏๏พ๏๏ฟ๏ถ๏๏๏๏ซ๏๏๏ถ๏๏ฑ๏ซ๏ฒ๏๏๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏๏๏๏ป๏๏๏๏๏๏๏๏ด ๏๏๏๏๏ฑ๏ฌ๏๏๏๏ถ๏๏๏๏ช๏ฌ๏๏๏๏๏ ๏๏๏ผ๏๏ฝ๏ ๏๏๏๏๏๏ผ๏๏๏๏๏๏ธ๏๏๏๏๏๏ก๏๏ ๏
๏ ๏๏ ๏๏๏๏๏ ๏ถ๏ซ๏๏ ๏พ๏๏ญ๏๏๏ ๏๏๏๏ ๏๏ ๏๏๏๏ฎ๏๏๏ ๏พ๏ง๏๏ ๏พ๏๏ฌ๏๏๏ช๏ ๏พ๏๏๏๏๏ ๏๏ ๏พ๏๏ฏ๏ถ๏ถ ๏๏น๏บ๏๏๏ธ๏๏ฝ๏๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏๏๏ฏ๏ฌ๏ ๏๏ต๏ฌ๏ ๏ฐ๏๏๏๏๏๏๏ฎ๏๏๏ ๏๏๏๏บ๏๏ก๏ฐ๏๏๏ฏ๏ถ๏๏๏ด๏๏๏๏๏ ๏๏๏๏๏๏๏๏ฎ๏๏ฌ๏๏๏ฎ๏ถ ๏๏ฟ๏๏๏๏๏๏ ๏พ๏ฐ๏ ๏๏๏๏๏๏๏๏ญ๏ ๏๏ ๏๏๏๏๏๏๏๏ ๏ ๏น๏ญ๏๏๏ ๏๏ ๏ซ๏๏๏๏ ๏๏ ๏๏๏๏ถ๏ ๏๏๏๏๏๏ ๏๏๏๏ ๏๏ ๏น๏บ๏ ๏๏๏๏๏ฆ๏ช๏ฌ๏ ๏๏๏๏๏ฌ๏ ๏๏๏๏๏ฌ๏ ๏๏๏น๏บ๏๏ณ๏๏๏ด๏๏ฉ๏๏๏ฏ๏๏๏๏๏๏๏๏ฟ๏๏ญ๏๏ ๏๏๏๏๏๏๏๏ด๏๏๏ช๏๏๏๏๏น๏บ๏๏๏พ๏๏๏ผ๏๏ฝ๏๏๏๏๏ป๏ฝ๏๏ ๏๏๏๏พ๏ฐ๏๏๏๏๏๏ฎ๏๏๏๏๏ฐ๏๏๏ง๏ง๏๏จ๏๏๏น๏๏๏๏๏บ๏ฌ๏๏๏ ๏๏๏ธ๏ซ๏ช๏๏ ๏๏๏ด๏๏๏๏๏๏ฉ๏ ๏๏๏ถ๏๏๏๏๏๏๏๏๏๏ด๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏ด๏๏น๏บ๏๏ ๏๏๏๏ผ๏๏๏๏๏๏๏๏ฆ๏ช๏ฌ๏๏๏น๏บ๏๏๏ธ๏๏ฝ๏๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏ข๏๏๏ฎ๏ฟ๏๏๏๏๏ซ๏๏๏๏ธ๏ถ๏๏๏๏ฎ
๏๏ธ๏ฌ๏๏ฐ๏๏๏๏๏ฌ๏ผ๏๏๏ช๏๏๏ฏ๏ ๏๏๏๏๏๏ฏ๏๏๏๏ ๏๏ถ๏๏๏น๏ฝ๏๏๏๏ฌ๏ ๏ด๏๏๏๏๏ฌ๏ท๏ฐ๏๏ข๏๏ฆ๏๏๏๏๏ซ๏ฏ๏ฐ๏๏๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏น๏บ๏ถ ๏๏๏๏๏๏๏๏๏พ๏ฐ๏๏พ๏ถ๏ซ๏ญ๏๏๏ช๏๏๏๏๏๏ฆ๏ช๏ฌ๏๏๏น๏บ๏๏พ๏๏ญ๏๏ ๏๏๏ฃ๏๏๏๏พ๏ฐ๏๏๏๏๏๏๏ฆ๏ช๏ฌ๏๏๏น๏บ๏๏๏ช๏ฟ๏๏ญ๏๏ ๏๏๏๏๏ฝ๏ผ๏ ๏ ๏๏๏ ๏ ๏๏๏ผ๏๏ ๏๏ ๏๏๏ ๏๏๏ท๏ ๏พ๏ฐ๏ถ๏ ๏๏ฟ๏๏๏ช๏ค๏ ๏ ๏๏๏๏๏๏๏ฐ๏ ๏พ๏๏ญ๏๏๏ ๏ฑ๏ซ๏๏๏๏ ๏๏ ๏๏ญ๏๏๏๏ ๏๏ ๏น๏บ๏ ๏๏ช๏ฟ๏๏ญ๏๏ ๏ ๏๏๏๏๏๏ฒ๏ฒ๏๏๏ผ๏๏๏๏พ๏ฐ๏๏๏ ๏๏๏ฑ๏ฌ๏๏ ๏๏๏๏๏๏๏๏๏๏ ๏๏๏ฌ๏๏๏ฎ๏ถ๏๏๏๏ฟ๏๏ญ๏๏ ๏๏๏น๏๏๏ฎ๏๏๏ฟ๏ถ๏ซ๏ญ๏๏๏๏พ๏๏ญ๏ช ๏๏๏ฝ๏๏๏๏๏๏ป๏ ๏๏๏ฝ๏ถ๏ฟ๏๏ญ๏ด๏๏๏๏ฌ๏ธ๏๏พ๏๏ฝ๏๏๏ช๏๏พ๏๏ ๏๏ซ๏ช๏๏๏๏พ๏๏๏๏๏๏๏๏ฝ๏ถ๏ฟ๏๏ญ๏ด๏๏๏ถ๏ฌ๏๏๏ช๏๏ฝ๏ ๏๏๏ช๏ฏ๏ ๏ ๏๏๏๏๏๏ซ๏๏ฐ๏๏น๏ ๏บ๏๏๏๏๏พ๏๏ฝ๏ญ๏๏๏๏๏๏ฝ๏๏๏ฐ๏๏พ๏ถ๏ซ๏ญ๏๏๏ช๏๏๏๏ฝ๏๏๏๏๏๏๏ ๏๏๏๏ ๏๏ณ๏๏๏ผ๏๏๏๏๏ญ๏ ๏ถ
๏๏
ARABIC SECTION
23
๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏ฆ๏๏๏๏ก๏ง๏๏ฆ๏ก๏๏๏ฆ๏๏๏๏๏ก๏๏๏ข๏๏๏๏๏๏๏๏ก๏จ๏๏๏๏ฅ๏ก๏๏๏๏๏๏ก๏ข๏๏๏ ๏๏ฆ๏๏ฆ๏ฅ๏๏๏ก๏๏ฅ๏๏๏๏๏
๏
๏ ๏๏ ๏ ๏ก๏๏๏ ๏๏๏๏ข๏ ๏ฃ๏๏ค๏๏ ๏ ๏ข๏ ๏ฃ๏๏๏๏๏๏ ๏ ๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ฅ๏ข๏๏ฆ๏๏๏๏๏๏ ๏๏ง๏๏ง๏๏ ๏๏จ๏ฉ๏ก๏๏๏๏๏๏๏๏๏ ๏ช๏ง๏๏๏๏ซ๏๏ง๏๏ง๏๏ง๏ ๏๏๏๏๏๏๏๏ ๏๏จ๏ก๏๏ฅ๏ค๏๏๏๏ ๏๏๏๏๏๏๏๏ซ๏๏๏ฌ๏ง๏ฅ๏๏๏๏๏๏๏๏๏๏ ๏๏ก๏๏ญ๏๏ ๏ฎ๏๏ง๏ค๏ ๏ฎ๏๏ง๏๏ง๏ ๏ ๏ ๏ฏ๏๏๏ ๏ซ๏๏ง ๏๏๏๏๏ ๏๏ ๏ฐ๏๏ก๏๏๏ ๏ฐ๏๏ฑ๏๏ฒ๏ณ๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏๏ฅ๏ข ๏๏ฐ๏๏ฏ๏๏๏ ๏๏๏ง๏๏ ๏๏ ๏๏๏๏ ๏๏๏ ๏๏๏๏๏ ๏๏ ๏๏๏๏ง๏ ๏ฅ๏๏๏ ๏๏ด๏ณ๏ ๏ ๏๏ ๏ ๏ ๏๏๏ต๏๏ฅ๏๏๏ ๏๏ก๏ ๏๏๏ ๏๏ง๏๏๏๏๏๏ง๏ ๏ฉ๏ข๏๏๏๏๏ง๏ ๏๏ ๏ก๏๏๏๏ ๏๏ซ๏๏ ๏๏๏๏ต๏๏ฅ๏ช๏๏ ๏ ๏ข๏ง๏ ๏๏๏ ๏ฅ๏ช๏ ๏จ๏ถ๏ก๏๏๏ ๏๏ท๏๏ ๏๏๏๏ก๏ ๏๏ฏ๏๏ง๏ ๏ ๏๏ ๏๏๏๏ ๏๏๏๏๏ ๏๏๏๏๏๏๏๏ ๏๏๏ ๏๏๏๏ ๏บ๏๏๏๏น๏๏ธ๏ ๏๏ง๏ฏ๏๏๏ ๏๏ต๏๏ ๏ ๏ท๏๏ ๏๏ฐ๏๏ก๏ป๏๏๏ ๏๏ก๏๏ ๏ซ๏๏๏๏ ๏ผ๏๏๏ ๏๏ฏ๏๏ณ๏ ๏จ๏ฉ๏ก๏ง๏๏๏ ๏ ๏๏พ๏ฐ๏๏ ๏๏๏๏ ๏ฝ ๏ ๏ ๏
๏๏
๏๏๏๏ ๏ฐ๏๏๏ป๏๏ก๏๏ท๏๏๏๏จ๏๏๏ป๏๏ฅ๏๏๏๏๏ง๏ฏ๏๏๏๏ ๏๏๏๏ง๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ญ๏๏๏๏๏๏๏๏จ๏ ๏ก๏๏๏๏ซ๏ฒ๏ ๏๏ฉ๏๏ง๏ก๏๏ ๏๏๏๏จ๏๏ต๏๏ ๏๏ง๏๏จ๏ ๏ ๏๏๏ญ๏๏๏๏๏๏๏ง๏๏ข๏๏ ๏ ๏๏๏๏ ๏๏๏๏๏ ๏๏๏๏๏๏๏๏ผ๏๏๏๏๏ ๏ง๏ค๏ ๏๏ซ๏๏๏ท๏๏๏๏๏จ๏ผ๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏ง๏๏พ๏ฐ๏๏ ๏๏ฅ๏๏๏ฉ๏๏ ๏ฏ๏๏๏ ๏ง๏ค๏๏๏๏๏๏ ๏๏๏๏๏ง๏๏ฌ๏ ๏ง๏ฅ๏๏๏ ๏๏ ๏๏ ๏ฐ๏๏๏๏๏ ๏จ๏๏๏ค๏ข๏ ๏๏๏๏ก๏๏ ๏๏๏๏๏๏ ๏๏๏ฒ๏ฏ๏ ๏ฉ๏๏ฅ๏๏๏ ๏ ๏๏ค๏ฅ๏ฝ๏ ๏ ๏ง๏ค๏ ๏ ๏จ๏ถ๏๏ณ๏ข๏ ๏ ๏ก๏ ๏๏๏๏๏๏๏ซ๏๏๏๏๏ฉ๏๏๏ฒ๏๏๏๏๏๏๏๏ก๏๏๏๏ ๏๏๏๏๏ง๏๏พ๏ฌ๏๏ญ๏๏๏๏ ๏๏๏๏ง๏๏๏๏๏๏๏ซ๏๏๏ฉ๏๏๏ง๏๏ผ๏๏๏ ๏๏ซ๏๏ ๏บ๏๏๏ป๏๏ฅ๏ ๏ช๏ง๏ฏ๏ข๏ธ๏ ๏๏๏๏๏๏ ๏ซ๏๏๏๏ ๏๏๏๏๏๏๏๏๏ง๏ ๏๏๏๏ด๏ณ๏ ๏๏๏๏๏๏๏๏ ๏๏๏ฒ๏๏๏ช๏๏ ๏ซ๏ ๏๏๏๏พ๏๏๏๏๏๏๏
๏๏๏๏ฌ๏๏ท๏ง๏๏๏ ๏๏๏ฏ๏๏๏๏๏๏๏ฌ๏ธ๏๏ซ๏ฒ๏๏๏ ๏๏๏๏๏๏ฎ๏๏
๏๏๏ญ๏๏๏๏ ๏๏๏น๏บ๏๏๏ฏ๏๏๏๏ ๏๏๏๏๏ฝ๏๏๏ข๏๏ฆ๏๏๏ฝ๏ด๏๏๏๏ ๏๏๏๏๏๏๏ฆ๏ช๏ฌ๏ผ๏ ๏๏๏๏๏๏ญ๏๏ ๏๏๏๏๏๏ฎ๏๏๏๏ฝ๏๏๏ถ ๏๏ฟ๏ถ๏ซ๏ช๏ ๏๏๏๏ด๏ต๏๏ผ๏ฎ๏ ๏๏๏๏๏๏ด๏ ๏๏๏๏๏ฆ๏ช๏ฌ๏ผ๏ ๏๏ ๏๏๏ฟ๏๏ญ๏๏ ๏๏ ๏๏๏๏ ๏๏ฌ๏๏ฎ๏ ๏๏๏ฝ๏๏๏ถ๏ ๏๏ฑ๏ซ๏๏๏๏ ๏ ๏๏ฑ๏๏ผ๏ช๏ถ๏ ๏๏๏ฏ๏๏๏๏ ๏๏ ๏น๏๏๏๏๏ ๏๏๏๏๏๏ฆ๏ช๏ฌ๏ผ๏ ๏๏ ๏๏ฐ๏๏ถ๏๏ ๏๏๏๏ ๏๏๏ผ๏ ๏๏ ๏น๏บ๏ ๏๏ซ๏๏๏๏ ๏ข๏๏ญ๏ ๏๏๏๏๏๏๏ ๏๏ ๏ง๏๏๏ ๏๏๏๏ฎ๏ ๏๏ท๏ฟ๏๏ ๏๏ ๏๏ ๏๏ซ๏๏๏๏๏ ๏๏ ๏๏๏๏๏๏ ๏ถ๏ ๏๏๏๏๏๏๏ฆ๏ช๏ฌ๏ผ๏ ๏๏ ๏ฐ๏๏ถ ๏๏๏๏๏๏ซ๏๏๏๏๏ ๏๏๏๏ฌ๏๏ ๏๏๏๏ช๏๏ถ๏๏น๏บ๏๏ฑ๏ฟ๏ฏ๏๏๏๏ถ๏๏๏๏๏ ๏๏ถ๏๏ฑ๏๏๏๏ ๏๏๏๏๏ญ๏๏๏๏๏๏๏ ๏ง๏๏๏๏๏ซ๏ฝ๏ ๏๏๏ฏ๏ถ๏ถ๏ ๏๏ ๏๏ญ๏๏ ๏๏ ๏๏ฏ๏ถ๏ ๏พ๏ฐ๏ ๏๏๏ ๏๏๏ณ๏๏๏๏๏ ๏๏ถ๏ ๏๏ซ๏๏๏๏๏ ๏๏ ๏๏ซ๏ฝ๏๏ ๏พ๏๏๏ ๏๏ ๏๏ญ๏๏ ๏ฟ๏๏ฌ๏ญ๏ฎ ๏๏๏ถ๏ฌ๏ ๏๏๏๏๏ธ๏ฐ๏๏ซ๏๏๏๏๏๏ฌ๏๏๏ฏ๏๏๏ซ๏๏ถ๏๏๏ณ๏ ๏ซ๏ฝ๏๏ ๏๏๏ซ๏๏๏๏๏ ๏๏๏น๏๏๏ฎ๏๏ฑ๏ฟ๏ถ๏ฌ๏ฟ๏๏๏๏๏๏๏๏๏๏ ๏๏ ๏๏น๏บ๏๏๏๏๏๏๏๏๏๏๏ถ๏๏๏ซ๏ฎ๏ฟ๏๏๏๏๏ธ๏๏๏๏ถ๏๏๏๏๏๏๏๏น๏บ๏๏๏ฌ๏๏๏๏๏๏น๏๏ ๏๏๏๏๏๏๏ ๏๏๏ ๏๏๏๏ฟ๏๏ญ๏๏ ๏ ๏๏ณ๏ผ๏ธ๏ฐ๏ ๏ ๏ผ๏๏ฐ๏ ๏๏๏ฟ๏๏ญ๏๏ ๏๏๏ ๏๏๏๏๏ถ๏๏๏ ๏พ๏ฐ๏ ๏พ๏๏๏๏๏ฆ๏ช๏ฌ๏ผ๏ ๏๏ ๏๏ฌ๏๏๏ช๏ ๏๏๏ช๏ฟ๏๏ญ๏๏ ๏๏ ๏๏๏๏ ๏ ๏๏๏ญ๏๏๏๏ ๏๏ ๏๏ญ๏๏ ๏พ๏ฐ๏ถ๏ ๏๏ฑ๏ซ๏๏๏๏ ๏๏ ๏๏ญ๏๏๏๏ ๏๏ ๏น๏บ๏ ๏น๏๏๏๏ ๏๏ ๏ฟ๏๏๏๏ ๏๏๏ ๏ฝ๏ญ๏๏๏ช๏ ๏ฐ๏๏๏ ๏๏ฟ๏ซ๏๏ช๏๏๏๏๏๏๏๏ผ๏ช๏ฌ๏ญ๏ฎ๏๏๏๏ช๏๏ฌ๏๏ช๏๏๏๏ญ๏ช๏๏๏ถ๏๏๏ฌ๏ผ๏ฏ๏ฐ๏๏๏๏๏๏๏๏ฐ๏๏๏ฏ๏ ๏ฐ๏๏๏ณ๏๏๏๏๏๏๏ถ๏๏๏ซ๏๏๏๏๏ ๏ ๏๏๏ค๏๏๏๏๏๏ ๏ซ๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏๏ ๏ ๏๏ ๏จ๏๏ ๏๏๏๏๏ ๏๏๏ ๏จ๏๏ ๏๏๏๏ ๏๏ ๏๏๏๏ ๏๏๏ ๏น๏บ
๏๏๏๏พ๏ฉ๏ก๏๏๏๏๏
๏๏ ๏ ๏๏ ๏๏ก๏๏ ๏ฅ๏๏๏ ๏ ๏ ๏ก๏๏๏ ๏๏๏๏ข๏ ๏ ๏๏ ๏๏ง๏๏ณ๏๏๏๏ ๏๏๏๏ ๏จ๏ฟ๏๏๏๏ ๏๏๏๏ ๏๏ณ๏๏ง๏ข๏ ๏๏๏ ๏๏๏๏๏ฅ๏ข๏๏๏ฒ๏๏๏ณ๏๏๏ก๏๏ง๏๏พ๏๏๏๏๏๏๏๏๏ง๏๏๏ ๏ ๏ก๏๏๏๏๏๏ ๏ง๏๏ฅ๏๏๏๏๏ฒ๏๏๏๏๏ ๏๏๏ ๏ ๏๏๏ต๏๏ฅ๏๏๏ ๏๏ ๏๏ ๏ ๏ง๏ ๏ก๏๏๏ ๏๏ ๏ง๏๏๏ ๏๏๏ ๏จ๏๏ง๏ก๏๏๏ ๏ ๏๏ ๏ก๏ ๏ก๏๏๏๏ ๏ซ๏๏ ๏พ๏ถ๏๏ณ๏๏ ๏๏๏ง๏ก๏ ๏ ๏๏ ๏๏๏๏๏ ๏๏๏๏๏๏๏ณ๏๏ง๏ข๏๏๏๏๏ค๏๏ช๏๏๏ซ๏๏๏๏๏๏๏ฒ๏๏๏๏๏ข๏ก๏๏ง๏๏พ๏๏ก๏๏ ๏ฅ๏๏ ๏ ๏ก๏๏๏๏ฝ๏๏๏ ๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏ฅ๏๏ ๏ฅ๏๏๏๏๏๏ข๏๏ซ๏๏๏จ๏๏๏ฒ๏ณ๏๏ช๏๏๏ซ๏๏๏ ๏ค๏๏ฅ๏๏๏๏๏๏๏๏ฅ๏ข๏๏๏ข๏ก๏๏๏๏๏ก๏๏๏ ๏ฟ๏๏๏ ๏๏ ๏ค๏๏ฅ๏๏๏๏๏๏ฒ๏๏ค๏๏๏๏๏๏๏๏ ๏๏๏๏๏ฅ๏ง๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏ถ๏ง๏๏ค๏ญ๏๏๏๏๏๏๏๏ฅ๏ด๏ ๏๏ก๏๏ข๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏ ๏๏๏๏ค๏๏๏ ๏๏๏ฝ๏ ๏๏๏๏ ๏ง๏ ๏พ๏ถ๏๏๏ค๏๏๏ ๏ ๏ก๏๏๏๏ ๏ซ๏ ๏๏๏๏พ๏ฟ๏๏๏ฟ๏๏๏๏๏๏ซ๏๏๏๏ก๏๏ฏ๏๏๏ช๏๏๏ง๏๏๏๏๏๏๏ง๏๏๏๏๏๏ ๏ฅ๏ ๏ป๏๏๏๏๏๏๏๏ฅ๏๏ ๏๏ซ๏๏ ๏๏๏๏๏๏๏๏๏ ๏ฌ๏๏ง๏ฅ๏ข๏ ๏๏๏๏ก๏๏ญ๏ ๏ซ๏๏๏๏ ๏ฉ๏๏ ๏๏ค๏๏๏ ๏๏ช๏ด๏๏ณ๏ช๏๏ ๏ ๏๏ ๏๏๏๏๏๏ ๏๏๏๏ง ๏๏๏ ๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ญ๏๏ฌ๏ง๏ฅ๏๏ซ๏๏๏๏๏ป๏๏๏๏๏๏๏๏ค๏๏ฝ๏๏ผ๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏ ๏๏ ๏ ๏๏ก๏๏๏๏๏ ๏๏ ๏๏ ๏ก๏๏๏๏๏๏ ๏ก๏ก๏๏ ๏ฉ๏ก๏๏ ๏๏ ๏๏๏ฅ๏๏ ๏ผ๏๏๏ ๏๏๏๏ ๏๏๏๏ ๏๏ง๏๏ ๏ ๏ซ๏๏๏๏ ๏๏๏ ๏ฅ๏ช ๏๏จ๏๏๏ ๏ก๏๏๏๏ค๏๏ซ๏๏๏๏๏๏๏ก๏๏๏ ๏ฝ๏๏ ๏ค๏๏ ๏๏๏ ๏๏๏๏๏๏๏ ๏๏๏ณ๏ ๏๏๏๏๏๏๏ฒ๏๏ค๏๏๏ก๏๏ก๏ฅ๏๏๏๏ ๏๏จ๏ ๏ค๏๏๏๏๏๏๏๏๏๏๏ซ๏ฒ๏๏๏พ๏ก๏๏๏๏ง๏๏๏ฅ๏๏๏๏๏๏ข๏๏ท๏๏๏๏๏ ๏๏๏๏๏๏๏๏ ๏ค๏ ๏๏๏๏ ๏ก๏๏๏๏๏๏๏๏ ๏ค๏๏ง ๏๏๏๏๏ ๏ผ๏๏๏๏ ๏ ๏ง๏ค๏ ๏ ๏๏๏ ๏๏๏ป๏๏ก๏ ๏ซ๏๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏ ๏๏ ๏ ๏ ๏๏๏ ๏๏ง๏๏ ๏ผ๏๏๏๏ ๏ ๏ง๏ค๏ ๏ฅ ๏๏๏ค๏ญ๏๏๏๏ต๏๏๏๏๏๏๏๏ง๏๏จ๏๏๏๏๏๏๏ก๏๏๏๏๏๏๏๏๏๏๏ ๏ง๏ค๏๏ฅ๏๏จ๏ ๏ ๏๏๏๏๏๏๏๏๏๏๏ค๏๏ซ๏๏ง๏๏จ๏๏๏ ๏๏ ๏๏๏๏๏๏๏๏ง๏๏ ๏ ๏ ๏๏๏๏๏๏๏ ๏ ๏ฏ๏ฏ๏ณ๏๏๏๏๏๏ ๏๏๏๏ก๏๏๏๏๏๏ฃ๏ฏ๏๏ ๏ง๏๏พ๏๏ง๏ณ๏ก๏๏๏๏๏๏๏๏ซ๏๏๏๏ ๏ฝ ๏๏ก๏ ๏ก๏๏๏๏ก๏๏๏๏๏ ๏๏๏ฐ๏ช๏ก๏๏๏จ๏๏๏๏๏๏๏ง๏๏๏๏๏๏๏ซ๏๏๏๏๏๏๏ก๏๏ง๏ ๏๏ซ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏ณ๏ง๏๏๏๏๏๏๏ก๏๏๏๏๏ฐ๏ช๏ง๏ข๏๏๏๏ฅ๏๏๏๏๏ซ๏๏๏ ๏ฑ๏ง๏ ๏๏ ๏ข๏๏๏๏ง๏๏ฑ๏๏๏๏ ๏๏ง๏๏พ๏ท๏๏ฑ๏ฒ๏๏๏๏ ๏๏๏ก๏๏๏๏ ๏๏๏ ๏๏๏ต๏๏๏๏๏๏ ๏๏ฅ๏๏๏๏๏ ๏จ๏ซ๏๏๏๏๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏ญ๏ ๏ ๏๏๏๏ ๏๏ ๏๏๏๏๏ฅ๏๏๏ ๏ง๏ข ๏๏๏๏๏๏๏๏ญ๏๏๏ณ๏ก๏๏๏๏๏๏๏ง๏ฏ๏๏๏๏๏ง๏ข๏๏๏๏๏๏๏๏๏ข๏๏๏ง๏๏๏๏๏๏๏๏๏ง๏ฏ๏๏๏๏๏ง๏
๏๏
ARABIC SECTION
๏
๏
๏๏๏๏๏ฌ๏๏ ๏ณ๏๏ผ๏๏ ๏๏ฏ๏ ๏๏ ๏๏๏๏ ๏๏๏ ๏๏๏ฟ๏๏ญ๏๏ ๏๏๏๏๏ ๏๏๏๏ ๏ ๏น๏บ๏ฌ๏๏๏ ๏๏ ๏ช๏ช๏๏๏๏ ๏๏ ๏๏๏ฎ๏ฟ๏๏ ๏ซ๏๏ถ ๏๏๏ฏ๏ถ๏๏ฟ๏๏ฌ๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏ถ๏๏๏๏๏ฌ๏บ๏๏ ๏๏๏๏๏๏ผ๏๏๏ถ๏๏๏๏ป๏ ๏๏๏ข๏๏ฆ๏ญ๏๏ ๏๏๏ณ๏๏๏ผ๏๏ ๏๏น๏บ๏๏ท๏ญ๏๏๏ ๏๏๏๏๏ฝ๏ ๏๏๏๏ซ๏๏๏๏๏๏ด๏ ๏๏๏๏๏๏ ๏ซ๏ช๏ซ๏ช๏๏ฉ๏๏๏๏๏๏๏๏๏๏น๏ ๏๏๏ ๏๏๏๏๏๏ ๏๏๏น๏บ๏๏๏๏ฝ๏ ๏ ๏ ๏๏๏๏๏๏๏น๏ก๏๏๏ ๏๏๏๏๏๏ ๏
๏๏๏๏๏ ๏ ๏๏ถ๏๏๏ ๏๏๏ฌ๏ ๏๏ ๏๏๏ ๏ ๏ฌ๏ฎ๏๏ฝ๏ ๏๏ ๏น๏บ๏ ๏๏๏ฌ๏๏ผ๏ฏ๏ ๏๏๏๏๏๏ฟ๏ ๏๏๏ก๏๏๏ป๏๏๏ ๏พ๏๏ด๏๏ฆ๏๏ ๏ช๏๏๏๏ถ ๏๏๏ฏ๏ ๏๏๏๏น๏๏๏ฟ๏๏ฐ๏๏๏ฐ๏๏๏๏ด๏๏๏ฒ๏๏๏ ๏๏๏ ๏๏๏๏๏ผ๏๏ฝ๏๏๏๏ท๏บ๏๏ฌ๏๏ ๏๏๏ข๏๏ฆ๏๏๏๏๏๏ ๏ถ๏ฐ๏๏๏๏๏๏ ๏๏๏๏ช๏ฌ๏ธ๏ ๏น๏บ๏ ๏๏๏๏ฌ๏๏ญ๏ ๏๏ ๏๏๏๏๏๏๏ ๏น๏บ๏ ๏๏๏๏ ๏๏ ๏๏ท๏๏ฌ๏๏ ๏๏ ๏๏๏ฌ๏ท๏ ๏ณ๏๏ฎ๏๏๏ ๏๏๏ป๏๏ ๏๏๏๏ซ๏ป๏๏๏๏ ๏น๏บ๏ ๏ฌ๏๏ผ๏ญ๏ ๏๏ ๏๏๏๏ป๏๏๏ ๏ ๏๏ผ๏๏๏ ๏๏ช๏ฟ๏๏๏๏ ๏๏ ๏๏๏๏๏ ๏๏ ๏๏๏ช๏ฌ๏ธ๏ถ๏ ๏๏ฏ๏๏๏๏ ๏ ๏๏ฐ๏๏๏ฐ๏๏๏๏ด๏๏๏๏ณ๏๏๏ผ๏๏ฝ๏๏๏๏ฅ๏๏ฝ๏ ๏๏๏ข๏๏ฆ๏๏๏๏ถ๏๏๏๏๏๏๏๏ค๏ถ๏๏๏๏๏๏๏ ๏๏๏ฃ๏๏๏ญ๏ฎ๏๏๏๏ฎ๏๏ฐ ๏๏๏๏๏ผ๏ฎ๏๏๏๏๏น๏๏๏๏ ๏๏๏น๏ ๏๏๏ ๏๏๏๏๏ฎ๏ฝ๏ ๏๏๏น๏บ๏๏๏ฎ๏๏ฟ๏๏ฌ๏๏๏๏๏๏๏๏ด๏๏๏๏๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏๏ฝ๏ผ๏ฎ๏ถ ๏๏๏๏๏ฅ๏๏ฝ๏ ๏๏๏ผ๏๏๏๏๏๏๏๏๏๏ด๏๏ณ๏ ๏๏๏๏ ๏๏๏ญ๏ ๏ถ๏๏๏ถ๏ฌ๏๏๏๏ฌ๏๏๏๏จ๏ผ๏๏ ๏๏๏ท๏๏ฌ๏ฎ๏๏ซ๏๏ถ๏๏๏น๏๏๏ฟ ๏๏ข๏๏๏ฎ๏ฟ๏๏ถ๏ ๏๏๏๏ฝ๏ผ๏ ๏๏ ๏ต๏ซ๏ ๏ ๏๏ ๏๏๏๏ ๏๏ ๏ฌ๏บ๏๏ฎ๏ถ๏ ๏๏๏๏๏ ๏๏๏ ๏๏ ๏๏๏ ๏๏๏ ๏๏ ๏๏๏ธ๏๏๏ ๏ฟ๏๏ค๏๏ถ ๏๏๏๏๏๏ ๏๏ ๏ข๏๏ฆ๏ญ๏ ๏๏๏๏ช๏ฟ๏๏๏๏๏ฏ๏๏๏ฝ๏ฎ๏ ๏ฑ๏ฌ๏๏ฎ๏ถ๏ ๏ฟ๏๏ฌ๏๏๏๏๏ถ๏ ๏๏น๏๏๏ญ๏๏ ๏๏ ๏๏๏๏๏ ๏๏๏๏๏ช๏๏๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏ ๏๏๏ด๏๏ฆ๏๏ ๏๏๏ญ๏๏ ๏ฝ๏ฎ๏๏๏ ๏ ๏น๏๏๏ฌ๏ ๏๏ ๏ฌ๏ฎ๏๏ฝ๏ ๏๏ ๏ช๏๏๏๏ ๏๏ต๏ฌ๏ ๏ฐ๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏๏ด๏ ๏ซ๏ช๏ซ๏๏ ๏๏ ๏๏๏๏๏๏ ๏๏ ๏๏ ๏๏๏๏๏ญ๏๏ ๏๏ ๏ฌ๏๏๏ถ๏ ๏๏๏๏๏ญ๏๏ ๏๏ ๏๏๏ฏ๏ฌ๏๏ ๏๏ ๏๏ท๏๏๏ถ ๏๏๏๏ก๏๏๏๏ซ๏๏ด๏๏๏ถ๏๏น๏๏๏๏๏๏ช๏๏๏ด๏๏๏ ๏๏๏จ๏ผ๏๏ ๏๏๏๏๏๏ช๏๏ต๏ฌ๏ ๏ฐ๏๏ฑ๏ฌ๏๏ถ๏๏๏๏๏๏๏๏ ๏๏๏ ๏๏ซ๏ช๏ซ๏ช๏๏ช๏ช๏๏๏ฎ๏๏๏ ๏๏๏๏๏๏๏ฝ๏๏๏ ๏๏๏๏๏ ๏ถ๏๏ญ๏๏ ๏๏๏๏ท๏๏๏๏พ๏ฐ๏๏๏๏ฏ๏๏๏๏๏ ๏๏๏๏ฐ๏ฌ๏ ๏๏๏๏๏ฟ๏๏๏๏๏๏๏ ๏๏ฌ๏ช๏ฌ๏ญ๏๏ ๏๏ ๏๏๏๏ฎ๏ถ๏ ๏๏ฑ๏ฌ๏๏ ๏๏๏ ๏๏๏๏ฝ๏๏ ๏๏ ๏๏๏ ๏ ๏๏๏๏ฌ๏ ๏๏ ๏๏๏ฌ๏ ๏๏ ๏๏๏ ๏๏๏๏ซ๏๏ช๏ ๏ช๏๏ ๏๏ฏ๏ ๏ ๏๏จ๏๏ฆ๏ ๏๏ ๏๏๏ท๏ ๏๏๏ ๏๏๏๏ ๏ถ๏ ๏ซ๏ช๏ซ๏๏๏ ๏๏๏ฌ๏บ๏๏๏ ๏จ๏๏ต๏ ๏พ๏ฐ๏ ๏๏๏ฏ๏ ๏๏ช๏ช๏๏๏๏ ๏๏ ๏๏๏ด๏ ๏จ๏๏ฆ๏ ๏ ๏๏๏๏ฝ๏๏ ๏ฐ๏๏๏ฐ๏ ๏๏๏ด๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏ฝ๏ ๏๏ ๏ฑ๏ฌ๏๏ฎ๏ถ๏ ๏น๏บ๏ ๏ด๏ต๏๏ผ๏๏ ๏๏ ๏๏๏ ๏ซ๏ช๏ซ๏๏ ๏๏ ๏ป๏ถ๏ซ๏ ๏๏๏ฟ๏๏ญ๏๏ ๏๏๏ช๏ช๏๏๏๏ ๏๏ถ๏ ๏๏ถ๏ฌ๏ ๏๏๏๏๏๏๏๏๏๏ช๏๏๏๏๏๏๏ต๏ฌ๏ ๏ฐ๏๏๏๏ท๏๏๏๏ถ๏๏๏๏ฏ๏๏๏๏ ๏๏๏๏๏ด ๏๏ฅ๏๏ฝ๏ ๏๏ ๏ผ๏๏๏๏๏ ๏น๏บ๏ ๏๏๏ฝ๏ ๏๏ ๏๏ท๏๏ฌ๏ฎ๏ ๏ฑ๏๏๏ช๏ธ๏ ๏๏ ๏๏ ๏๏บ๏๏ก๏ ๏๏ผ๏บ๏ ๏๏น๏๏๏๏ ๏๏ ๏๏๏ฌ๏ ๏๏ ๏๏๏ ๏ ๏ข๏๏ฆ๏ญ๏ ๏๏๏ฅ๏๏ฟ๏๏๏๏ด๏ถ๏๏๏น๏บ๏ฌ๏๏๏ ๏๏๏ช๏ช๏๏๏๏ ๏๏๏๏๏๏๏ฑ๏๏๏ช๏ธ๏๏๏๏ด๏๏๏๏ถ๏ฟ๏ถ๏ซ๏๏๏๏๏๏๏น๏บ๏ ๏๏๏๏๏๏ ๏ฉ๏๏ท๏๏ฌ๏ฎ๏๏ ๏ฑ๏ฌ๏๏ผ๏ฏ๏ ๏๏ท๏ฟ๏ซ๏๏ ๏๏๏๏ญ๏๏ ๏๏ ๏น๏๏๏๏ฝ๏๏ ๏ฑ๏ง๏บ๏๏ญ๏๏ ๏ฌ๏๏ค๏ง๏ฎ๏ ๏๏๏ญ๏๏๏ ๏ ๏๏๏๏๏ ๏๏๏๏ฝ๏ฒ๏๏ญ๏ ๏๏๏๏ก๏๏ ๏๏๏๏๏๏ฟ๏๏ญ๏๏๏๏ฌ๏๏๏ฏ๏๏ต๏๏๏ฐ๏๏ฑ๏ฟ๏๏๏๏๏น๏ ๏๏๏ ๏๏๏ข๏๏ฆ๏ญ๏ ๏๏๏๏๏ฟ๏๏ญ๏๏ ๏ ๏๏๏๏ฟ๏๏ญ๏๏ ๏๏๏ฐ๏๏๏ฐ๏๏๏๏ด๏๏๏ฒ๏๏๏ ๏๏๏ ๏๏๏๏๏ผ๏๏ฝ๏๏๏น๏ ๏๏๏๏๏ฌ๏๏ ๏๏๏ฑ๏ซ๏๏ท๏ฐ๏๏๏๏๏๏ช๏ซ๏ญ๏ฝ๏ ๏๏๏๏๏๏๏๏๏ ๏ ๏๏๏๏๏๏ถ๏๏๏๏๏๏ฌ๏ ๏๏๏๏๏ ๏๏๏ฒ๏๏๏ ๏๏๏๏๏ณ๏๏๏ผ๏๏ฝ๏๏๏ข๏๏๏ฎ๏ฟ๏๏๏๏๏๏ฟ๏๏ญ๏๏๏ช๏ช๏ฌ๏๏ฐ๏๏น๏บ๏๏๏ช๏๏ฝ๏๏ ๏ ๏๏ช๏๏๏ญ๏ฎ๏ ๏๏๏ด๏ ๏ฉ๏๏๏ด๏ ๏น๏ ๏๏๏ ๏๏ ๏๏๏ฎ๏ฝ๏ ๏๏ ๏๏๏ด๏ ๏๏๏๏๏๏ฌ๏ ๏๏ ๏๏๏ฟ๏๏ฆ๏๏ ๏๏ ๏พ๏ฐ๏ ๏ฌ๏ฏ๏ฏ๏ ๏๏๏ ๏ฌ๏ช๏ซ๏๏ ๏ ๏๏ฟ๏๏๏๏ ๏ซ๏๏๏๏๏๏ก๏๏๏ ๏๏๏๏๏๏ด๏๏๏๏๏๏ ๏๏๏ฌ๏๏ฐ๏๏น๏๏ ๏๏๏น๏๏ฎ๏๏๏๏๏๏๏๏๏๏๏ฌ๏๏ ๏๏๏ฌ๏ต๏๏ป๏ ๏๏ฝ๏ป๏ฟ๏๏ ๏๏ถ๏ ๏น๏๏๏ญ๏๏ ๏๏ ๏๏๏๏๏ ๏๏ ๏๏๏๏ถ๏ฐ๏ ๏ช๏๏๏๏ด๏ ๏ฑ๏ซ๏๏๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏๏๏๏๏๏ ๏ฌ๏ค๏ง๏๏ช๏ถ ๏๏ฝ๏ฎ๏ฝ๏ ๏๏๏๏ช๏๏๏๏๏๏ซ๏๏๏๏๏๏๏๏๏ ๏๏ด๏๏๏๏๏ฝ๏ผ๏ฎ๏๏ฝ๏ฎ๏ถ๏๏๏๏๏๏๏๏ฌ๏ ๏๏ถ๏ฐ๏๏๏๏๏ ๏๏๏ ๏๏๏๏๏ ๏๏๏ ๏๏๏๏๏ธ๏๏ ๏๏๏๏๏๏๏ญ๏ ๏๏ถ๏ ๏๏๏๏๏๏๏ ๏๏ถ๏ ๏๏๏ซ๏ญ๏๏๏๏๏ถ๏ ๏ฃ๏๏๏๏๏ ๏๏ถ๏ ๏จ๏ช๏ฟ๏ซ๏๏ ๏๏ ๏๏๏๏๏๏๏ถ๏ ๏ช๏ช๏๏๏๏ ๏๏ถ ๏๏๏๏๏ ๏ฐ๏ซ๏ผ๏ช๏ ๏พ๏ฐ๏ ๏ ๏ท๏ฌ๏๏ ๏๏ ๏๏๏ถ๏ ๏๏๏๏๏ ๏๏๏ ๏๏ ๏๏๏ ๏๏๏ ๏๏ ๏๏๏ธ๏๏๏ ๏ฟ๏๏ฌ๏ญ๏ฎ๏ ๏๏๏ ๏๏๏ ๏๏๏ ๏ ๏๏ช๏ญ๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏ซ๏๏๏๏ช๏ถ๏๏๏๏ช๏๏๏๏๏๏๏๏๏๏ฆ๏๏๏๏๏ถ๏๏๏๏ด๏๏ฆ๏ญ๏ ๏๏๏๏๏ญ๏๏๏๏๏ ๏ ๏ ๏๏๏ ๏๏๏๏พ๏ ๏๏๏ด๏ ๏๏ช๏๏ซ๏๏๏ถ๏ฐ๏ ๏๏๏๏๏๏๏๏ด๏ ๏ฌ๏ ๏๏ถ๏ฐ๏๏น๏บ๏๏ด๏ต๏๏ผ๏๏ ๏๏ถ๏๏๏ถ๏ซ๏๏ ๏๏๏๏๏๏ฌ๏๏ ๏ ๏๏๏๏๏๏ฌ๏ช๏๏ถ๏ ๏ฟ๏๏๏๏ฐ๏ ๏๏๏ด๏ ๏๏ฟ๏ถ๏ซ๏๏ ๏ซ๏๏๏๏ช๏ ๏๏ฏ๏ ๏๏ถ๏ ๏น๏๏๏ญ๏๏ ๏๏ ๏๏๏๏๏ ๏๏ ๏๏๏ด๏ ๏น๏๏๏๏ฐ ๏๏๏๏๏๏๏ ๏๏๏๏๏๏พ๏ฐ๏๏๏๏๏๏ด๏ต๏๏ผ๏๏ ๏๏๏๏ฏ๏ถ๏๏ฝ๏๏ฟ๏ถ๏๏๏๏ฒ๏๏๏๏ ๏๏๏๏ ๏๏๏๏ถ๏ฌ๏ญ๏ ๏๏๏๏ผ๏๏๏๏ข๏๏๏ฎ๏ฟ๏ ๏๏๏ ๏๏ ๏๏๏๏ณ๏ ๏๏๏ ๏ฑ๏ฌ๏๏๏ ๏๏ ๏๏๏ ๏ ๏๏ช๏๏๏๏๏ ๏๏ ๏๏๏๏ญ๏๏ ๏๏ ๏๏๏๏๏๏ ๏๏๏๏ฎ๏ ๏ซ๏๏ถ๏ ๏๏ฅ๏๏ฝ๏ ๏ ๏๏๏๏ ๏๏๏ญ๏ญ๏๏๏ ๏๏๏๏๏ซ๏๏๏ ๏๏๏๏๏๏๏๏ก๏๏๏๏๏๏ด๏ฐ๏๏๏๏ฌ๏๏ ๏๏๏๏๏๏๏๏๏ซ๏๏๏ ๏พ๏๏ญ๏ฎ๏๏พ๏ฐ ๏๏๏ฏ๏ถ๏๏๏๏ ๏๏๏๏ช๏๏ฝ๏๏๏๏๏ผ๏ช๏ฌ๏ญ๏ฎ๏๏๏๏ฒ๏๏ณ๏ ๏ซ๏๏๏๏๏๏๏๏ฅ๏๏๏๏๏๏๏๏๏๏ฌ๏๏๏ป๏๏ค๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏ถ๏๏๏๏๏๏๏น๏๏๏ด ๏๏๏๏ด๏ ๏๏๏ช๏ฟ๏ ๏ฟ๏๏๏๏๏ ๏๏๏๏ ๏๏๏๏ ๏๏๏ ๏๏๏ฎ๏ฟ๏๏ ๏ซ๏ญ๏บ๏ ๏๏๏ญ๏๏ฆ๏๏ ๏๏ ๏๏๏๏ฟ๏๏๏๏ถ๏๏ ๏๏๏๏ฝ๏๏ ๏ ๏๏๏๏๏ ๏๏๏๏ช๏ฟ๏๏ฟ๏๏๏๏๏๏๏๏๏๏๏๏๏ฌ๏๏ถ๏๏๏๏๏๏๏๏๏๏ด๏๏๏๏ช๏ฟ๏๏ฟ๏๏๏๏๏๏๏๏๏๏๏๏๏ฌ๏๏๏๏ ๏๏๏๏๏๏ณ ๏๏๏๏๏ถ๏ ๏๏๏๏๏๏ ๏๏๏๏๏ ๏ ๏๏๏ช๏ฟ๏ ๏ฟ๏๏๏๏๏ ๏ฒ๏ณ๏๏๏๏๏๏ ๏ฉ๏๏๏๏ ๏ซ๏ญ๏บ๏๏๏๏๏๏ฌ๏ช๏ ๏๏ ๏๏๏ฐ๏๏๏๏๏๏ ๏๏๏๏๏๏ ๏๏ถ๏๏ ๏๏๏๏๏๏๏๏๏ถ๏ ๏๏๏๏ ๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏๏๏๏๏๏ ๏พ๏ฐ๏ ๏๏ถ๏ซ๏ผ๏ช๏ ๏๏๏ ๏๏๏ด๏ถ ๏๏๏๏๏๏๏๏น๏ก๏๏๏ ๏๏๏๏๏๏๏ ๏ ๏๏ฑ๏ซ๏๏ท๏๏๏๏๏๏๏๏ซ๏๏๏๏ฉ๏ญ๏ญ๏๏๏ซ๏๏๏๏๏๏ด๏๏น๏๏๏๏ป๏ ๏๏๏พ๏ถ๏๏๏๏ ๏ ๏๏๏๏ด๏ฐ๏๏๏๏๏๏๏๏ ๏๏๏๏๏ซ๏๏๏ ๏๏๏๏๏๏๏๏ด๏๏ฉ๏๏๏ฎ๏๏๏ซ๏๏ถ๏๏๏๏๏๏๏๏๏๏ด๏๏๏๏ช๏ฟ๏๏ฟ๏๏๏๏๏ ๏๏๏๏ ๏๏๏๏๏๏ฟ๏ธ๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏ถ๏๏๏๏๏ด๏๏๏ซ๏ฝ๏ด๏๏๏๏๏๏ซ๏๏๏ ๏๏๏น๏บ๏๏ฑ๏ฌ๏ญ๏๏ ๏๏๏ฑ๏ ๏๏ผ๏๏ ๏๏๏๏ ๏๏๏ฅ๏๏ฝ๏ ๏๏ ๏๏๏๏๏ฌ๏ช๏๏ ๏น๏บ๏ ๏ฌ๏๏ผ๏ญ๏ ๏๏ ๏ข๏๏๏ฎ๏ฟ๏๏ ๏ ๏๏๏ฌ๏ฎ๏๏ ๏น๏ ๏บ๏ถ๏ ๏๏๏๏๏๏๏ ๏๏ ๏๏๏ ๏ช๏ฟ๏บ๏ฐ๏ ๏น๏ถ๏ถ ๏๏๏๏ ๏ช๏๏ฐ๏ ๏๏๏ฝ๏ญ๏ ๏ ๏ฑ๏ซ๏๏ท๏ ๏๏๏๏ ๏๏๏ซ๏๏๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏๏๏๏๏๏ ๏ซ๏๏๏ช๏ ๏พ๏ฐ๏ ๏๏๏๏๏ช๏ถ ๏๏๏๏๏๏ฌ๏ช๏๏๏น๏บ๏๏๏๏๏๏๏ ๏๏๏น๏ผ๏๏ฝ๏ ๏๏๏ฟ๏๏ฌ๏ญ๏๏๏๏ ๏๏๏๏ฌ๏ฎ๏๏๏น๏ ๏บ๏ถ๏๏๏๏๏๏๏๏๏ด๏๏น๏บ๏๏๏๏ฎ๏๏ฌ๏๏ฟ๏ ๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏๏๏ ๏๏ณ๏๏ ๏ธ๏๏๏๏ด๏๏น๏๏๏ญ๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏บ๏๏๏ช๏๏พ๏ฐ๏๏๏๏๏๏๏ ๏๏๏๏๏ถ ๏ ๏๏๏๏ ๏๏๏๏๏ ๏๏๏ช๏๏๏ ๏๏๏๏๏๏๏๏๏ฝ๏ผ๏ ๏๏ถ๏๏ซ๏๏๏๏๏ ๏๏๏ข๏๏ฆ๏๏๏ซ๏๏๏ช๏๏พ๏ฐ๏ ๏๏๏๏๏๏ ๏๏๏๏๏ถ๏๏๏ฅ๏๏ฝ๏ ๏ ๏๏๏ช๏๏๏๏๏ ๏๏๏๏๏๏๏ฎ๏ถ๏๏๏๏ช๏๏ฝ๏๏๏๏๏๏๏๏ด๏๏ช๏๏๏ญ๏๏๏ช๏ญ๏ฎ๏๏๏๏๏๏๏๏ซ๏๏๏๏ถ๏๏๏๏๏๏ญ๏ ๏๏๏๏๏๏ ๏๏ถ ๏๏๏น๏๏๏ญ๏๏ ๏๏๏ช๏ช๏๏๏๏ ๏๏๏๏๏๏๏ป๏๏ถ๏๏น๏๏๏ญ๏๏ ๏๏๏๏๏๏๏ ๏๏๏ ๏๏๏๏๏ด๏ซ๏๏๏๏๏๏๏๏๏๏ฟ๏๏๏ ๏ ๏๏น๏ ๏๏๏ ๏๏ ๏๏๏๏ ๏๏ ๏น๏บ๏ ๏๏๏ช๏ฟ๏ ๏ฟ๏๏๏๏๏ ๏๏๏๏ ๏๏ถ๏ซ๏๏ ๏น๏บ๏ ๏๏๏๏๏ซ๏๏๏ ๏๏ ๏น๏บ๏ ๏๏ฒ๏๏บ๏ ๏ท๏๏ญ๏๏ฎ ๏๏๏ถ๏ฟ๏ซ๏๏๏ฎ๏ ๏๏ญ๏ผ๏๏๏บ๏ ๏๏๏๏ ๏๏ ๏๏ฏ๏ถ๏ ๏น๏๏๏๏ ๏๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏๏๏๏๏๏ ๏๏๏ช๏ซ๏๏ฎ๏ ๏ธ๏ฌ๏๏ฐ๏ ๏๏๏ฐ ๏๏๏ซ๏๏๏๏๏๏๏๏๏ด๏ฐ๏๏น๏๏๏ญ๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏ซ๏๏๏๏พ๏๏ญ๏ช๏๏พ๏ฐ๏๏๏๏๏๏๏ ๏๏๏๏๏ถ๏๏๏๏๏๏ ๏๏น๏ก๏๏ฟ๏๏๏๏ฟ๏๏๏๏ฐ๏๏ข๏๏๏ฎ๏ฟ๏๏ถ๏ ๏พ๏๏ญ๏๏ ๏๏ถ๏๏ช๏๏๏ ๏๏๏๏๏๏ ๏๏๏ญ๏๏๏ถ๏๏๏ ๏๏ฆ๏ผ๏ ๏๏๏๏๏ซ๏๏ ๏๏๏๏๏๏๏ญ๏ ๏๏ ๏๏ผ๏ช๏ฌ๏ญ๏ ๏๏ ๏๏๏๏ฝ๏๏ ๏๏ ๏น๏บ๏ ๏๏๏ฝ๏๏ ๏๏ ๏ฅ๏๏๏๏๏ ๏๏ ๏ฉ๏๏๏ ๏๏๏ ๏๏๏๏๏ฌ๏ช๏ ๏๏ ๏๏๏ ๏ ๏๏๏๏๏๏ฝ๏ญ๏๏ ๏ ๏๏๏ฏ๏ถ๏ ๏๏๏ ๏๏๏๏ฝ๏๏ ๏ป๏๏ค๏ ๏ถ๏ฐ๏ ๏๏๏๏ฝ๏๏ ๏ซ๏๏๏ ๏๏๏๏๏ซ๏๏๏ ๏๏ ๏พ๏ธ๏๏๏ฎ๏ ๏ท๏๏ญ๏๏ฎ๏ ๏๏๏๏๏ช๏ ๏๏ฏ๏๏๏ถ ๏๏ซ๏ท๏๏๏๏ธ๏ถ๏๏๏๏๏ ๏๏๏๏๏๏ญ๏ ๏๏๏ฑ๏ฌ๏๏๏ ๏๏๏น๏บ๏๏ฅ๏๏ฝ๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏๏๏ฎ๏ฌ๏ฎ๏๏พ๏ฐ๏๏ช๏๏ง๏ช๏ถ๏๏๏๏๏๏๏๏๏๏๏๏ ๏ ๏๏๏ ๏๏๏๏น๏บ๏๏๏๏๏๏ซ๏๏๏ ๏๏๏๏๏ ๏ ๏๏๏๏๏๏๏๏๏ซ๏๏ผ๏ช๏๏ณ๏๏ง๏ธ๏๏๏๏๏๏ฏ๏ ๏๏ถ๏๏ช๏๏๏ฌ๏ผ๏๏ ๏๏ฟ๏๏ถ๏๏ ๏๏๏ ๏๏๏๏ด๏ ๏ซ๏๏๏๏๏ ๏๏ ๏๏ช๏๏๏๏๏ ๏๏ ๏๏๏๏๏๏๏ ๏พ๏ฐ๏ ๏น๏ ๏ถ๏ซ๏ ๏๏ ๏ซ๏ญ๏ฝ๏ ๏๏ ๏๏ถ๏ซ๏ฝ๏๏ ๏๏๏๏ ๏ณ๏๏๏ท๏ ๏๏๏ถ ๏๏๏๏น๏๏๏ญ๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏๏ช๏๏๏๏๏๏ซ๏๏๏๏ฎ๏๏ถ๏ฐ๏๏๏๏๏ป๏ฎ๏๏ณ๏๏ง๏ธ๏๏๏๏๏๏ฏ๏ ๏๏ถ๏๏๏ซ๏๏ด ๏๏๏๏๏๏ผ๏ฟ๏ ๏๏ ๏จ๏ผ๏๏๏ ๏๏๏๏ ๏๏ ๏๏ฏ๏ถ๏ ๏๏๏๏๏๏ ๏ด๏ต๏๏ผ๏ฎ๏ ๏๏๏ ๏ฝ๏๏ฌ๏ ๏๏๏ ๏๏๏ฌ๏ถ๏๏ซ๏๏ ๏ช๏ฎ๏๏๏ ๏ฅ๏๏ฝ๏ ๏ ๏๏น๏บ๏๏๏ถ๏ซ๏ฝ๏๏ ๏๏๏๏๏๏ถ๏๏๏ฅ๏๏ฝ๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏๏๏๏ป๏๏๏ถ๏๏ถ๏ฟ๏๏๏ ๏๏๏๏ญ๏ฆ๏ฝ๏๏๏๏๏ธ๏ง๏๏๏๏ฆ๏ผ๏ฎ๏ฌ๏๏ ๏ ๏๏ง๏ต๏๏ผ๏๏ช๏ ๏พ๏ฐ๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏ ๏ณ๏๏ฐ๏ ๏ฝ๏ ๏๏๏ ๏๏ ๏น๏บ๏ ๏ฅ๏๏ฝ๏๏ ๏ ๏ฟ๏ซ๏๏๏ ๏ฌ๏ผ๏ฏ๏๏ ๏๏ช๏๏ฝ๏๏ ๏๏ ๏ณ๏๏๏ท๏๏ฌ๏ ๏๏ฃ๏๏๏ ๏๏๏ผ๏ช๏ฌ๏ญ๏ฎ๏ ๏๏ถ๏๏๏ช๏ ๏๏๏ ๏๏ถ๏ถ๏ ๏๏๏๏๏๏ ๏๏๏ด๏ ๏น๏บ๏ ๏๏๏ ๏๏๏๏ฌ๏๏ ๏ฝ๏ป๏ฟ๏๏ ๏๏ ๏๏ซ๏๏๏ ๏ฑ๏๏๏ถ ๏ ๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏น๏บ๏๏๏ฒ๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏ถ๏ ๏๏ฑ๏ฌ๏๏ ๏๏๏ ๏๏๏๏ฝ๏๏ ๏๏ ๏น๏บ๏ ๏๏ซ๏๏๏ ๏๏๏ด๏ฐ๏ ๏พ๏๏ฏ๏ ๏๏ฏ๏ ๏๏ ๏๏๏๏๏๏ ๏๏๏ด๏ ๏ช๏๏๏๏ ๏๏ ๏๏ซ๏๏๏ ๏ ๏๏๏๏๏๏๏ ๏๏๏๏ ๏๏๏ ๏๏๏ฟ๏๏ญ๏๏ ๏๏๏๏๏๏ ๏๏๏๏ ๏๏ ๏น๏บ๏ ๏๏๏๏๏ ๏ฝ๏ป๏ฟ๏๏ ๏๏ ๏ฑ๏ซ๏๏ ๏๏๏ป๏ฝ๏ฎ๏ ๏พ๏ฐ๏ ๏๏๏๏๏๏ ๏ ๏๏ถ๏ฐ๏ ๏ฟ๏๏ฌ๏ญ๏๏๏๏ฏ๏ ๏๏๏ผ๏๏๏๏ ๏๏๏ ๏๏ด๏๏๏๏๏ ๏๏ ๏๏ ๏น๏ ๏บ๏ ๏๏ท๏ฌ๏ช๏ถ๏ ๏๏๏ณ๏๏๏ ๏๏ซ๏๏๏ ๏๏๏๏ ๏ฟ๏ถ๏ซ๏๏ ๏๏ฌ๏๏๏๏๏๏๏ป๏๏๏๏๏ ๏๏๏๏๏๏๏ช๏๏พ๏ฐ๏๏๏ญ๏๏ช๏๏๏ฏ๏ ๏๏ถ๏๏๏๏๏๏ ๏๏๏๏น๏ก๏๏ฟ๏๏๏๏ฟ๏๏๏๏ฐ๏ ๏น๏บ๏๏น๏ผ๏๏๏๏๏๏๏ท ๏๏๏๏ฟ๏ช๏ฐ๏๏๏๏ผ๏๏๏๏๏๏ฏ๏ถ๏๏๏๏ถ๏๏๏ฑ๏ฌ๏๏๏ฏ๏๏ช๏๏๏๏ด๏๏ฟ๏๏๏๏๏๏๏ด๏๏๏๏๏๏๏ด๏๏ ๏๏๏ฟ๏๏๏๏ฟ๏๏๏๏ฐ๏๏น๏บ๏๏ฌ๏๏ผ๏ฏ ๏๏พ๏๏ฏ๏๏๏ฏ๏ ๏๏๏๏ซ๏๏๏ ๏๏ ๏๏ด๏๏ช๏ญ๏๏๏ ๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏ ๏๏๏น๏๏๏ญ๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏ซ๏๏๏๏พ๏๏ฏ ๏๏๏๏๏ด๏๏๏๏๏ฐ๏๏ฟ๏๏ถ๏ซ๏ ๏๏๏๏ฌ๏๏๏ฌ๏๏๏ ๏๏น๏ผ๏๏๏๏ฟ๏๏ฌ๏ญ๏๏๏๏๏๏ฟ๏ช๏ฐ๏๏๏๏ผ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ด๏๏น๏บ ๏๏๏๏๏ฌ๏๏ ๏๏๏๏๏๏ธ๏ฐ๏๏๏๏๏๏๏๏๏ถ๏ฟ๏๏๏ ๏๏๏๏๏๏ฐ๏๏๏ฌ๏๏๏๏น๏บ๏๏ข๏๏๏ฎ๏ฟ๏๏๏๏๏๏๏๏๏ถ๏๏๏ต๏ฌ๏ผ๏ฏ
๏๏ฉ๏๏ ๏ณ๏ฝ๏ญ๏ ๏ ๏๏๏ฒ๏๏๏ ๏๏ ๏น๏บ๏ ๏๏๏๏ ๏ ๏๏๏๏ ๏ซ๏ฝ๏ด๏ ๏ฝ๏ป๏ฟ๏๏ ๏๏ ๏๏ญ๏ผ๏ช๏ ๏พ๏ฐ๏ ๏๏ถ๏ซ๏ฝ๏๏ ๏๏ ๏๏๏๏ฎ๏ถ ๏๏๏๏ฝ๏ ๏๏๏๏๏๏๏ด๏๏๏ด๏๏๏๏๏๏๏จ๏๏ฏ๏๏๏ด๏๏ฝ๏ป๏ฟ๏๏ ๏๏๏๏ผ๏๏๏ฌ๏๏๏๏๏ด๏๏๏ช๏๏๏๏๏ ๏๏๏๏๏ฆ๏๏๏ ๏ ๏๏ฅ๏๏ฝ๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏ช๏ฟ๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏น๏บ๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏ฌ๏ถ๏๏ธ๏๏ถ๏ ๏๏น๏๏ป๏ฟ๏๏ ๏ ๏๏๏๏ฝ๏ ๏๏ ๏ฌ๏ค๏ง๏๏ช๏ ๏พ๏ฐ๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏ ๏๏ญ๏ ๏ ๏๏น๏ป๏๏ ๏๏ ๏น๏๏๏ญ๏๏ ๏๏ ๏๏๏๏๏ ๏๏ถ๏ ๏๏๏๏ฎ๏ฌ๏๏ ๏ ๏๏๏๏๏ ๏๏ ๏น๏บ๏ ๏๏๏ฝ๏ ๏๏ ๏ด๏ต๏๏ผ๏ฎ๏ถ๏ ๏ถ๏ฟ๏๏๏ ๏๏ ๏๏ญ๏ฆ๏ฝ๏๏ ๏น๏บ๏ ๏พ๏๏ช๏ซ๏ ๏๏ ๏๏๏ธ๏ฐ๏ ๏๏๏ ๏๏ถ๏๏ป๏๏ ๏๏ ๏๏ณ๏ฎ๏๏๏๏๏ฎ๏ ๏พ๏ฐ๏ ๏ซ๏ญ๏ฝ๏ ๏๏ ๏๏ถ๏ซ๏ฝ๏๏ ๏๏๏๏ถ๏ ๏๏๏๏๏๏๏ ๏๏ ๏ฅ๏๏ฝ๏๏ ๏ ๏น๏๏๏ฒ๏ฌ๏ ๏๏ ๏๏ฟ๏๏๏๏๏ ๏ ๏๏๏๏๏ป๏๏๏ ๏๏๏๏๏ญ๏๏๏ ๏จ๏ผ๏๏๏ ๏๏๏๏๏๏ผ๏ฟ๏ ๏๏ ๏๏๏ผ๏ ๏๏ ๏๏ฟ๏ป๏ฎ๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏๏๏๏๏ ๏๏ฌ๏๏๏ฎ๏ ๏ฉ๏๏๏ ๏๏๏๏๏๏ ๏๏ด๏ ๏๏๏ฏ๏๏ ๏๏ ๏ฟ๏๏๏๏ฐ๏ ๏น๏บ๏ ๏๏๏๏๏ช๏ซ๏ ๏๏ ๏๏ท๏๏ฌ๏ฎ๏ ๏๏๏ผ๏๏๏๏ ๏๏๏ ๏พ๏ฐ๏ ๏๏๏ฏ ๏๏๏ผ๏๏๏ถ๏๏ ๏๏ฒ๏๏ฑ๏๏ผ๏๏๏๏๏ช๏ฟ๏๏๏๏ ๏๏ถ๏๏๏๏ ๏๏๏ ๏๏๏๏ฒ๏๏๏๏ ๏๏๏พ๏ฐ๏๏๏๏ก๏ฐ๏ถ๏ ๏๏ฅ๏๏ฝ๏ ๏๏๏ฟ๏๏๏๏ฐ ๏๏ผ๏๏๏๏๏๏น๏บ๏๏๏๏ผ๏๏๏๏ฑ๏๏๏ช๏ธ๏๏๏ ๏๏๏๏ถ๏๏๏ ๏๏๏ ๏๏๏๏ ๏๏๏ ๏๏๏๏๏๏ฆ๏ ๏๏ถ๏๏๏ด๏๏ฟ๏ซ๏ ๏๏๏๏๏ฎ๏ฝ๏๏๏ฌ๏ช๏ฟ๏๏ญ๏ฎ ๏ ๏๏๏จ๏๏ฎ๏ฌ๏๏ ๏๏๏๏๏ด๏๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏น๏ ๏๏๏ท๏ ๏๏๏น๏๏๏๏ ๏๏๏ฌ๏ฎ๏๏ฝ๏ ๏๏๏๏๏๏๏๏ฒ ๏๏๏๏๏ก๏๏๏ ๏๏๏ฟ๏๏๏๏ ๏๏๏๏๏ ๏ ๏๏๏๏ฆ๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏ข๏๏๏ฎ๏ฟ๏๏๏๏ท๏๏ฌ๏ฎ๏ถ๏๏๏๏ด๏๏ฟ๏ซ๏ ๏๏๏ช๏๏๏๏๏๏ ๏ ๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏๏ถ๏ฐ๏๏๏๏ ๏๏ฝ๏๏๏๏ถ๏ฌ๏๏๏จ๏ผ๏๏๏๏ฌ๏๏๏๏๏ ๏๏๏ก๏ฌ๏ด๏๏๏๏๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏พ๏ฐ๏๏๏ ๏๏๏๏ช๏ฟ๏๏ฟ๏๏๏๏๏๏๏๏๏๏ฑ๏๏ผ๏ฎ๏๏น๏๏ ๏๏ถ๏๏๏๏๏๏ ๏๏๏๏๏๏๏ซ๏๏๏ ๏๏๏ฌ๏๏ธ๏ฐ๏๏ฑ๏ซ๏ด๏๏ช๏ผ๏๏๏๏ญ๏๏๏๏ ๏๏๏ฉ๏ฝ๏๏ด๏ฐ๏ถ ๏๏จ๏๏๏ถ๏ ๏๏๏๏ ๏น๏บ๏ ๏๏ท๏๏๏๏ ๏๏ ๏๏๏๏ ๏๏ ๏๏ด๏ ๏๏๏ช๏ฟ๏ ๏๏๏ฟ๏๏๏๏๏ ๏๏๏๏ ๏๏ถ๏ฟ๏๏ซ๏ญ๏๏ ๏ฑ๏๏๏ช๏ซ๏ ๏๏ฟ๏๏๏๏ฐ๏ ๏ข๏๏๏ฎ๏ฟ๏๏ ๏๏ถ๏ ๏๏๏๏๏ ๏๏ฟ๏๏๏ ๏๏ ๏๏๏๏๏ ๏ ๏น๏๏๏๏ ๏๏ ๏ฝ๏ป๏ฟ๏๏ ๏๏ ๏๏๏ผ๏๏ฐ๏ ๏ฝ๏ถ๏ฐ๏ ๏๏๏ถ ๏๏น๏บ๏ ๏ฝ๏ป๏ฟ๏๏ ๏๏ ๏๏๏ซ๏๏๏ ๏๏ฌ๏๏๏๏๏ ๏ซ๏ญ๏บ๏ ๏น๏ก๏๏๏ ๏๏ ๏ช๏ช๏ฌ๏๏ฐ๏ ๏น๏บ๏ ๏ฑ๏ฟ๏๏๏๏ ๏๏๏ฒ๏๏๏๏ ๏๏๏๏๏๏๏๏ ๏ฑ๏๏๏ช๏ธ๏๏๏ ๏๏ ๏๏๏ฟ๏ช๏ฐ๏๏๏ท๏ฌ๏ช๏๏๏๏ฏ๏๏๏๏๏ฒ๏๏๏ ๏๏๏ต๏ซ๏ ๏ ๏๏๏๏๏ ๏๏๏๏๏ ๏ช๏ญ๏๏ช๏๏๏ฏ๏ ๏๏ ๏๏จ๏ถ๏ฏ๏ ๏ ๏๏ซ๏ญ๏บ๏ ๏๏ฑ๏ฌ๏๏ ๏๏๏ ๏ฌ๏๏ธ๏ฐ๏ ๏๏๏ผ๏๏ ๏๏ ๏๏๏ ๏ ๏๏๏ ๏ต๏๏๏๏๏ ๏๏๏บ๏ ๏ข๏๏๏ฎ๏ฟ๏๏๏๏ ๏๏ช๏๏๏๏๏ ๏ ๏๏๏น๏ญ๏ฝ๏ผ๏ ๏๏๏๏๏ฌ๏๏ ๏๏๏๏๏๏ฎ๏ถ๏๏ช๏ ๏ซ๏ ๏๏๏ฑ๏๏๏ช๏ซ๏ฏ๏๏ช๏๏๏๏ด๏๏ฑ๏ซ๏ด๏ ๏๏๏๏๏๏๏๏น๏ฏ๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏น๏บ ๏๏น๏ถ๏ถ๏๏๏๏๏๏๏๏ฐ๏ฟ๏๏๏๏น๏บ๏๏๏๏๏ณ๏๏ณ๏๏ผ๏๏๏ ๏ฉ๏๏๏๏๏๏๏ด๏๏๏ฎ๏ฟ๏๏๏ฝ๏ป๏ฟ๏๏ ๏๏๏๏ซ๏๏๏๏ช๏๏ ๏๏๏๏๏๏๏ ๏๏ ๏๏๏๏ญ๏ฎ๏ ๏๏๏ด๏ ๏๏ฌ๏๏ค๏ง๏ฎ๏ ๏ช๏ญ๏๏ฝ๏ช๏ ๏๏ฏ๏ ๏๏ถ๏ ๏๏ซ๏๏๏๏๏ ๏๏ถ๏ ๏๏๏ฝ๏ผ๏ ๏๏ ๏๏๏๏ญ๏ฎ๏ ๏ข๏๏๏ฎ๏ฟ๏๏ถ๏ ๏๏๏๏ฎ๏ถ ๏๏๏๏๏๏๏๏๏๏๏ด๏๏๏ฌ๏ผ๏๏๏ช๏๏๏๏๏ถ๏๏๏๏พ๏๏๏๏ฏ๏๏ฌ๏๏ธ๏๏ฏ๏ฝ๏๏๏ฝ๏ป๏ฟ๏ฎ๏๏๏ผ๏๏๏๏๏๏ด๏ฐ ๏๏พ๏ฐ๏๏๏๏๏๏๏ ๏๏๏๏๏บ๏๏๏ช๏ช๏๏๏๏ ๏๏๏๏ท๏๏๏๏ช๏๏๏๏๏บ๏๏๏๏ฐ๏๏๏๏๏ฟ๏๏๏ช๏ ๏๏๏๏๏๏ถ๏ฐ๏๏ฑ๏ซ๏ด๏๏๏ฌ๏ฆ๏๏๏๏๏ญ๏๏๏๏๏๏๏
๏๏๏๏๏๏๏ ๏๏๏๏ฏ๏ถ๏๏๏๏ ๏๏๏๏๏ซ๏๏๏๏ฑ๏ซ๏ฒ๏๏๏ ๏๏๏ฟ๏๏๏๏ฐ๏๏ฌ๏๏๏๏ฎ
ARABIC SECTION
๏๏๏๏๏ ๏๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏ ๏๏๏๏๏๏๏๏๏๏๏๏๏ ๏ก๏๏ก๏ข๏๏๏ฃ๏๏ ๏ค๏๏๏๏ฅ๏๏ฆ๏๏ง๏จ๏๏๏ฆ๏๏๏๏๏๏
๏๏ ๏๏ ๏๏ฉ๏ช๏ซ๏๏ ๏๏๏๏๏๏๏๏ ๏ฌ๏ช๏ฌ๏ญ๏ฎ๏ ๏ซ๏ฏ๏ฐ ๏๏๏๏๏๏๏๏๏ ๏ฑ๏ฌ๏ฒ๏๏๏ ๏ณ๏ฎ๏ซ๏ด๏ฐ ๏๏ต๏ถ๏ซ๏ท๏ ๏๏ฏ๏ฌ๏ธ๏ ๏น๏บ๏ ๏ป๏๏๏ผ๏ ๏๏ถ ๏๏๏๏ฝ๏ ๏๏ ๏พ๏ฐ๏ ๏ฟ๏๏๏๏๏๏๏ ๏๏๏ช๏๏๏๏๏ ๏๏ ๏น๏บ๏ ๏๏๏๏๏๏๏๏ ๏๏๏๏ฌ๏ ๏๏ ๏๏๏ ๏ ๏๏๏ช๏๏๏ ๏๏๏๏๏ฐ๏ ๏ซ๏๏ธ ๏๏๏๏ฟ๏๏๏ ๏๏ ๏๏๏๏ ๏๏ ๏๏๏ ๏๏ถ๏๏ ๏๏๏๏๏ญ๏ ๏๏๏ ๏๏๏๏๏ ๏๏ ๏๏ ๏๏๏ฌ๏๏๏ ๏๏๏๏ญ๏บ๏ถ๏๏๏ ๏ซ๏๏๏ ๏๏๏๏๏๏ญ๏ ๏๏๏๏๏๏๏๏๏ ๏ ๏๏๏ผ๏๏ฝ๏๏ ๏๏ฟ๏๏๏๏๏๏ ๏๏๏ฌ๏๏๏๏๏ ๏๏๏๏ฌ๏ ๏๏๏๏๏ฝ๏๏๏๏๏ฟ๏๏ญ๏๏๏๏๏๏ ๏ ๏๏๏๏๏๏๏๏๏๏ด๏๏๏ ๏๏๏๏ฝ๏ ๏๏ ๏พ๏ฐ๏ ๏ฌ๏ช๏ฌ๏ญ๏๏ ๏๏ ๏ ๏ก๏ถ๏ฐ๏ถ ๏๏ข๏๏๏ฟ๏๏๏๏๏๏๏ฟ๏๏ญ๏๏๏ฃ๏๏ก๏ฐ๏๏๏๏ท ๏๏ฌ๏๏ฏ๏ฐ๏ ๏พ๏๏ฏ๏ถ๏ ๏๏ญ๏๏๏๏ ๏๏ ๏๏ค๏๏๏ ๏ ๏๏๏ฅ๏๏ฝ๏ ๏๏ ๏ข๏๏ฆ๏๏ ๏๏๏ด๏ ๏๏๏๏๏๏๏ด๏ ๏๏๏๏ฌ๏๏ค๏ง๏๏ ๏๏ ๏ฟ๏๏๏๏๏๏ ๏จ๏ผ๏๏ ๏๏ฉ๏๏๏๏ ๏น๏๏ ๏๏ ๏ช๏ท๏๏๏ ๏ฑ๏ฌ๏๏๏ ๏๏ซ๏๏๏๏๏ ๏๏ ๏ฌ๏๏๏ฌ๏๏ ๏๏ด ๏๏พ๏ฐ๏ ๏๏๏๏ฎ๏ ๏ณ๏ฝ๏ญ๏ ๏ ๏๏๏๏๏๏ญ๏๏ ๏ ๏๏๏๏ช๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏๏๏๏ ๏ช๏ฎ๏ช ๏๏ข๏๏ฆ๏๏ ๏๏๏๏ผ๏๏๏๏๏๏๏๏๏น๏บ๏๏๏๏ ๏๏๏๏น๏๏๏ญ๏๏ ๏๏๏ข๏๏ฆ๏ญ๏ ๏๏ถ๏๏ฅ๏๏ฝ๏ ๏
๏๏ฌ๏ฎ๏๏ฝ๏ ๏๏ ๏ซ๏ช๏ซ๏๏ฎ๏ ๏น๏บ๏ ๏ฅ๏๏ฝ๏ ๏๏ ๏ข๏๏ฆ๏๏ ๏ฟ๏ถ๏๏ ๏ช๏๏๏ฟ๏ช๏ ๏พ๏ฐ๏ ๏๏๏๏๏๏ ๏๏ ๏๏๏บ๏ ๏๏๏๏๏๏ ๏๏๏ด ๏๏๏๏ฌ๏ ๏๏ ๏ณ๏๏๏๏๏ ๏๏ฏ๏ ๏๏ ๏๏๏ฝ๏ ๏๏ ๏๏๏ท๏ ๏๏๏๏ฝ๏๏ ๏ฐ๏๏๏ฐ๏ ๏๏๏ด๏ ๏ณ๏๏ฐ๏ ๏๏ ๏๏ ๏ฌ๏ช๏ฌ๏ญ๏๏ ๏๏ ๏ฟ๏๏ธ๏ฐ๏ถ ๏๏๏๏๏๏๏๏๏ญ๏ ๏๏๏ข๏๏๏ฟ๏๏๏๏๏๏ ๏๏น๏ ๏๏๏ท๏ ๏ ๏๏๏๏๏ ๏ ๏๏๏๏ฌ๏ ๏๏ ๏๏๏ฌ๏ ๏๏ ๏น๏บ๏ ๏๏๏๏๏๏๏ ๏พ๏ถ๏๏ ๏๏๏๏๏ ๏ฑ๏๏๏ ๏๏ฏ๏ ๏๏ถ๏ ๏๏๏๏๏ ๏๏๏๏ ๏ ๏๏ถ๏๏ ๏๏ณ๏๏ฐ๏ ๏๏ ๏๏ ๏๏๏ฌ๏ ๏๏ ๏๏ฏ๏๏ ๏ ๏๏๏๏๏๏ ๏๏๏๏๏๏๏ ๏๏ฟ๏๏ธ๏ฐ๏ ๏ฉ๏๏๏ ๏๏๏ฒ๏๏ณ๏ ๏ฑ๏๏๏ ๏๏ฏ๏ ๏๏ถ๏ ๏๏๏๏ ๏๏๏๏ ๏ ๏๏๏๏๏๏๏๏ ๏ด๏ต๏๏ผ๏ฎ๏ ๏พ๏ฐ๏ ๏ซ๏๏๏ ๏ฅ๏๏ฝ๏ ๏๏ ๏ข๏๏ฆ๏๏ ๏๏๏ซ๏๏ผ๏๏๏๏ ๏๏บ๏๏๏ ๏ฌ๏ช๏ฌ๏ญ๏๏ ๏๏ ๏๏๏ก๏ฐ๏ถ ๏๏๏๏๏ท๏ ๏ด๏ต๏๏ผ๏๏ ๏๏ ๏๏ฏ๏ถ๏ ๏ช๏๏ธ๏ถ๏ ๏๏๏๏๏๏ ๏๏๏๏ ๏ ๏๏ถ๏๏๏ ๏๏๏ฌ๏ ๏๏ ๏ฏ๏ฝ๏๏ ๏๏๏๏ ๏ง๏ฆ๏๏ฐ๏ ๏ช๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏๏น๏ฆ๏๏ฝ๏ ๏๏๏ฌ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ฅ๏ผ๏ถ๏๏ฉ๏๏๏๏๏๏๏๏๏ก๏ถ๏๏ฌ๏๏ฏ๏ฐ๏๏๏ถ๏๏๏๏๏๏ฌ๏ ๏ ๏๏ธ๏๏๏ ๏๏ ๏ถ๏ ๏๏๏๏ฌ๏๏ญ๏ ๏๏๏ ๏ท๏บ๏๏ฌ๏๏ ๏๏ถ๏ ๏ฅ๏๏ฝ๏ ๏๏ ๏น๏ด๏๏ฆ๏๏ ๏๏๏ฝ๏๏๏๏๏๏ ๏๏๏๏ผ๏ช๏ฌ๏ญ๏ฎ๏ ๏๏๏ด๏๏ฆ๏ญ๏ ๏ ๏๏๏๏ ๏๏๏๏ท๏๏ฌ๏๏๏ ๏๏๏๏๏๏๏๏ ๏๏๏ฝ๏ด๏ ๏ฌ๏บ๏๏๏๏ฎ๏ ๏น๏๏ ๏๏ ๏ฑ๏ฌ๏๏๏ ๏๏ ๏๏๏ ๏ ๏ณ๏ ๏ ๏ต๏๏๏๏๏ ๏๏๏๏ฐ๏ ๏๏ถ๏ถ ๏๏๏ญ๏ ๏ถ๏๏๏๏๏๏๏๏๏๏๏ฌ๏ ๏๏๏๏๏ฌ๏ ๏๏๏๏๏๏ข๏ฌ๏๏ฐ๏๏ฑ๏ฌ๏๏ฎ๏๏๏๏๏๏๏ฝ๏๏๏ช๏ฏ๏๏๏๏๏๏๏ช๏ฏ๏๏ ๏๏๏๏๏๏๏๏ ๏๏ถ ๏๏๏๏๏๏ฌ๏ช๏ฌ๏ญ๏๏ ๏๏๏จ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ด๏๏ฆ๏๏๏๏๏๏ท๏๏ฉ๏๏๏๏๏๏๏น๏ ๏บ๏๏๏ ๏๏๏ฏ๏ ๏๏ ๏ฉ๏๏๏ ๏๏ ๏น๏บ๏ ๏๏๏๏๏๏ ๏๏๏ด๏ ๏๏๏ ๏๏๏๏ฌ๏ ๏๏ ๏๏๏ฌ๏ ๏๏ ๏น๏บ๏ ๏๏๏๏๏ ๏ซ๏ฝ๏ด๏ ๏๏๏๏ ๏๏ซ๏๏ ๏๏๏๏๏๏ฐ๏๏๏น๏๏๏ญ๏๏ ๏๏ถ๏๏น๏ฆ๏๏ฝ๏ ๏๏๏๏๏ด๏๏ฆ๏ญ๏ ๏๏๏๏๏๏ผ๏๏๏๏๏ซ๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏๏ฝ๏ ๏๏๏ณ๏๏บ๏๏ท๏ญ๏ ๏ ๏๏๏ฝ๏๏๏ณ๏๏๏๏๏๏๏๏ฝ๏๏ช๏๏๏๏๏๏ฝ๏ ๏๏๏๏ฏ๏ถ๏๏พ๏ฐ๏๏ฝ๏๏ฟ๏ถ๏๏๏๏๏๏ณ๏๏๏๏๏๏๏๏ผ๏๏๏๏ฉ๏๏๏๏๏๏๏ช๏๏ ๏๏น๏ ๏บ๏ ๏๏๏ ๏ ๏๏ฒ๏๏ฒ๏ ๏ณ๏๏ผ๏๏๏ ๏๏๏๏๏๏ ๏ท๏ญ๏๏ ๏๏ฏ๏ ๏๏ ๏๏ฅ๏๏ฝ๏ ๏๏ ๏ข๏๏ฆ๏๏ ๏พ๏๏ ๏ฌ๏ช๏ฌ๏ญ๏๏ ๏๏ ๏๏๏๏ถ ๏๏พ๏ฐ๏ ๏๏ ๏๏ ๏ฌ๏๏๏ช๏ ๏ณ๏๏ฐ๏ ๏๏๏ ๏๏น๏ฆ๏๏ฝ๏ ๏๏ ๏ฌ๏๏๏ ๏๏๏ป๏ ๏๏ ๏ข๏๏ฆ๏ญ๏ ๏๏ ๏๏๏๏ ๏๏๏๏๏๏๏ ๏๏ญ๏ช๏ฌ๏ต ๏๏ฌ๏บ๏๏๏๏ฎ๏ ๏น๏๏ ๏๏ ๏๏๏๏ป๏ ๏๏ ๏ข๏๏๏ฟ๏๏๏๏ ๏๏๏ฟ๏๏ญ๏๏ ๏๏๏ฝ๏ ๏๏ ๏๏๏ซ๏๏๏ ๏ข๏ฌ๏๏ฐ๏ ๏ช๏๏๏๏ ๏๏๏๏ฌ๏ ๏ ๏๏จ๏๏๏๏ถ๏ ๏๏๏๏๏ฌ๏ ๏๏ ๏๏ฏ๏ถ๏ ๏๏๏ ๏ ๏๏๏ช๏๏๏ ๏๏๏๏๏ฐ๏ ๏ต๏ฌ๏ ๏ฐ๏ ๏ฑ๏ฌ๏๏ ๏ช๏๏๏๏ ๏๏๏ป๏ ๏๏ ๏ข๏๏ฆ๏ญ๏ ๏ ๏๏๏๏ฎ๏ฟ๏๏๏๏ฏ๏ ๏๏๏ฅ๏๏ฝ๏ ๏๏๏ผ๏๏๏๏๏๏ฝ๏๏๏๏๏ฑ๏ซ๏๏๏๏๏๏ฝ๏ ๏๏๏๏ฏ๏ถ๏๏ฌ๏ค๏ง๏ฎ๏๏ซ๏๏ถ๏๏๏๏๏ฒ๏๏๏ฐ๏๏๏ด๏๏๏๏๏๏๏ ๏๏๏ถ๏ถ๏ ๏๏น๏๏๏ฟ๏ ๏ฐ๏๏๏ฐ๏ ๏๏๏ด๏ ๏๏ฒ๏๏๏ ๏๏๏ ๏๏พ๏ ๏๏ผ๏๏ฝ๏๏ ๏๏๏๏๏๏๏๏ ๏๏๏ญ๏๏๏ ๏ซ๏ญ๏บ๏ ๏๏ฌ๏ช๏ฌ๏ญ๏๏ ๏ ๏๏๏ฌ๏๏๏ ๏๏๏๏ถ๏๏ฅ๏๏ฝ๏ ๏๏๏ผ๏๏๏๏๏๏ฌ๏ผ๏๏๏ช๏๏๏๏๏๏๏๏ฟ๏๏๏๏ฑ๏ฌ๏๏๏ ๏๏๏๏๏๏๏๏๏ ๏๏ ๏๏พ๏๏๏๏๏ผ๏๏ฝ๏ ๏๏๏๏ ๏ ๏น๏๏๏ฌ๏ ๏๏ ๏๏๏ฝ๏ ๏๏ ๏๏๏ท๏ ๏ฉ๏๏๏ ๏๏๏๏๏๏๏ ๏๏ ๏น๏๏๏๏๏ ๏๏ ๏ฅ๏๏ฝ๏ ๏๏ ๏๏๏ ๏ท๏๏๏ช๏ ๏๏ท๏๏ฌ๏ฎ ๏๏ผ๏๏๏๏๏ ๏น๏บ๏ ๏๏๏ฝ๏ ๏๏ ๏๏๏๏ ๏ฌ๏๏ผ๏ญ๏ ๏๏ ๏๏ช๏๏ผ๏๏ ๏๏ ๏พ๏๏บ๏ ๏น๏ ๏ฏ๏ ๏ถ๏ ๏๏ฅ๏๏ฝ๏ ๏๏ ๏ข๏๏ฆ๏๏ ๏๏๏๏๏ ๏น๏๏๏ฒ๏ฌ๏ ๏ ๏๏๏๏๏ฒ๏๏๏ ๏๏๏๏๏๏๏๏ผ๏๏ฝ๏๏๏๏๏ผ๏ ๏๏๏๏๏๏๏๏๏๏๏ด๏๏๏๏๏๏ถ๏๏๏๏๏๏ฌ๏ ๏ ๏๏น๏บ๏ ๏ฌ๏๏๏๏๏ช๏ ๏พ๏ฐ๏ ๏ ๏๏ท๏ฌ๏๏ ๏๏ ๏๏๏ถ๏ ๏๏๏ฌ๏๏๏๏๏๏ ๏ฌ๏๏๏ช๏ ๏ฌ๏๏ฐ๏ ๏ฅ๏๏ฝ๏ ๏๏ ๏ข๏๏ฆ๏๏ถ๏ ๏ฅ๏๏ฝ๏ ๏ ๏๏๏๏๏๏๏๏๏ช๏๏๏พ๏๏ฌ๏ช๏ซ๏๏๏น๏บ๏๏ฑ๏ฌ๏๏ผ๏ฏ๏๏๏ท๏ฟ๏ซ๏๏๏ฅ๏๏ฝ๏ ๏๏๏ผ๏๏๏๏๏๏ฑ๏๏๏ช๏ซ๏ ๏๏๏ผ๏๏๏๏ณ๏๏ฐ๏ถ๏๏๏ช๏ผ๏ญ๏๏๏๏ ๏
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TENDERS
QATAR
Tenders
Maintenance of overhead cranes & rigging equip on call off basis at all qp areas
Tender No: GT12110500 Document Cost: QR500 Bid Bond: QR300,000 Contact Qatar Petroleum PO Box 3212, Doha, Qatar Tel: (974) 4440 2000; Fax: (974) 4483 1125 www.qp.com.qa Deadline: 02/09/2012
IRAQ Main Outfall Drain Water Desalination for Multipurpose Utilisation
Ministry of Water Resources Tender No: 801/ Design/2012 The Centre of Studies and Engineering Designs, a unit of the Ministry of Water Resources, has called on specialist international consulting firms to participate in the tender. The work includes preparation of technical, economic and environmental impact study of the main outfall drain water desalination for multipurpose utilisation which lies between the latitudes of 30 and 34 northern and the longitudes of 44 and 48 eastern, within the territories of the governorate of Saladdin towards the governorate of Basrah. Cost of Tender Documents: $210 Please use the link below to see the full tender document relating to this project: http://iraqcomattache.org/i/files/docs/801_ tender.pdf Contact Ministry of Water Resources Studies & Engineering Designer Centre Email: gded2004@yahoo.com; Waterresmin@ yahoo.co.uk www.mowr.gov.iq Deadline: 25/10/2012
OMAN Supply, installation and commisioning of electro-chlorination plant for second seawater intake pumping station (swips ii) at sohar industrial port area
Tender No: 98/2012 Contact Oman Tender Board PO Box 787/133 Al Khuwair, Muscat, Oman Tel: + (968) 24602652; Fax: + (968) 24602063 Email: Tenderom@Omantel.net.om Deadline: 29/10/2012
Construction of adminstration building roads, car parking and infrastructure to harmoul harbor in sohar industrial port
Tender No: 97/2012 Document Cost: OR3000 Contact Oman Tender Board PO Box 787/133 Al Khuwair, Muscat, Oman Tel: + (968) 24602652; Fax: + (968) 24602063 Email: Tenderom@Omantel.net.om Deadline: 05/11/2012 Proposed national museum - fit-out works
Tender No: 96/2012 Document Cost: OR3000 Contact Oman Tender Board PO Box 787/133 Al Khuwair, Muscat, Oman Tel: + (968) 24602652; Fax: + (968) 24602063 Email: Tenderom@Omantel.net.om Deadline: 05/11/2012 Consultancy services for project management of the construction of batinah expressway from package 1 to package 6
Tender No: 94/2012 Document Cost: OR400 Contact Oman Tender Board PO Box 787/133 Al Khuwair, Muscat, Oman Tel: + (968) 24602652; Fax: + (968) 24602063 Email: Tenderom@Omantel.net.om Deadline: 22/10/2012 Supply of equipment for ministry of regional municipalities & water resources
Tender No: 93/2012 Document Cost: OR175 Contact Oman Tender Board PO Box 787/133 Al Khuwair, Muscat, Oman Tel: + (968) 24602652; Fax: + (968) 24602063 Email: Tenderom@Omantel.net.om Deadline: 17/09/2012
ADVANCE NOTICE Epic of speed enforcement system for dukhan umm bab road
The Qatar Ministry of Interior has requested the installation of speed enforcement along the Dukhan - Ummbab road, the deliverables include; 1) Speed Enforcement System, with speed detection and tracking unit, high resolution digital camera, flash, processing unit and speed measurement software inclusive of manufacturer calibration certificate 2) Housing for the speed enforcement system 3) Climate protection. Contact Contracts Department, Qatar Petroleum, PO Box 3212, Doha Planned Tender Issue: 3rd Quarter 2012 Planned Contract Award: 1st Quarter 2013
Epic lifting fac, material yard, panel room & parking shade
1. Four 4m high steel lifting structure complete with 3-ton chain hoist at Gas Lift Dehydration Units TEG Circulation Pumps at KNGDS, KSDGS, FMDGS and JDGS. 2. 3m x 3m room with air-conditioning for Control Panel in DSSA Sewage Pump Station. 3. Steel structure material yard 4mx12mx4m high and 4mx8mx4m high complete with cladding on 3 sides for Khuff E/G Workshop. 4. Three 4mx8mx 5m high parking shade for fire truck in DSSA. 5. Cantilever car parking, total 16 bays at FNDGS, FSDGS and KNDGS Contact: Contracts Dept. - Operations Division, Qatar Petroleum, PO Box 3212, Doha Planned Tender Issue: 3rd Quarter 2012 Planned Contract Award: 4th Quarter 2012
TENDERS
Epic for dukhan landfarm - soil treatment
The project scope of work includes Design and Detailed Engineering, Procurement, Installation, Construction and Commissioning (EPIC) of a full-scale facility for the bio-remediation, via land farming, of both existing hydrocarbon-contaminated soil and additional quantities of such contaminated materials as may be generated from the ongoing and future Dukhan oilfield operations, Qatar, to comply with Ministry of Environment (MoE) requirements as described in Appendix A โScope of Work.โ Contact Contracts Department Qatar Petroleum PO Box 3212, Doha, Qatar Tel: (974) 4440 2000; Fax: (974) 4483 1125 www.qp.com.qa Planned Tender Issue: 3rd Quarter 2012 Planned Contract Award: 1st Quarter 2013
UAE SALE OF GAS TURBINE POWER GENERATION UNITS AT DEWA โCโ STATION
Tender No: BOM 4120000015 Document Cost: AED1000 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: (9714) 3244444 Fax: (9714) 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 01/11/2012
Consultancy services for studying special backfilling materials with low thermal resistivity for mv cable installations
Tender No: RFX 2121200051 Document Cost: AED200 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: (9714) 3244444 Fax: (9714) 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 26/09/2012 Supply, installation, testing & commissioning of 600mm/900mm diatransmission water pipe line along the spine & tunnel up to the crescent in the palm jumeirah
Tender No: 2131200078 Document Cost: AED1000 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: (9714) 3244444 Fax: (9714) 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 19/09/2012
Drilling Across the Roads for Cable Laying
Tender No: 2121200048 Document Cost: AED500 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: (9714) 3244444 Fax: (9714) 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 19/09/2012 Provision of valet parking service for dewa head office, hudaiba customer service office & al ramool customer service office
Tender No: 2121200052 Document Cost: AED200 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: (9714) 3244444 Fax: (9714) 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 19/09/2012 Supply, Installation, Testing & Commissioning of Fiber Optic Cable along Sheikh Zayed Road and Hatta
Tender No: 2131200073 Document Cost: AED1000 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: (9714) 3244444 Fax: (9714) 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 13/09/2012
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OMAN
OMAN SPREADS THE NET
Efforts to expand the reach of broadband internet to encompass the entire country are expected to help Oman meet the needs of its growing economy, but the sheer size of the country and the scope of laying out necessary infrastructure present significant challenges. On June 9, Ahmed Bin Mohammed Al Futaisi, the minister of transport and communications, set out the governmentโs mid-term aims regarding broadband coverage, saying that more than 60% of Oman should have access to broadband services by 2017. Under the plan outlined by the minister, government departments, universities, industrial estates and commercial complexes will be provided with broadband download speeds of 1 gigabyte per second (GB/s). Some 80% of built-up areas will see download speeds of between 20 megabytes per second (MB/s) and 100 MB/s. Other areas will have download speeds of between 5 MB/s and 20 MB/s, while remote regions of the country will have access rates of 3 MB/s to 5MB/s. This plan would serve as a road map, the minister said, one that would point the way towards supporting the competitive capacity of the economy and enhancing the quality of telecoms services to all Omanis.
To this end, the Telecommunications Regulatory Authority (TRA) announced in mid-June it will be working with Omanโs two mobile phone service providers to extend coverage to rural and remote areas, unveiling a plan to bring phone links to more than 150 villages by the end of 2012. The programme calls for the two operators โ Omantel and Nawras โ to establish 120 base stations to serve remote communities, with work set to commence in the third quarter of this year. Amer Bin Awadh Al Rawas, the CEO of Omantel, said that while the new operating areas were not economically viable, the scheme was in line with both the companyโs and the governmentโs longer-term objectives for the communications sector. โIn addition to providing telecoms services in areas covered by this initiative, the overall penetration of ICT services in the Sultanate will also increase, supporting the governmentโs efforts to shift to a digital society,โ he said. โOman has a small population, widely spread over a land mass with interesting topography, which naturally makes it challenging to deliver services of all kinds, including communications,โ Ross Cormack, the CEO of Nawras, told OBG. โThere are still quite a number of small villages without utilities like telecoms and we, as operators, need to do our part to support the Information Technology Authority and TRA initiatives.โ While the programme will greatly extend mobile coverage and give more Omanis access to broadband through their handsets, Hamed Al Rawahi, the CEO of the TRA, said there will still be some regions without access to such services.
โThis is an issue that the TRA is currently working on through implementing field surveys in the remaining areas. Upon specifying such areas, the TRA will set the plans to accomplish the coverage of the remaining villages, in coordination with other government authorities,โ he said. Indeed, the sheer size of the country is one factor restricting higher levels of net usage. Oman has a landmass of around 310,000 sq km, dwarfing the 11,500 sq km of Qatar and the 77,000 sq km of the UAE. Access to mobile phone services, the platform of choice for most Omani internet users, varies across the country. In some of the more remote regions, access is all but non-existent, as the necessary infrastructure has not been put in place due to the high cost and low returns. According to data from the TRA, the Sultanate had 1.8m internet subscribers as of mid-June 2011, with the majority of those accessing their accounts through handheld sets. The TRAโs figures are somewhat higher than those provided by the International Telecommunications Union (ITU), the UN agency that deals with information and communications technology (ICT) issues, which put Omanโs internet user numbers at 1.74m at the beginning of 2012, giving a penetration rate of 57.5% compared to the almost 60% reported by the TRA. Either way, the penetration rates are well below those of most of Omanโs regional neighbours, such as Qatar with 81% or the UAE at 69%. Though much of Omanโs economic activity is centred around a few hubs, including the urbanised and industrialised areas such as Muscat, Sohar, Salalah and Sur, the policy of diversifying and expanding the Sultanateโs economy means that more than just the coastal cities will need access to high-quality ICT services. By providing broadband throughout the country, Oman will be able to bring remote communities much closer to the mainstream of the economy and to provide greater social and economic opportunities. OBG, 27/07/2012
A NEW FRONTIER
THE LEVANT BASIN: A NEW FRONTIER FOR OIL & GAS With an estimated 1.7 billion barrels of recoverable oil and 122 trillion cubic feet (TCF) of recoverable natural gas, the Levant Basin Province in the eastern Mediterranean is an exciting new frontier for the oil and gas industry.
exploration in Lebanon. As is the case with the other Levant Basin States, the regulation of exploration activity is developing at a fast pace, as the legal frameworks take shape in a manner that provides attractive incentives to international oil companies (IOCs).
The Levant Basin Province is a deep marine basin with water depths of 1,500โ2,000m which encompasses an area of approximately 83,000 sq km in the eastern Mediterranean between Lebanon and the Palestinian Territories. The basin lies between four geological boundaries (the Levant Transform Zone, the Tartus Fault, the Eratosthenes Seamount, and the Nile Delta Cone). Existing geological assessments indicate that the area holds potentially rich hydrocarbon plays formed from a variety of geological structures. Several petroleum systems have been identified in the area, and potential prospect types include four-way dip closure structures and stratigraphic traps.
Entrants into this exciting new oil and gas frontier will benefit from expert guidance to the complex legal environments for frontier exploration.
Several fields have already been discovered, with promising prospects as exploration continues. The discovered fields are estimated to hold significant reserves in excess of 25 TCF (Leviathan (16-20 TCF), Tamar (8.3 TCF) and Dalit (0.4 TCF) fields).
Opportunities in Lebanon The Levant Basin States are preparing for the gas bonanza, as the maritime borders of these states cut across the Levant Basin Province. The opportunities are not without their challenges, however. As the maritime borders of the Levant Basin States are not demarcated or agreed in advance, border disputes have arisen between these neighbouring states. Nevertheless, exploration in the Levant Basin Province is pressing ahead. The Lebanese government is actively committed to developing the oil & gas sector in Lebanon, with a licensing round expected in the third quarter of 2012. This note addresses the current legislation and applicable regulations for oil and gas
Legislation and Regulatory Authority The offshore oil and gas regime in Lebanon is governed by Law 132/2010 (the Offshore Petroleum Resources Law) and supplemented by decrees, rules, regulations and policies set by the Council of Ministers (the Cabinet) (Art. 8 of the Offshore Petroleum Resources Law). The Lebanese State has the exclusive right to own and manage petroleum resources in Lebanon. Executive power in the Lebanese State is entrusted to the Council of Ministers pursuant to Art 17 of the Lebanese Constitution. The Minister of Energy & Water (the Minister of Energy) is further entrusted with delegated authority to prepare for the licensing rounds and to conclude exploration and production agreements on behalf of the Cabinet. The Petroleum Administration Authority (PAA) was recently established under the tutelage authority of the Minister of Energy to organize and manage the forthcoming licensing rounds. The PAA will also be responsible for managing and supervising exploration and production activities in Lebanon.
Hybrid Licensing System The licensing system under the Offshore Petroleum Resources Law is based on a hybrid type of petroleum agreement structured in the form of a model Exploration and Production Agreement (the Model EPA). The method of calculating and allocating cost oil and profit oil will be determined by a Cabinet decree.
Reconnaissance Permit Reconnaissance permits (for undertaking studies and surveys) are awarded by the Minister of Energy for a maximum term of 3 years (Reconnaissance Permit). A Reconnaissance Permit is non-exclusive and does not afford the permit holder any priority or privilege in obtaining exploration and production rights.
Reconnaissance Data All reconnaissance data arising from activities performed under a Reconnaissance Permit shall be owned by the Lebanese State.
Exploration & Production Rights Exploration and production rights are awarded by the Cabinet pursuant to an Exploration & Production Agreement (EPA), consisting of two phases: A licence for petroleum exploration, awarded for a maximum term of 10 years (Exploration Licence/Exploration Phase); and A licence for petroleum development and production, awarded for a maximum term of 30 years (Production Licence/Production Phase). Exploration Licences and Production Licences grant exclusive rights to the licence holder to carry out the licensed petroleum activities.
Eligibility to apply for a Licence The โcontractorโ under the EPA shall consist of a group of at least 3 contractors (Licence Holders). Each contractor must be a joint stock company pre-qualified to apply for a licence.
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A NEW FRONTIER
Joint Licence
Development Plan
The Licence Holders jointly hold an exclusive licence to undertake petroleum activities pursuant to an EPA. The Licence Holders are deemed to form an unincorporated joint venture in which each Licence Holder has a joint and undivided participation interest in the Licence.
The Licence Holders are required to commit to a Plan for Development & Production to be determined in the EPA (Development Plan). The Development Plan shall consist of two parts: (i) an environmental impact assessment study and (ii) a work programme covering the development of reservoir resources and technical and economic aspects of available development solutions.
State Participation The Lebanese State retains a right to participate in exploration and production activities, in accordance with regulations to be issued by the Cabinet pursuant to a decree. The Offshore Petroleum Resources Law also anticipates the establishment of a Lebanese national oil company.
Royalty A Royalty will be payable in respect of petroleum extracted, at a rate to be determined by a Cabinet Decree. The Lebanese State shall be entitled to payment of the royalty in cash or in kind.
Cost Oil and Profit Oil Each Licence Holder is entitled to take Cost Oil and Profit Oil pro rata to its participation interest in the EPA.
Relinquishment A Licence Holder is required to relinquish at least 50% of its licence area upon extension of the Exploration Phase of its Licence, and in respect of licence areas not covered by a Development Plan, upon expiry of the Exploration Phase.
Surrender Requests A Licence Holder may apply for a proposed surrender of rights under an EPA provided it has fulfilled its work obligations and expenditure commitments under the Development Plan, and its financial obligations under and arising from the EPA (including payment of applicable taxes).
Model EPA The Model EPA shall cover the following issues, inter alia:
l The coordinates of the area licensed
under the EPA;
l The allocation of participation interests
between the Licence Holders;
l The term of the EPA and of each of the
Exploration and Production phases;
l The minimum work obligations and
l
l
l
l
expenditure commitments for the Exploration phase; The Lebanese Stateโs entitlement to participate in the EPA; Environmental matters related to each licensed area; Accounting rules and methods for determining cost oil and profit oil; Dispute resolution and arbitration;
Standard minimum guarantees covering minimum work obligations, approval of the Development Plan, surrender and/ or revocation of rights under an EPA, and decommissioning. Clyde & Coโs expert oil and gas team has worked extensively in frontier markets and challenging jurisdictions and is well placed, in tandem with Etude Maitre Noureddine Kabalanโs expertise in Lebanon and the region, to advise companies looking to venture into this exciting new oil and gas frontier. Report by Niazi Kabalan and George Booth, Clyde & Co
BUSINESS EVENTS
TRADE FAIRS, CONFERENCES AND EXHIBITIONS Iraq Future Energy 2012 3rd annual meeting 17-20 September 2012 Istanbul, Turkey Contact Jinanda Sheth Event Director, Middle East The Energy Exchange T: 00971 2 401 2998 E: j.sheth@theenergyexchange.co.uk Iraq Finance 2012 International Conference and Exhibition on Banking and Financial Services in Iraq 18-19 September 2012 Grange Tower Bridge Hotel, London Contact Symexco Ltd T: 020 8849 8964 E: exhibition@symexco.com www.iraqfinance.co.uk The British and Egyptian Education Conference: A meeting involving the Egyptian and British Governments and distinguished business and education speakers from both Egypt and the UK held simultaneously in Cairo and London through video links Brunei Gallery Lecture Theatre, SOAS, University of London and Cairo University Conference Centre 18-19 September 2012 Contact www.britishegyptiansociety.org.uk/ conference or the events section at the LMEI website: www.soas. ac.uk/LMEI Exploring Power Plant Emissions Reduction Through Cutting-Edge Technologies and Strategies 19-20 September 2012 London, UK Contact Paul Adams Arena International Events Group T: +44 (0)207 936 6400 E: pauladams@arenainternational.com
Libya Summit: Oil, Gas and Sustainable Growth 24-26 September 2012 Tripoli, Libya Contact Phillip Clark T: +44 20 7978 0056 E: pclarke@thecwcgroup.com www.cwclibyasummit.com The Future of Britainโs Space Economy: Seminar on best practice in developing commercial products using space technology and data 26 September 2012 Central London, UK Contact Inside Government Partnership Media Group T: 0845 666 0664 E: enquiries@insidegovernment.co.uk Africa Power Forum Conference supported by the Moroccan Ministry of the Environment and the Union of African Electricity Producers, Distributors and Conveyors, UPDEA 27โ28 September 2012 Marrakech, Morocco Contact i-conferences T: +212 522 36 95 15 E: courrier@i-conferences.org www.i-conferences.org/apf/ programme.htm Iraq Mega Projects International Conference & Exhibition 1-3 October 2012 Madinat Jumeirah, Dubai, UAE Contact Phillip Clarke T: +44 20 7978 0056 E: pclarke@thecwcgroup.com www.cwcimp.com
Annual Arbitration Seminars Hosted by Clyde & Co Dubai, Abu Dhabi and Doha 8, 9 and 10 October 2012 Contact Clyde & Co LLP E: middleeast.events@clydeco.com Find link to Arbitration Company Survey http://www.surveymonkey.com/s/ FDMWK8H 4th Annual World Islamic Retail Banking Conference 9-10 October 2012 Dubai, UAE Contact Natasha Jiandani E: natasha.jiandani@fleminggulf.com T: +91 97666 32109 www.fleminggulf.com 2012 Legal Congress: Law & Regulation in the Middle East Jumeirah Emirates Towers, Dubai, UAE 10-11 October 2012 Contact LexisNexis Email: registrations@lexisnexis.co.uk www.middleeast-conferences.com Kuwait Bridge Design & Construction Conference & Exhibition 10-11 October 2012 Radisson Blu Hotel, Kuwait Contact Ms Jerine Charles Events Manager ProMedia International T: 00 965 66624476 E: jerine.c@promediakw.com Big Data and Analytics Forum 2012 6th Annual Conference Hotel Russell, London, UK 16-17 October 2012 Contact Sam Capener Informa UK Ltd T: +44 (0)20 7017 4632 E: sam.capener@ovum.com http://bigdataforum.ovumevents. com/contact-us/
A New Era in Maritime Security? Risks, rules and responsibilities 22-23 October 2012 Chatham House, London, UK Contact Chatham House T: +44 (0)20 7957 5729 E: conferences@chathamhouse.org www.chathamhouse.org/ Shale Gas Environmental Summit 29-30 October 2012 Central London, UK Followed by Workshops on โMedia Trainingโ & โLegal and Regulatory Specifics in Shale Gas Permitting, Exploration and Production in Europeโ 31 October 2012 Central London, UK Contact Andrew Gibbons T: +44 (0) 20 7827 6156 E: agibbons@smi-online.co.uk Saudi Build 2012 Scale to New Construction Heights 11-14 November 2012 Riyadh International Convention & Exhibition Centre, Riyadh, Saudi Arabia Contact Riyadh Exhibitions Company (REC) T: +966 1 2295604; F: +966 1 2295612 E: info@recexpo.com Gulf Traffic Keeping the Middle East on the Move 19-21 November 2012 Abu Dhabi National Exhibition Centre, UAE Contact Informa Exhibitions T: +971 4 4072694; +971 4 4072710 E: hotels@informa.com www.gulftraffic.com
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