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#1 |
ØÇáÈ ÝÚÇá
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![]() ![]() ÈáíÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒ ãÍÊÇÌå ÔÑÍ ÓíßÔä 3 ãä ÇáÈáææææææææß 4 ÈáíÒ æææÓíßÔä 4 ÇÐÇ ÓãÍÊæ |
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#3 | ||
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Çí äÞØå ÛíÑ æÇÖÍÉ
Ýí ÓíßÔä 3 & 4 áíÊã ÔÑÍåÇ ¿!!¿
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#4 | ||
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æÃäÇ ãÚÇßã
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#8 |
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![]() Net present value
åäÇ íÊÍÏË Úä ÞíãÉ ÇáãÇá ¡¡ íÚäí ãËáÇ ÇáÞíãÉ ÇáÍÇáíÉ á 100 ÑíÇá ¡¡ áæ ÍÓÈäÇ ÞíãÊåÇ ÈÚÏ ÓäÉ áä Êßæä äÝÓåÇ æ ÓæÝ ÊÞá æ Êßæä ãËáÇ 90 ÑíÇá ¡¡ æ Ðáß áÃä åäÇß ÚÏÉ ÚæÇãá ÊÊÍßã ÈÐáß¡¡ æ åí ÎÓÇÑÉ ÇáÝÇÆÏÉ¡ æ ÇáÎØæÑÉ¡ æ ÊÃËíÑ ÇáÊÖÎã åÐå ÇáÚæÇãá ÇáËáÇËÉ ÊÄËÑ Úáì ÞíãÉ ÇáãÈáÛ ßáãÇ ãÑ ÇáæÞÊ ¡¡ áÐÇ äÓÊÎÏã ÕÇÝí ÇáÞíãÉ ÇáÍÇáíÉ ááãÈáÛ áäÚáã ÇÐÇ ßÇä ÇáÅÓÊËãÇÑ ãÑÈÍ Çã áÇ¡¡ The PV cash flow if year n = Actual cash flow of year n divided by (1+r) ^n N= the year of the cash flow R= the opportunity of investing rate expressed as decimal instead of as a percentage. äÃÎÐ ÇáãËá ÇáãæÌæÏ Ýí ÇáßÊÇÈ åäÇ äÑíÏ Çä äÚáã ÇÐÇ ßÇä ãÔÑæÚ ÔÑÇÁ ÌåÇÒ ãÇ íäÇÓÈ Çæ ãÑÈÍ ááÚãá ¡¡ÇÐÇ ßÇä ÇáNPV ãæÌÈ íÚäí äÞÈá ÇáãÔÑæÚ æ íßæä ãÑÈÍ¡ ÇãÇ ÇÐÇ ßÇä äÇÊÌ Çá NPV ÓÇáÈ íßæä ãÚäÇå Çä ÇáãÔÑæÚ ÛíÑ ãÑÈÍ æ áÇ íÌÈ ÔÑÇÁ ÇáÌåÇÒ¡¡ æ íßæä ÍÓÇÈ Ðáß Úä ØÑíÞ ãÚÑÝÉ ÇáãÈáÛ ÇáäÞÏí ÇáãÊÏÝÞ cash flow æ äÓÈÉ ÇáÅÓÊËãÇÑ æ äÍæá ÇáäÓÈÉ Çáì ÝÇÕáÉ ÚÔÑíÉ íÚäí ãËáÇ áæ ÇáäÓÈÉ ßÇäÊ 20 % ÊÕíÑ 0.2 ÈÇáßÊÇÈÉ Úä ØÑíÞ ÇÓÊÎÏÇã ÇáÝÇÕáÉ ÇáÚÔÑíÉ ¡¡ æ áæ ßÇäÊ ãËáÇ 30 % ÊÕíÑ 0.3 ÈÇáÝÇÕáÉ ÇáÚÔÑíÉ¡¡ Êßæä ØÑíÞÉ ÇáÍÓÇÈ Úä ØÑíÞ ÞÓãÉ ÇáßÇÔ Ýáæ áÓäÉ ãÚíäÉ Úáì ( 1+ äÓÈÉ ÇáÅÓÊËãÇÑ ÈÇáÝÇÕáÉ ÇáÚÔÑíÉ)^n ãÑÝæÚÉ Çáì ÞæÉ ÊãËá ÚÏÏ ÇáÓäíä ¡¡ æ åßÐÇ äÞæã ÈäÝÓ ÇáÎØæÇÊ áßá ÓäÉ æ äÌãÚ ÇáäÇÊÌ Çáßáí æ ãä Ëã äØÑÍ ÇáäÇÊÌ Çáßáí ãä ÇáãÈáÛ ÇáÃÕáí æ äÔæÝ áæ íØáÚ ÓÇáÈ Çæ ãæÌÈ¡¡ áäØÈÞ ÇáãËÇá ÇáæÞÊ ÇáÍÇáí ÇáãÈáÛ åæ 100 ÇáÝ ÍÓÇÈ ÇáÞíãÉ ÇáÍÇáíÉ íßæä 100/ (1+0.2)^0 = 100 ÇáÝ ¡¡ áÃä ÇáÞæÉ ÇáãÑÝæÚ ÇáíåÇ åí ÕÝÑ íÚäí ÇáÓäÉ ÇáÍÇáíÉ æ Ãí ÚÏÏ ãÑÝæÚ Çáì ÇáÞæÉ ÕÝÑ íßæä ÇáäÇÊÌ æÇÍÏ ¡¡ æ åäÇ 100 Úáì 1 = 100 ÇáÝ ÇáÓäÉ ÇáÃæáì Cash flow = 20 thousand Calculation of PV 20/ (1+ 0.02) ^1= 16.67 thousand ÇáÓäÉ ÇáËÇäíÉ Cash flow = 40 thousand Calculation of PV = 40/ (1+ 0.02) ^2 = 27.78 thousand ÇáÓäÉ ÇáËÇáËÉ Cash flow= 60 thousand PV= 60/ (1+0.2) ^3= 34.72 thousand ÇáÓäÉ ÇáÑÇÈÚÉ Cash flow= 60 thousand NP= 60/ (1+0.2) ^4= 28.94 thousand ÇáÓäÉ ÇáÎÇãÓÉ Cash flow= 20 thousand NP= 20 (1+ 0.2) ^5= 8.04 thousand ÇáÓäÉ ÇáÎÇãÓÉ ÚäÏ ÇáÊÎáÕ ãä ÇáÌåÇÒ ÈãÈáÛ 20 ÇáÝ NP= 20 (1+ 0.2) ^5= 8.04 thousand æ ãä Ëã äÌãÚ ÇáäÇÊÌ Çáßáí ãä ÛíÑ ÇáÈÏÇíÉ Çæ ÓäÉ ÇáÕÝÑ íØáÚ ÇáäÇÊÌ 124.19 ÇáÝ ¡¡ æ åäÇ äØÑÍå ãä ÇáãÈáÛ ÇáÃÕáí 124.19 ÇáÝ – 100 ÇáÝ = 24.19 ÇáÝ ¡¡ ÇáäÊíÌÉ ãæÌÈÉ íÚäí ÇáãÔÑæÚ ãÑÈÍ ááÔÑßÉ æ íãßä Çä ÊÔÊÑí ÇáÌåÇÒ Çæ ÇáãÇßíäÉ --------------------------------- ÇáÔÑÍ ÇÚáÇÉ ááÝÇÖáÉ / ãÌÊåÏÉ ÇÊæÞÚ Çäå æÇÖÍ æÖæÍ ÇáÔãÓ Ýí ÑÇÈÚÉ ÇáäåÇÑ .. ![]() |
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#9 |
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![]() pay back period ( pp)
åí ÇáÝÊÑÉ Çæ ÇáãÏÉ ÇáÊí ÊÊØáÈ áÚãá Çæ ãÔÑæÚ ãÇ Çä íÛØí äÝÞÇÊå Çæ ÑÃÓ ÇáãÇá: íÚäí ãËáÇ ÔÑßÉ ãÚíäÉ ØÑÍÊ ãÔÑæÚ íßáÝ 100,000 ¡ åäÇ ÊÏÑÓ ãÇ åí ÇáãÏÉ ÇáÊí ÚäÏãÇ íÚãá ÇáãÔÑæÚ æ Êßæä ÕÇÝí ÇáÚÇÆÏÇÊ ÊÛØí ÑÃÓ ÇáãÇá Çæ ÇáÊßáÝÉ ÇáãÏÝæÚÉ. ØÑíÞÉ ÍÓÇÈå: äÃÎÐ ÇáãËÇá ÇáãæÌæÏ Ýí ÇáßÊÇÈ ÊßáÝÉ ÇáãÔÑæÚ Çæ ÇáÌåÇÒ = 100¡000 ÕÇÝí ÇáÃÑÈÇÍ ÞÈá ÇáÊäÇÞÕ ááÓäÉ ÇáÃæáì = 20 ÇáÝ ÕÇÝí ÇáÑÈÇÍ ááÓäÉ ÇáËÇäíÉ ÞÈá ÇáÊäÇÞÕ= 40 ÇáÝ ÕÇÝí ÇáÑÈÇÍ ÞÈá ÇáÊäÇÞÕ ááÓäÉ ÇáËÇáËÉ= 60 ÇáÝ ÕÇÝí ÇáÃÑÈÇÍ ÞÈá ÇáÊäÇÞÕ ááÓäÉ ÇáÑÇÈÚÉ= 60 ÇáÝ ÕÇÝí ÇáÃÑÈÇÍ ÞÈá ÇáÊäÇÞÕ ááÓäÉ ÇáÎÇãÓÉ = 20 ÇáÝ ÇÌÑÇÁÇÊ ÇáÊÎáÕ ãä ÇáÌåÇÒ Ýí ÇáÓäÉ ÇáÎÇãÓÉ= 20 ÇáÝ ÇáÂä ØÑíÞÉ ÇáÍÓÇÈ äÌãÚ ãä ÑÃÓ ÇáãÇá æ íßæä ÈÇáÓÇáÈ áÃä ãÏÝæÚ ãä ÇáÔÑßÉ¡¡ ÇáÃÑÈÇÍ ááÓäÉ ÇáÃæáì -100 + 20 ÇáÝ = - 80 ÇáÝ ááÓäÉ ÇáËÇäíÉ äÌãÚ ÇáäÇÊÌ Çááí ÈÇáÓÇáÈ ãÚ ÇÑÈÇÍ ÇáÓäÉ ÇáËÇäíÉ -80 ÇáÝ + 40 ÃáÝ = - 40 ÃáÝ ááÓäÉ ÇáËÇáËÉ äÝÓ ÇáÎØæÉ ÇáÓÇÈÞÉ ¡ ÇáäÇÊÌ äÌãÚå ãÚ ÇÑÈÇÍ ÇáÓäÉ ÇáËÇáËÉ - 40 ÇáÝ + 60 ÇáÝ = + 20 ÇáÝ ááÓäÉ ÇáÑÇÈÚÉ 20 ÇáÝ + 60 ÇáÝ = 80 ÇáÝ ááÓäÉ ÇáÎÇãÓÉ 80 + 20= 100 ÇáÝ Ëãä ÈíÚ ÇáÌåÇÒ Ýí ÇáÓäÉ ÇáÎÇãÓÉ 100+ 20= 120 ÃáÝ ÇÐÇ äáÇÍÙ Çä ÇáÚáÇãÉ ÇáÓÇáÈÉ Ýí ÇáÓäÉ ÇáËÇáËÉ ÊÛíÑÊ Çáì ãæÌÈ ããÇ íÚäí Çäå Ýí ÎáÇá åÐå ÇáÓäÉ íÊã ÊÛØíÉ ÑÃÓ ÇáãÇá æ ÊÈÏà ÃÑÈÇÍ ÇáãÔÑæÚ ¡¡ æ äáÇÍÙ ÃíÖÇ ÂÎÑ ÇáÓäÉ ÇáÎÇãÓÉ íÊã ÇáÊÎáÕ ãä ÇáÌåÇÒ æ ÈíÚå æ ÇáÍÕæá Úáì ÃÑÈÇÍ ááãÔÑæÚ ÃíÖÇ¡¡ æ ÈÇáÊÍÏíÏ áäÚáã ÇáãÏÉ ÇáÊí íÊã ÝíåÇ ÇÓÊÑÏÇÏ ÑÃÓ ÇáãÇá äØÈÞ ÇáÂÊí Çæá ÓäÊíä æÇÖÍ Çäå ãÇ ÒÇáæ íÓÊÑÏæä ÑÃÓ ÇáãÇá ¡¡ ÇãÇ ÇáÓäÉ ÇáËÇáËÉ áÃä ÇáäÇÊÍ ãæÌÈ íÚäí ÇÓÊÑ쾂 ÑÃÓ ÇáãÇá æ ÈÏÃÊ ÇáÃÑÈÇÍ æ áäÍÏÏ ÇáÝÊÑÉ Ýí ÇáÓäÉ ÇáËÇáËÉ Çááí ßÇä ÝíåÇ ÇÓÊÑÏÇÏ ÇáãÈáÛ Ïæä ÇÑÈÇÍ äÞÓã ÇáäÇÊÌ ãä ÇáÓäÉ ÇáËÇäíÉ æ åæ 40 Úáì äÇÊÌ ÇáÓäÉ ÇáËÇáËÉ æ åæ 60 ¡¡ 60 / 40 = 2/ 3 ÓäÉ æ äÖíÝ ÚáíåÇ Çæá ÓäÊíä ¡¡ ÊÕíÑ ÇáãÏÉ ÇááÇÒãÉ ááãÔÑæÚ áíÓÊÑÏ ÑÃÓ ÇáãÇá åí ÓäÊíä æ 2/3 ãä ÇáÓäÉ ¡¡ æ ÃåãíÉ Çá pp Êßãä Ýí ÇäåÇ ØÑíÞÉ ÓÑíÚÉ æ ÓåáÉ ÇáÅÓÊÚãÇá æ ÇáÝÇÆÏÉ ãäåÇ Çä ÇáãÔÇÑíÚ ÇáÊí íãßä Çä ÊÓÊÑÏ ÇÑÈÇÍåÇ ÈÝÊÑÉ ÒãäíÉ ÓÑíÚÉ ãä ÇáäÇÍíÉ ÇáÅÞÊÕÇÏíÉ Êßæä ãÑÛæÈÉ ÃßËÑ ãä ÇáãÔÇÑíÚ ÇáÊí ÊÃÎÐ ãÏÉ ÒãäíÉ ÃØæá áÅÓÊÑÏÇÏ ÑÃÓ ÇáãÇá ¡¡ æ ßãÇ äÚáã Çä ÞíãÉ ÇáãÈáÛ ÇáãÏÝæÚ Ýí ßá ÓäÉ ÊÊäÇÞÕ ãÚ ÇáÓäæÇÊ ÇáÊí ÊáíåÇ ¡¡ |
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#10 |
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![]() Ýí ÕÝÍÉ 283 ãä ßÊÇÈ ÇáÃßÇæäÊíäÞ ÔÇÈÊÑ 10 ÈíÔÑÍ ÇáÇÑÈÚ ÇäæÇÚ ÇáÑÆíÓíÉ áÊÞííã ÇáÇÓÊËãÇÑ : 1- ãÚÏá ÇáÚÇÆÏ ÇáãÍÇÓÈí ( ARR ) 2- ÝÊÑÉ ÇÓÊÚÇÏÉ ÞíãÉ ÇáÇÓÊËãÇÑ ( PP ) 3- ÇáÞíãÉ ÇáÕÇÝíÉ ÇáÍÇáíÉ ( NPV ) 4- ÇáÚÇÆÏ ÇáÏÇÎáí ááÇÓÊËãÇÑ ( IRR ) CIA Techniques Accounting Rate of Return (ARR) Method The ARR method takes the average accounting profit that the investment will generate and expresses it as a percentage of the average investment in the project as measured in accounting terms. æåí ÈÃÎÐ ãÊæÓØ ÇáÑÈÍ ÇáãÍÇÓÈí ÇáÐí ÓæÝ íÍÞÞå Ðáß ÇáÇÓÊËãÇÑ æÚÑÖå ßäÓÈÉ ãä ãÊæÓØ ÇáÇÓÊËãÇÑ Ýí ÇáãÔÑæÚ. ÇáãËÇá ãÐᑥ Ýí ÕÝÍÉ 286 ãä ßÊÇÈ ÇáÃßÇæäÊíäÞ The Payback Period (PP) is the length of time it takes for the initial investment to be repaid out of the net cash inflows form the project. æåäÇ ÊÑßÒ Úáì ÝÊÑÉ æáíÓ Úáì äÓÈÉ ãËá ÓÇÈÞÊåÇ. æåí ÇáÝÊÑÉ ÇáÒãäíÉ ÇááÇÒãÉ áÇÓÊÚÇÏÉ ÞíãÉ ÃáÇÓÊËãÇÑ . ãËÇá ÕÝÍÉ 290 ãä ßÊÇÈ ÇáÃßÇæäÊíäÞ Net Present Value method This method calculates the present value of all the money coming in from the project in future and then sets it against all the money being spent on the project today. æåÐå ÇáØÑíÞÉ ÊÃÎÐ ÈÚíä ÇáÇÚÊÈÇÑ ßÇÝÉ ÇáÊßÇáíÝ æÇáÝæÇÆÏ áÃí ÝÑÕÉ ÇÓÊËãÇÑíÉ æßÐáß ÊÞííã ÚÞáÇäí ááÊæÞíÊ áÊáß ÇáÊßÇáíÝ æÇáÝæÇÆÏ ãËÇá ÕÝÍÉ 293 ãä ßÊÇÈ ÇáÃßÇæäÊíäÞ Internal Rate of Return (IRR) method The IRR is the discount rate that, when applied to the future cash flows of a project, will produce an NPV of precisely zero. It involves trial and error at different discount rates. Åä ÇáÚÇÆÏ ÇáÏÇÎáí ááÇÓÊËãÇÑ åæ ÚÈÇÑÉ Úä ãÚÏá ÇáÊÎÝíÖ ÇáÐí ÚäÏãÇ íØÈÞ Úáì ÇáãÏÇÎíá ÇáäÞÏíÉ ãä ÇáÇÓÊËãÇÑ .. ÓæÝ íÚØíäÇ NPV ÊÓÇæí ÕÝÑ... ÈãÚäì ÂÎÑ åæ íãËá ÇáäÇÊÌ ãä ÇáãÔÑæÚ. ÔÑÍ ÇáãËÇá Ýí ÕÝÍÉ 302 ÇáÑÓã 10.4 ãä ÇáäÞÇØ ÇáãåãÉ
Ýí ÇáÓßÔä ÕÝÍÉ 300 Why NPV is superior to ARR and PP æÕÝÍÉ 304 æ 305 ÇáäÞÇØ ÇáÓÊå æÕÝÍÉ 308 áÊÞííã ÇáÃÓÊËãÇÑ ãä ÇáäÇÍíå ÇáÚãáíÉ æÌÏæá ÕÝÍÉ 317 Present Value Table ãä Çáããßä äÓÎÉ æÇÓÊÎÏÇãÉ ÇËäÇÁ ÇáÇÎÊÈÇÑÇÊ æÇáÇÓÊÚÇäÉ ÈÃáå ÍÇÓÈÉ ÌÇÆÒ ÔÑÚÇ ÍÓÈ ÇÝÇÏÉ Ïß澄 ÇáãÇÏÉ ![]() ÊÞÑíÈÇ åÐí Çåã ãÇÝí ÇáÔÇÈÊÑ ãÚ Íá ÌãíÚ ÇáÇÓÇÆáÉ ÇÎÑ ÇáÔÇÈÊÑ áÊÑÓíÎ ÇáãÚáæãÉ ÈÔßá ÇæÓÚ ![]() ÇáÊÚÏíá ÇáÃÎíÑ Êã ÈæÇÓØÉ ØáÇá Èä ãäÕæÑ ; 24-10-2010 ÇáÓÇÚÉ 08:44 AM |
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#11 |
ØÇáÈ ÝÚÇá
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íÓáãæ ÇÎæí ØáÇá
ÈÓ ÇäÇ ãä Çæá ÇáÓíßÔä 3 ÈáíííÒÒÒÒÒ |
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#12 |
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![]() Lumijarvi (1991) investigated the methods used by project champions to convince fun -holders within organizations. He classified their justification into four main types of arguments: ÇáÇäæÇÚ ÇáÇÑÈÚÉ Çááí ãÓÊÑ áæãÌÇÑÝí ÍÞÞ ÝíåÇ .. æÇáÊí ÊÓÊÎÏã ãä ÞÈá ÇáãäÇÕÑíä ááãÔÑæÚ .. ãÍÇæáíä ÇÞäÇÚ ÇÕÍÇÈ ÑÄÓ ÇáÇãæÇá ÏÇÎá ÇáãäÙãÉ .. æÞÏ ÕäÝ ÇáãÈÑÑÇÊ ßÇáÊÇáí :.. 1. Economic arguments: e.g. the profitability of an investment, as demonstrated by quantitative technique(s). They were emphasized extremely frequently although they did not seem to have much influence on the decision-makers. ãÈÑÑÇÊ ÇÞÊÕÇÏíÉ : ãÍÇæáÉ ÇÞäÇÚåã ÈÃä ÇáãÔÑæÚ ãÑÈÍ Úä ØÑíÞ ßãíÉ ÇáÊÞäíÉ .. æáÇ íÈ쾂 áÏíåã ÇáÇËÑ ÇáßÈíÑ Úáì ÃÕÍÇÈ ÇáÞÑÇÑ 2. Strategic arguments: e.g. an investment's strategic applicability or the contribution it will make to official strategy. They were employed very often and they had more effect on the superiors than economic arguments. ãÈÑÑÇÊ ÇÓÊÑÇÊíÌíÉ : ãÍÇæáÉ ÇÞäÇÚåã ÈÃä ÇáÇÓÊËãÇÑ ãÑÊÈØ ÈÃÓÊÑÇÊíÌíÉ ÑÓãíÉ .. æÚáíåã ÊÃËíÑ Úáì ÇáÑÄÓÇÁ ÇßËÑ ãä ÇáãÈÑÑÇÊ ÇáÃÞÊÕÇÏíÉ 3. Non economic argument: e.g. of political, cultural, social or environmental nature. Non-economic proposals- arguments were applied rarely, but when employed they were effective. ãÈÑÑÇÊ ÛíÑ ÇÞÊÕÇÏíÉ : ÓíÇÓíÉ .. ËÞÇÝíÉ .. ÇÌÊãÇÚíÉ .. ÈíÆíÉ .. äÇÏÑÉ æáßä ÚäÏãÇ ÊæÙÝ íßæäæÇ ÇßËÑ ÝÇÚáíÉ 4. Production technology argument: Finally, proposal emphasized production technology arguments frequently and the decision-makers seemed to value them very highly. ãÈÑÑÇÊ ÊÞäíÉ ááÇäÊÇÌ : ÇÓÊÎÏÇã ÇáÊÞäíÉ ÇáãäÇÓÈÉ ááÇäÊÇÌ .. æ ÕäÇÚ ÇáÞÑÇÑ áåã ÞíãÉ ÚÇáíå ÌÏÇ
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#13 | ||
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í ÓáÂáÂáÂã ÃäæÇÚ ÇáÊäÇÍå :/
ÔßÑÇ ááßá (f)
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#14 | ||
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íÓáãææææææææææææææææææææææææææææææææææææææææææææææ ææææææææææææ
ØáÇá ÝßíÊ ÇÒãå æÑÈí
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ãæÇÞÚ ÇáäÔÑ (ÇáãÝÖáÉ) |
ÃÏæÇÊ ÇáãæÖæÚ | |
ÇäæÇÚ ÚÑÖ ÇáãæÖæÚ | |
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