Household Income Saudi Arabia by iiy13066

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									                            j
A Comparative Analysis of Affordable
     Housing in Saudi Arabia
                            By
                            By

              Dr. Adel S. Al-Dosary
                       Presented To
                       Presented To

  Low Cost Building Systems in Urban
       Settlement Symposium
              May 16-19, 2005,Amman, Jordan
              May 16-19, 2005,Amman, Jordan
                                                         ١




                  Outline of Presentation                1 of 25



 Introduction - problem statement, objective, scope of
 Introduction - problem statement, objective, scope of
      study, methodology and limitations of the study
      study, methodology and limitations of the study
 Inputs and players in affordable housing provision
 Inputs and players in affordable housing provision

 Housing statistics & supply mechanism in
 Housing statistics & supply mechanism in
     Saudi Arabia
     Saudi Arabia
 Definition of “Affordable” Housing
 Definition of “Affordable” Housing
      Developed Countries
      Developed Countries
      Developing Countries
      Developing Countries
 Definition of affordable housing in local context
 Definition of affordable housing in local context
 Literature Review - Salient features of affordable housing
 Literature Review - Salient features of affordable housing
      programs in developed and developing countries
      programs in developed and developing countries
 Conclusion - Need for research of different parameters of
 Conclusion - Need for research of different parameters of
     affordable housing in the local context
     affordable housing in the local context
 Recommendations.
 Recommendations.

                                                         ٢




                                                                   ١
                       Introduction                         2 of 25




 Housing is among the basic human necessities
 Housing is among the basic human necessities

 General characteristics of housing include average
  General characteristics of housing include average
monthly housing costs (rent, taxes, utilities), typology and
monthly housing costs (rent, taxes, utilities), typology and
condition of the housing units.
condition of the housing units.

  These influence
  These influence     housing
                      housing     location,
                                  location,   standards
                                              standards   and
                                                          and
‘affordability’
‘affordability’

 A base definition of affordability can be stated as the
  A base definition of affordability can be stated as the
ability of a household to purchase a home based on
ability of a household to purchase a home based on
median monthly income.
median monthly income.

 This ability implies that other essential living costs are
  This ability implies that other essential living costs are
not affected due to the expenditure on housing.
not affected due to the expenditure on housing.




                       Introduction                         3 of 25



 Basic parameters of housing affordability include:
 Basic parameters of housing affordability include:
      Land
      Land
      Labor and Material Costs
      Labor and Material Costs
      Zoning Ordinances and Land Use Policies
      Zoning Ordinances and Land Use Policies
      Development and Construction Fees
      Development and Construction Fees
      Building Codes and Standards
      Building Codes and Standards
      Taxes and Finance
      Taxes and Finance
      Community Participation.
      Community Participation.
  This study will be limited to comparison of housing cost
  This study will be limited to comparison of housing cost
to household income – this means a concentration on
to household                             concentration on
housing finance institutions and mechanisms.
housing finance institutions and mechanisms.
  Relevance: the current situation of housing provision and
  Relevance: the current situation of housing provision and
the sense of impending housing crisis calls for a look at
the sense of impending housing crisis calls for a look at
housing affordability in Saudi Arabia very Seriously .
housing affordability in Saudi Arabia very Seriously .




                                                                      ٢
                      Introduction                        4 of 25


objective of the study:
objective of the study:
    to define affordability of housing in the local context
    to define affordability of housing in the local context
    with emphasis on housing ownership and arrive at
    with emphasis on housing ownership and arrive at
    directions for future research.
    directions for future research.
methodology and limitations of the study:
methodology and limitations of the study:
    use available statistics to define affordability.
    use available statistics to define affordability.
    review literature to identify definitions, policies and
    review literature to identify definitions, policies and
    implementation strategies in vogue globally.
    implementation strategies in vogue globally.
    To arrive at guidelines from case-studies.
    To arrive at guidelines from case-studies.
significance and application of the study:
significance and application of the study:
    literature on the subject is sparse in the local
    literature on the subject is sparse in the local
    context and there is a need to bridge the gap
    context and there is a need to bridge the gap
    between global knowledge and local application.
    between global knowledge and local application.
    the study is limited to housing finance other
    the study is limited to housing finance other
    parameters also need an in-depth analysis.
    parameters also need an in-depth analysis.




                 Housing in Saudi Arabia                  5 of 25




history:
history:
     a conscious housing policy in KSA evolved in the
     a conscious housing policy in KSA evolved in the
     1970’s. the oil boom prompted public spending and
     1970’s. the oil boom prompted public spending and
     infusion of enormous funds into infrastructure
     infusion of enormous funds into infrastructure
     building and financing for constructing homes.
     building and financing for constructing homes.

principal players and functions:
principal players and functions:
    government – real estate, construction, finance
    government – real estate, construction, finance
    private sector – construction, furnishing and finance
    private sector – construction, furnishing and finance
    citizens - construction.
    citizens - construction.
urban areas:
urban areas:
    faced a huge influx due to rapid development and
    faced a huge influx due to rapid development and
    urbanization reached levels of up to 80% in a span
    urbanization reached levels of up to 80% in a span
    of three decades – a huge demand for middle and
    of three decades – a huge demand for middle and
    low-income housing arose.
    low-income housing arose.




                                                                    ٣
           Principal Housing Typologies & Financers           6 of 25




 Detached Villas – most popular among affluent classes
 Detached Villas – most popular
                   funded by REDF loans or Savings.
                   funded by REDF loans or Savings.

 Traditional attached houses – not very popular due to
 Traditional attached houses – not very popular due to
                   changing demographic structure and
                   changing demographic structure and
                   life styles – funded by mostly collective
                   life styles – funded by mostly collective
                   family savings.
                   family savings.

 Apartments – built by government, real estate developers
 Apartments            government, real estate developers
                   Funded by government or private
                   Funded by government or private
                   sector speculators.
                   sector speculators.

 Housing Compounds – mostly private owned and catering
 Housing Compounds          private owned and catering
                to expatriates.
                to expatriates.
                     Funded by Pvt. Firms or ministries.
                     Funded by Pvt. Firms or ministries.


                                                              ٧




          Affordable Housing Concepts


Affordable Housing: Housing costs equal to or less that 30%
of household income.
• Example: $18,000 annual income = $1,500 monthly income.
Affordable housing is $450 or less/month.
• Minimum wage is $5.15/hr ($10,712/yr): That makes
Affordable housing is $268/mo or less.
Assume that the Fair Market Rent for a 2-bedroom
apartment is $730/month. At $5.15/hour, you need to work
109 hours per week or earn minimum of $13.98/hour for 40
hour week for 2-bedroom apartment to be affordable.



                                                              ٨




                                                                        ٤
            Area Median Income

The Department of Housing & Urban development
computes and publishes the “Area Median Income”
(AMI) for all parts of the US.
 HUD Household
Income categories           Household incomes
Very-low income             Less than 50% AMI
Low income                  Less than 80% AMI
Moderate income             Less than 120% AMI

                                                                         ٩




                 Housing Determinants                                    7 of 25




                             Finance:
                              REDF
                              Banks
                         Employers (Pvt.)
                          Informal loans                  Land:
    Labor:
                                                        MOMRA
    Skilled
                                                       Royal Court
  Unskilled
                                                     Real estate firms
 Professionals
                                                       Pvt.Owners
                              Housing
          Bldg. Materials:                      Services:
              Ministries                     Municipalities
         Pvt. Manufacturers                 Ministry of Agri.
              Suppliers                     Ministry of PTT.
                                            Elect. Companies




                                                                                   ٥
                                             Demographics and Housing Statistics                                   8 of 25



                                                        Population Distribution
                                                           0-14 Years           65+ Years
                                     50
                                     45
              (%) Age Distribution
                                     40
                                     35
                                     30
                                     25
                                     20
                                     15
                                     10
                                      5
                                      0
                                       1940      1960      1980     2000          2020          2040      2060
                                                                    Years


                                            The increasing percentage of young population
                                            The increasing percentage of young population

                                                                                                                   ١١




                                                                                                                   9 of 25
                                            Demographics and Housing Statistics
                                                        Population in Urban Areas

                             10000
Population in Thousand




                                     8000


                                     6000


                                     4000


                                     2000


                                       0
                                          1950   1960    1970     1980      1990         2000      2010     2020
                                                                        Years


            Urbanization is currently around 80% and increasing
            Urbanization is currently around 80% and increasing



                                                                                                                   ١٢




                                                                                                                             ٦
                            Demographics and Housing Statistics                                           10 of 25




                                          Constructed during the    Cumulative Stock up to
                                          Sixth Development         End of Sixth                 Structure
Executing Agency                          Plan                      Development Plan (No         of Stock
                                                                    of Units)                    (Percent)

Government Housing:

- Ministry of Public Works &                      -                     24540                     0.8%
Housing

- Government Agencies (for                        -                    221000                     7.1%
employees)

Sub-
Sub-Total                                         -                    245540                     7.9%

Private Sector:

REDF Finance                               33,300                      573,000                   18.3%

Self Finance                              250,000                   2,308,000                    73.8%

Sub-
Sub-Total                                 283,300                   2,881,000                    92.1%

            Total                         283,300                   3,126,540                    100.0%



    Public sector share of the housing market is very small
    Public sector share of the housing market is very small
                                                                                                          ١٣




                        Demographics and Housing Statistics                                               11 of 25




                                     House Rent-to-Income Ratio in Cities
                       50
                              45.4
                       45
                                          39.5
                       40
                                                       34.4
                       35                                       31.4
                       30
               Ratio




                       25
                                                                             19.1      18.2
                       20
                       15
                       10
                       5
                       0
                              Arab       Africa        Asia-    LAC          HIC    Transition
                             States                   Pacific
                                                          Regions


            Arab states have the highest Rent- Income Ratio
            Arab states have the highest Rent- Income Ratio


                                                                                                          ١٤




                                                                                                                     ٧
                                  Demographics and Housing Statistics                   12 of 25




                                             House Price to Income Ratio
                             14
                                    12.5
                             12              11.3      10.9
     Price to Income Ratio
                             10

                             8                                    6.8
                                                                            5.8   5.4
                             6

                             4

                             2

                             0
                                   Africa    Asia-     Arab    Transition   HIC   LAC
                                            Pacific   States

                                                          Regions


 The cost of a house is to about 10 years of cumulative
  The cost of a house is to about 10 years of cumulative
 earnings for a 7000SR median household income family
 earnings for a 7000SR median household income family

                                                                                        ١٥




                                     Demographics and Housing statistics                13 of 25




The comparison of GDP gives an idea of living standards in
The comparison of GDP gives an idea of living standards in
comparison to developed and developing countries. Helps
comparison to developed and developing countries. Helps
 in the comparison of definitions of housing affordability.
 in the comparison of definitions of housing affordability.

                                                                                        ١٦




                                                                                                   ٨
               Definition of Affordable Housing         14 of 25


 In Developed Countries –
 In Developed Countries –
      It is generally accepted that it means “housing that
      It is generally accepted that it means “housing that
      can be purchased by families earning between
      can be purchased by families earning between
      30% and 80% of the community’s median income”.
      30% and 80% of the community’s median income”.
 In Developing Countries –
 In Developing Countries –
      Due to the relatively low per capita incomes “ it is
      Due to the relatively low per capita incomes “ it is
      generally means “housing that is provided for the
      generally means “housing that is provided for the
      lower middle and low-income groups who need
      lower middle and low-income groups who need
      assistance or supplements to fulfill housing needs”.
      assistance or supplements to fulfill housing needs”.
 In Saudi Arabia –
 In Saudi Arabia –
      The statistics and costs of housing acquisition
      The statistics and costs of housing acquisition
      show that vast majority of households that have an
      show that vast majority of households that have an
      average median monthly income of about 7000SAR
      average median monthly income of about 7000SAR
      or less, have to spend much more than 30% of
      or less, have to spend much more than 30% of
      income for housing acquisition, hence liable for
      income for housing acquisition, hence liable for
      assistance.
      assistance.
  EXTENSIVE MARKET RESEARCH IS NEEDED TO ASCERTAIN
  EXTENSIVE MARKET RESEARCH IS NEEDED TO ASCERTAIN
    ACTUAL COSTS AND FIX AFFORDABILITY BRACKETS.
    ACTUAL COSTS AND FIX AFFORDABILITY BRACKETS.
                                                        ١٧




          Principal Housing finance providers in KSA    15 of 25



  Middle & Low-income households were provided
  Middle & Low-income households were provided
assistance through –
assistance through –
            Free land grant program and
            Free land grant program and
            REDF Loans.
            REDF Loans.
            High rise public housing.
            High rise public housing.
            Housing by charitable institutions
            Housing by charitable institutions
 Ministries – Various ministries have provided either
 Ministries – Various ministries have provided either
             Housing or loans to their employees.
             Housing or loans to their employees.
             Universities.
             Universities.
 the private sector –
 the private sector –
            Developers, independently or with assistance
            Developers, independently or with assistance
            from government.
            from government.
            Joint stock companies
            Joint stock companies
            Institutions like ARAMCO,SCECO, Saudi Real-
            Institutions like ARAMCO,SCECO, Saudi Real-
            Estate Company.
            Estate Company.
            Informal financing and individual savings.
            Informal financing and individual savings.

                                                        ١٨




                                                                   ٩
       Inputs to Housing Affordability - shortcomings in KSA   16 of 25



 Land supply – Policies fall short at provision of land for
 Land supply – Policies fall short at provision of land for
           affordable housing.
            affordable housing.
            lack of measures to optimize services, as it is
            lack of measures to optimize services, as it is
            a major contribution to cost.
            a major contribution to cost.
 Labor & Standards – Indigenous labor and technologies
 Labor & Standards – Indigenous labor and technologies
            are limited to the small proportion of
            are limited to the small proportion of
            professional labor.
            professional labor.
              lack of codes and standards is also adding to
              lack of codes and standards is also adding to
              the costs of housing construction.
              the costs of housing construction.
              municipalities play a limited role.
              municipalities play a limited role.
 Building Materials –Construction material affordability
 Building Materials –Construction material affordability
            and quality is not addressed, this is an area
            and quality is not addressed, this is an area
            to encourage private sector participation.
            to encourage private sector participation.
 Services – Policies and laws governing services do not
 Services
            recognize the aspect of sustainability and
             recognize the aspect of sustainability and
            adversely affect housing affordability.
             adversely affect housing affordability.
                                                               ١٩




       Inputs to Housing Affordability - shortcomings in KSA   17 of 25



   Finance –
   Finance –
  1.
  1.   Cost of even a modest house represents the
       Cost of even a modest house represents the
       accumulated savings of median households for over
       accumulated savings of median households for over
       20years.
       20years.
  2.
  2.   The public sector caters to a very small portion of
       The public sector caters to a very small portion of
       the affordable housing requirement.
       the affordable housing requirement.
  3.
  3.   The private sector finances over 90% of the housing
       The private sector finances over 90% of the housing
       but has no specific mechanisms to address the
       but has no specific mechanisms to address the
       issue of housing affordability.
       issue of housing affordability.
  4.
  4.   The presence of extensive infrastructure and
       The presence of extensive infrastructure and
       facilities is not utilized to address the issue.
       facilities is not utilized to address the issue.
  5.
  5.   There is a lack of discussion and literature on the
       There is a lack of discussion and literature on the
       issue of affordability of housing in Saudi Arabia.
       issue of affordability of housing in Saudi Arabia.
 EACH OF THE ABOVE MENTIONED INPUTS TO HOUSING
 EACH OF THE ABOVE MENTIONED INPUTS TO HOUSING
AFFORDABILITY NEED TO EXTENSIVELY RESEARCHED IN
AFFORDABILITY NEED TO EXTENSIVELY RESEARCHED IN
       THE LIGHT OF GLOBAL DEVELOPMENTS.
       THE LIGHT OF GLOBAL DEVELOPMENTS.
                                                               ٢٠




                                                                          ١٠
       Findings of case studies - Developed countries    18 of 25




 The affordable housing financial institutions in
 The affordable housing financial institutions in
developed countries are quite complex and involve,
developed countries are quite complex and involve,
1.
1.   Private Developers,
     Private Developers,
2.
2.   Local Governments and
     Local Governments and
3.
3.   Central Government Agencies.
     Central Government Agencies.
Levels of equity participation, amounts of lending, risks
Levels of equity participation, amounts of lending, risks
involved in investment for all parties, are all spelled out
involved in investment for all parties, are all spelled out
as policies.
as policies.
Well established institutions help easy implementation
Well established institutions help easy implementation
of policies.
of policies.
Most countries are concentrating on fine tuning their
Most countries are concentrating on fine tuning their
mechanisms to suit financial market trends.
mechanisms to suit financial market trends.
Several approaches are being tried to improve housing
Several approaches are being tried to improve housing
affordability.
affordability.

                                                         ٢١




       Findings of case studies - Developed countries     19 of 25



some of the notable approaches and innovations are –
some of the notable approaches and innovations are –
1.
1.   Lowering risk for lending institutions through
     Lowering risk for lending institutions through
     insurance or guarantees or lowering of down
     insurance or guarantees or lowering of down
     payment by granting of higher loans.
     payment by granting of higher loans.
2. Involving all levels of government through taxation
2. Involving all levels of government through taxation
   subsidies.
   subsidies.
3. Community based non-profit organizations are being
3. Community based non-profit organizations are being
   organized at local levels to assist in affordable
   organized at local levels to assist in affordable
   housing provision.
   housing provision.
4. The main ingredients of land finance and
4. The main ingredients of land finance and
   management expertise
   management expertise      are pooled together by
                             are pooled together by
   voluntary organizations through creating a nexus
   voluntary organizations through creating a nexus
   between government, private and non-profit players.
   between government, private and non-profit players.
5. Tax-credits to developers in return for provision of
5. Tax-credits to developers in return for provision of
   affordable housing units.
   affordable housing units.


                                                         ٢٢




                                                                     ١١
      Findings of case studies - Developed countries             20 of 25



6. Conversion of unused buildings and refurbishment of
6. Conversion of unused buildings and refurbishment of
   dilapidated units to increase the supply of
   dilapidated units to increase the supply of
   affordable housing units in city centers and historic
   affordable housing units in city centers and historic
   cores.
   cores.
7. Distribution of sites for affordable housing to
7. Distribution of sites
   facilitate integration with society and maintain the
   facilitate integration with society and maintain the
   market value.
   market value.
8. A strong political will is essential to enforce policies
8. A strong political will is essential to enforce policies
   and bring together government and private sectors.
   and bring together government and private sectors.
9. At the grass-roots societies with a co-operative
9. At the grass-roots societies with a co-operative
   outlook can help organize loans, build housing units
   outlook can help organize loans, build housing units
   and foster savings.
   and foster savings.
10. Certain autonomy to local governments to deal
10. Certain autonomy to local governments to deal
    effectively with regional peculiarities and players.
    effectively with regional peculiarities and players.
11. Planning tools like land-use can be effectively
11. Planning tools like land-use can be effectively
    employed to include affordable housing in new
    employed to include affordable housing in new
    developments.
    developments.
                                                                 ٢٣




      Findings of case studies - Developing countries            21 of 25




 The urbanization of developing countries from about
 The urbanization of developing countries from about
18% in the 50’s to more than 50% in 2000 has put
18% in the 50’s to more than 50% in 2000 has put
immense pressure on the supply of housing.
immense pressure on the supply of housing.
In the absence of good infrastructure and rudimentary
In the absence of good infrastructure and rudimentary
formal sector mechanisms, the largest segment of
formal sector mechanisms, the largest segment of
society comprising the mid and low-income households
society comprising the mid and low-income households
depend on incremental housing market which is more
depend on incremental housing market which is more
informal.
informal.
The formal sector caters to a small segment of upper
The formal sector caters to a small segment of upper
middle class and public sector employees.
middle class and public sector employees.
Some experiments in the
Some experiments in the         informal sector
                                informal sector         are notable
                                                        are notable
for their success even in
for their success even in       the absence of
                                the absence of          government
                                                        government
support.
support.
Housing non-affordability is mainly due to bureaucratic
Housing non-affordability is mainly due to bureaucratic
hurdles, antiquated planning norms, lack of access to
hurdles, antiquated planning norms, lack of access to
easy credit, technology, materials and information.
easy credit, technology, materials and information.
                                                                 ٢٤




                                                                            ١٢
        Conclusion – Ideas and Recommendations         22 of 25



 adaptations
 adaptations     to
                 to  conditions
                     conditions  of
                                 of   insecurity
                                      insecurity   and
                                                    and
development of the informal sector have lessons for the
development of the informal sector have lessons for the
provision of affordable housing.
provision of affordable housing.
1. In the backdrop of the huge housing demand and
1. In the backdrop of the huge housing demand and
   unemployment integrated approach to housing and
   unemployment integrated approach to housing and
   employment has emerged as a viable solution.
   employment has emerged as a viable solution.
2. The effectiveness of the informal sector in
2. The effectiveness of the informal sector in
   affordability is due to, choice of sites for
   affordability is due to, choice of sites for
   settlements, selective speculation by developers to
   settlements, selective speculation by developers to
   offset infrastructure costs and curbing speculation
   offset infrastructure costs and curbing speculation
   by compelling immediate occupancy
   by compelling immediate occupancy
3. Informal sector strikes a balance in the trade of
3. Informal sector strikes a balance in the trade of
   between housing quality and price. This lack of
   between housing quality and price. This lack of
   flexibility in the formal sector is a major hurdle in
   flexibility in the formal sector is a major hurdle in
   housing affordability
   housing affordability
4. The idea of Mutual Self-Help groups with revolving
4. The idea of Mutual Self-Help groups with revolving
   funds and help with expertise for a community helps
   funds and help with expertise for a community helps
   in increasing affordability and foster savings.
   in increasing affordability and foster savings.
                                                       ٢٥




        Conclusion – Ideas and Recommendations         23 of 25


 Saudi Arabia in the past few decades has built good
 Saudi Arabia in the past few decades has built good
infrastructure and developed public sector agencies.
infrastructure and developed public sector agencies.
Many of the features of affordable housing finance
Many of the features of affordable housing finance
observed from case-studies can be effectively
observed from case-studies can be effectively
introduced due to this elaborate infrastructure and
introduced due to this elaborate infrastructure and
strong social network.
strong social network.
1. In the backdrop of the huge housing demand and
1. In the backdrop of the huge housing demand and
    unemployment integrated approach to housing and
    unemployment integrated approach to housing and
    employment can be explored.
    employment can be explored.
2. Some features from the informal sector fror housing
2. Some features from the informal sector fror housing
    affordability like, choice of sites for settlements,
    affordability like, choice of sites for settlements,
    selective speculation by developers to offset
    selective speculation by developers to offset
    infrastructure costs and curbing speculation by
    infrastructure costs and curbing speculation by
    compelling immediate occupancy can be adopted as
    compelling immediate occupancy can be adopted as
    uidelines for policies.
    uidelines for policies.
3. Informal sector strikes a balance in the trade of
3. Informal sector strikes a balance in the trade of
    between housing quality and price. This lack of
    between housing quality and price. This lack of
    flexibility in the formal sector is a major hurdle in
    flexibility in the formal sector is a major hurdle in
    housing affordability
    housing affordability
                                                       ٢٦




                                                                  ١٣
        Conclusion – Ideas and Recommendations           24 of 25



 4. Concepts of mutual self help can be explored even if
 4. Concepts of mutual self help can be explored even if
    at an experimental scale to ascertain suitability.
    at an experimental scale to ascertain suitability.
 5. Effective management of resources and interaction
 5. Effective management of resources and interaction
    between different players in the housing sector
    between different players in the housing sector
    implies a certain amount of autonomy to local
    implies a certain amount of autonomy to local
    bodies at the level of the municipalities.
    bodies at the level of the municipalities.
 6. In the formal sector many of the approaches like
 6. In the formal sector many of the approaches like
    insurance cover for mortgages, employing land-use
    insurance cover for mortgages, employing land-use
    tools for ensuring affordable housing provision are
    tools for ensuring affordable housing provision are
    potentially practical.
    potentially practical.
 7. Non-government organizations can help at grass-
 7. Non-government organizations can help at grass-
     roots level implementation of strategies.
     roots level implementation of strategies.
  Saudi Arabia in the past few decades has built good
  Saudi Arabia in the past few decades has built good
 infrastructure and developed public sector agencies.
 infrastructure and developed public sector agencies.
 Many of the features of affordable housing finance
 Many of the features of affordable housing finance
 observed from case-studies can be effectively
 observed from case-studies can be effectively
 introduced due to this elaborate infrastructure and
 introduced due to this elaborate infrastructure and
 strong social network.
 strong social network.
                                                      ٢٧




                                                         25 of 25



                    End-note

  We have attempted to identify the parameters that
 affect housing affordability and identify the bracket
             needing housing assistance.
   Further research is necessary to give an in-depth
   analysis of each of the inputs and players role in
“housing affordability” in the context of Saudi Arabia.




                                                      ٢٨




                                                                    ١٤

								
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