Mohamed Shoair

Al-Ahram Newspaper

  • April 12, 2017

    Kharif El Rabeaa El Araby “The Autumn of Arab Spring”

    By Mohamed Shoair

    In calm and contemplating tone, the intellectual Dr. Galal Amin wondered, at a seminar in Maadi, shortly after the January 25 Revolution, at the height of the revolutionary momentum stage, about sparking the successive revolutions in the Arab countries; Tunisia, Egypt, Libya, Syria and Yemen. Then he said, “Is sparking successive resolutions by that way considered as a normal thing?!.. I am asking!”. A short time ago, during last January and years after, as if the historian, Dr. Assem Desouki wanted to answer the question, he said to me in an interview which was published in the « Al-Ahram Newspaper» at that time,” these successive revolutions are so weird... History is not like that!”.

    Now and before going through this strange matter with the others, we have to say that the two great misters’ opinions, in addition to the opinion of the beginner who wrote these sentences, expressed that the situations in Egypt, before at least the January 25 Revolution, got worse and worse in which they motivated the people to call for a change, however was what had happened in Egypt and the region normal and natural?.... Was El Rabeaa El Araby “the Arab Spring” really a spring?

    This is not a new question however it was asked for a while... So why do we ask?

    I will tell you..... Indeed I found this question in the eyes of the innocent children of Syria who were martyred by the chemical weapon in Aleppo... I saw them when they asked me, as if they tortured me, that if it was El Rabeaa El Araby “the Arab Spring” really a spring?.. In the spring the flowers open … and in our spring children die... Why did we kill them? Why did we take their homes and slaughter them? Why did their country become field of American missiles, Russian airplanes, Iranian battalions, terrorist militias and others? Why did we make Syria a land for states’ game? Is all of that really for the spring?.!

    Kharif El Rabeaa El Araby “The Autumn of Arab Spring” is an exciting name for a book which is published recently by my dear friend Atef ElSherif, former EGX chairman, who showed to us what had happened politically and economically in the last years in detailed numbers and information and the author affirmed that the reason for the bad political, economic and social realities is the practices of ruling regimes that led the people finally to the revolution.

    However, we need to know some data as they may help in forming our opinion about the events… as the ideas without information shall be mere slogans.

    The book told us that the losses of the five Arab Spring states, between 2011 and 2014 according to a report published by World Union of Arab Bankers, amounted to more than 800 billion dollars while the report, which was published by IIF, mentioned that after 2011, Egypt lost in 3 years more than 109 billion dollars. In Tunisia, the unemployment rate increased unprecedentedly to 18% after it had reached to 13% in 2011. In Libya, the unemployment rate was 22% but after the revolution increased to 28%.

    Syria alone is considered a living embodiment of the crisis. The transfer of 22 billion dollars of the Syrian funds abroad because of war leads to economy shrink between 30% and 40 % in 2012. As for the Syrian people, the UN report mentioned that one third of the Syrians left their country and half of them became below poverty threshold in addition the unemployment rate increased to 48% in 2013. The Syrian economy lost 245 billion dollars according to the report of Syrian Center for Policy Research!

    Then who name it as El Rebeea El Araby “The Arab Spring”? Is it named by us? Or there was someone who named it for us to adorn?... ElSherif asked these questions and said, mocking probably, that as the Tunisian revolution was in the last days of autumn; December 17, 2010 and the Egyptian revolution was in the first days of winter; January 25 and if it would named by the Arab, it would have been better to be named as Arab Winter or Autumn! But in fact it was not named by Arab and this explained the similar historical backgrounds in which the name of El Rabeea “Spring” was used for certain purposes but it was strange that the title of the article which was published by professor Marc Lynch, professor of political science in the Foreign Policy, an American Magazine, on January 6, 2011 after two days from the death of Mohamed Bouazizi, the catalyst of the Tunisian revolution.. The title was:” Obama's 'Arab Spring'.

    Despite all of that, Atef ElSherif, book’s author, thought that this stage represented a starting point for a historical shift in which the Arab came out of dictatorial regimes stage to produce, in case of the succession of the process, democratic elected regimes which would engage in the real comprehensive development.

    Honestly, this is the opinion which I always support... I always say that the others wanted Kharif “Winter” for us in secret but we can make it real Rabeea “Spring” for the future by patience, working and considering the overall situations of the region.. How? We will find the answer in a small sentence in the book and we must concentrate on this sentence. The author said that although many scientists agreed that “reform” is the contradiction of “revolution”, there is a relationship between them… In the serious reform there are revolutionary aspects. In addition the revolution does not mean the destruction only but it includes reform aspects… let us understand these words well… let us balance… if we understand, realize and work, then we can only realize the spring.

    Atef ElSherif

    Al Akhbar Al Massay Newspaper

  • October 14, 2015

    The True Leader

    By Atef ElSherif

    “The leader is the merchant of hope” It was said by Napoléon Bonaparte. Time really proves that success and failure are natural results of management. In the past, people believed that leaders were born with gifted characteristics, that they didn’t gain those characteristics throughout their lifespan. They believed that leaders were born with superior manners and mentality. The prince holds his title in the cradle in preparation for becoming a king. There is a difference between the manager and the leader. The manager performs his work properly based on his functional authority, however the leader makes a creative plan and executes it perfectly while always developing and advancing the work based on his self-confidence and his abilities.

    The true leader is an expert in decision making. If some of us make daily decisions easily about simple life matters such as food, clothing, housing and work, there are other people who fear making those simple decisions because those decisions have consequences, and only strong people can bear those consequences, whereas most of people resort to a zone which they consider it as a comfort zone where they always live safely at ease and leave planning and results bearing to the others.

    Furthermore, a true leader must be an excellent planner, since he spends almost 80% of his time planning and executing in only 20%, moreover he must be extremely smart, especially when dealing with other people, he must also have an eye for people who are able to get the job done, knowing which job each person should be capable to do. In addition to that, a true leader should always be punctual and well organized. Trust, knowledge and presence of mind round off the important characteristics of a true leader, they enable him to see what nobody else can. Finally, the most important feature of a true leader is the ability to make the right decision in tough situations, a true leader always takes the initiative and not wait for others to.

    Moreover, the true leader does not make rash decisions when he is furious, he should wait until he calms down, he also doesn’t take decisions when he is exhausted, he should wait until he is relaxed enough. Furthermore he does not make decisions on a whim, external influences or out of fear, it must be flexible, fair, based on science, knowledge, correct information and without perfectionism or procrastination. Decision making is the key to true leadership.

    Add to that, the true leader does not depend solely on charisma or propaganda, they are not enough to make a true leader, he has to learn skills and acquire characteristics which enhance his personality. He makes crucial decisions, hence these decisions must be right to lead to the intended success. Making those decisions is achievable only by forming a team who are as enthusiastic and motivated as their leader.

    The true leader knows how to motivate the employees and extract their energies by complimenting or rewarding or promoting or making them take part of setting targets and making decision, he should give them the free of speech necessary to express their opinion, moreover he should delegate certain powers to them. Finally, he should never forget that they are humans after all, not robots and he should always consider their feelings.

    Finally, the true leader is the one who makes his employees feel mental and psychological stability, does not make false promises, doesn’t disrespect them, and doesn’t oppress them. He should not be bound by boring routines or make contradictory decisions and the most important feature is not being a dictator. The true leader must execute his decisions, since a decision without executing is nothing. In addition, the decisions must be flexible because they are made to facilitate business not to impede it. Finally, the true leader must have the ability to make the right decision at a reasonable speed and in a proper manner.

    Benjamin Franklin, the most prominent president of the United States, had an effective method to make quick decisions, he drew a table containing two columns, then he wrote at the top of the first column (Yes) and at the top of the second column (No) then he started writing the positives in column (Yes) and negativities in column (No) and the column which had the most number of reasons would be the prevailing opinion to support.

    Atef ElSherif

    Al Akhbar Al Massay Newspaper

  • September 23, 2015

    About Change …… They asked me

    By Atef ElSherif

    Change is a feature of the times and one of the life norms, which happens to the individual in his life sometimes by his choice and other times by force. Change may also be a way-out for any organization seeking to develop and catch up with progress, and also as in human life and organizations, States also seek to change for many visible or unknown objectives.

    Change has become diverse shapes, with accelerated degrees and with unpredictable limits during the successive political, economic and social events that have a negative and positive impact on our daily lives as individuals, institutions and States; this requires that we have the knowledge and the psychological, social and professional consensus to deal with the requirements of change to absorb its forms and tools to achieve the aspirations of whether communities, organizations and individuals.

    Currently, we are, in our beloved country, passing by a form of change; governmental change, after the previous stage witnessed the performance which was considered by some people unsatisfactory. But did any one of us ask himself how the successful change process will be done and by which way, as the process of change must pass through several stages to fruition.

    The first stage, aims to create the general climate for change so that it is suitable for creating the required change. This stage also includes increasing the sense of need for change, and then the change process will be prepared by the mentors, and then formulates the correct visions that achieve the desired change.

    At this stage, the required level of motive energy for the change process is created so that it is realistic and everyone feels its importance. The leaders who will be in charge of the change process are also selected in this stage, and of course they will not succeed in their mission unless they are already convinced with the process of change and are enthusiastic about it and have special personal and practical qualities.

    The leaders of change have to succeed in creating a sense of need for the required change and its urgency; they also have to reduce the fear, anger, resentment and scepticism resulting from the process of change and their possible negative effects from their point of view.

    Also at this stage, a clear and ambitious vision for the future that can be achieved in reality is formed. It must be clear and tools can be determined to measure it.

    The second stage which is the stage of ability and knowledge which means the engagement in the process of change and it includes effective communication to achieve the goals and to enable the effective exercise of change and the achievement of short-term gains.

    The aim of this stage is to engage in the change process and to absorb the goals by the change leaders. So, Leaders of change must deliver clear, unbiased and sincere messages of change to create trust, support, commitment, and remove any difficulties in the process of change by developing new programs and innovating different designs.

    Finally, change leaders at this stage must achieve visible achievements or short-term gains to show that progress is being made in the process of change.

    The third stage which is the stage of the actual implementation of change, its support and maintenance of new developments and practices and it includes two key points; non-stop of work continuation and change consolidation and stabilization. At this stage, we see that the change seemed to be ongoing, constant and steady and it has become an integral part of the actual fabric of reality, which is an important and crucial stage to confirm the continuation of the change process and the insistence on completing the task.

    The change leaders must also be the models in adopting the new behavior, rewarding the good ones and clinging to them.

    Finally, each and every one of us needs a process of change, one way or another, whether we're individuals, who need to develop and change things, people and negative attitudes in our lives, or organizations which in all their forms must undertake the process of change so that it can succeed under an economic globalization as what does not renew dissipates.

    Finally, States also need to change in order to make their peoples happier and to meet their citizens’ needs…So, do we hope that the change of government will be a visionary way to achieve the desired future goals?!

    Conflict between Bulls & Bears (El Borsa: Seraa El Theran We El Debba) book

    Al-Ahram Newspaper

  • September 9, 2015

    Book of the week …. Stock Exchange: Conflict between Bulls & Bears "El Borsa: Seraa El Theran We El Debba"

    By Mohamed Shoair

    How to be a market trader? or how could an ordinary person who knows nothing about language of numbers to begin his first step in the strange world of the stock exchange, which may appear in the eyes of some people as an exciting secret or it may appear as an endless conflict.

    Before trying to answer these questions, first think about this example, an old man trying to catch a number of wild roosters, he put a large box in the middle of the road, leaving the box door open by a piece of wood which is attached to a long rope where he catches its edge and hides himself.

    He strew a large amount of corn inside and in front of the box to lure the roosters. His aim was to catch twelve roosters specifically, the specified number had entered into the box but surprisingly one of them went out before closing the door, then the man decided to wait until the escaped rooster returns to the box, at that time two more roosters exit the box, accordingly nine roosters only remain, the man regretted his waiting, and then he decides to wait a bit until only one rooster comes back to the box in order to have ten roosters and so on until the man came back with an empty box.

    The previous example was presented by Dr. Atef ElSherif, the former chairman of EGX, in the introduction of his book (Stock Exchange ... Conflict between Bulls and Bears)... it’s a famous example the author took from (Fred Kelly) who wrote (why you win or lose) which is a traditional investors' way of thinking model in stock exchange, when it’s the time to take a decision to sell losing shares, ElSherif said that the secret beyond great winning in stock exchange is to know that your choice of shares is not always right so you have to accept losing the least amount of money when you discover that you made the wrong decision, that’s by selling the worst shares directly without waiting till "you can keep the bouquet of flowers free of grass".

    This was the first lesson, but the question which still remains is how to be a market trader and how you can enter this mysterious world? the truth is that the answer of this question you can find in easy and simple language in this book, which presents to you a guidelines that leads you to understand the secrets of this world and its alphabets which helps you to know about investment funds and their types, shares, difference between nominal, market and book values, the rights of the shareholders, bonds, coupons and many other concepts which can be logarithms on some people minds and also presenting advices and instructions for all who intend to cross the walls and enter (the republic of EGX) as named by the author.

    But if you are intending to break into stock exchange in general, you always have to remember the picture of two large statues laying down in front of NYSE's headquarters (Wall Street stock exchange) that’s for a bear and a bull which indicate the permanent conflict between bulls and bears in this world, the bull always try to overthrow the bear by using its horns from the top to the bottom, which means raising prices by purchasing, on the other hand the bear tries to eliminate his opponent by swooping from the top to the bottom, which means lowering prices through selling.

    Dr. Atef ElSherif, the former chairman of EGX, tell us at the end of his book decisively stock exchange knows nothing about semi solutions or decisions or directions or the grey color, it should be white or black, buy or sell, profit or loss, up or down, bulls or bears.

    Book: Stock Exchange … Conflict between Bulls and Bears

    Author: Atef ElSherif

    Conflict between Bulls & Bears (El Borsa: Seraa El Theran We El Debba) book

    Al Maqal Newspaper

  • May 3, 2015

    Stock Exchange: Conflict between Bulls & Bears "El Borsa: Seraa El Theran We El Debba"

    By Mohamed Said Zidan

    Usually, readers are not interested in economic, stock or investment books because they contain complicated and ambiguous expressions, but it’s different with this interesting book “Stock Exchange: Conflict between Bulls and Bears” by Dr. Atef Yassien ElSherif, the book contains the stock and the knowledge of capital markets and its exciting world in stories and tales. The writer tells us an interesting story about the Mexican term of office of the State of California, there was an old sport same as the Roman sport which is wrestling of animals specially the wrestling of Bulls and that was for the entertainment of the miners in California.

    But local people added a new kind of excitement to that game by adding new animal to the wrestling ring which is the American bear which is settled in the western coast of the American continent. So, the conflict between Bulls and Bears starts from here.

    In this period, the spectators follow up this kind of wrestling with great enthusiasm due to intense fighting between the two enemies – Bull and Bear – which was ended either by overthrowing the bull by the bear using its horns from the bottom down to the top and it killed the bear or the bear attacks the bull from the top to the bottom breaking its neck by its claws and teeth. It was said that in 1688, the Spanish writer Joseph de la Vega chose such name in accordance with his inspiration by the Mexican wresting between bulls and bears to name the capital market traders by “bulls and bears” … In Wall Street, outside NYSE, there are two opposite-direction sculptured statues one of them is a bull and the other is bear, they represent the permanent conflict between sellers and buyers in the capital markets to express the state of the capital market.

    The writer illustrates that the market is the ring where the bulls and the bears wrestle; the bulls are the buyers, who are profiteers and optimistic people, the team which hopes, expects and works on price increase. The bears are the sellers, who are pessimistic and gloomy people, the team which hopes, expects and works on price decrease. The book consists of five chapters except the introductory section. The main points of the book are the phase which helped in the birth of Alexandria Stock Exchange in 1883 and Cairo Stock Exchange in 1903 and the tales of this period until the merger of the two stock exchanges to form one stock exchange called Egyptian Exchange and EGX administration methods by the private and public sectors and also regulation methods starting from convening meetings in the coffee shops up to the latest global systems passing by the developing phases of the legislations which span more than two hundred years and how the profession of brokerage was “egyptized” instead of exclusively was performed by the Jews.

    The writer illustrates the operations inside the EGX. Since listing the securities on the EGX or NILEX and the trading which is performed inside the counter and also he mentioned the most important technical and technological developments of the operations from calling and chalk to the electronic trading.

    Mahmoud Salem

    Akbar Alyoum Newspaper

  • February 27, 2015

    Just an Idea

    By Mahmoud Salem

    It is said that an old man had a trap for roosters consisting of a large box that its door connected to a hinge at its top, and this door remains open by a piece of wood tied by a rope, its length is several meters to the side of the old man. In order to catch the rooster, he scattered a few grains along the way to lure them until they get into the box and when they enter into it they find a lot of these grains.

    When a sufficient number of roosters are gathered inside the box, he pulls the piece of wood violently by the rope tied to it and he holds the other side to let the door fall to close the box which includes the victims!

    The narrator here is Fred C. Kelly, the author of "Why You Win or Lose", where he explains very carefully how the conventional investor thinks when it is time to make his decision to deal with the stock exchange. The story of the old man was used by the author of another book who was the former EGX chairman since a short time ago, Atef Yassien ElSherif, and gave it to everyone who " Illuminates the mind of others with his knowledge” describing what is happening in the EGX as the conflict between bulls and bears. But, which is important, it gives any investor who wants to enter the stock market golden tips translated by the story of the old man with the turkeys!

    One day, the old man hunted 12 roosters...and when he decide to close its door, one of the 12 roosters came out, leaving 11 roosters inside the box, then the old man said, “I hope I was catching the 12 roosters, I will wait a minute may be the running rooster will come back”. While he was waiting, 2 other roosters went out, the old man said, “I had to be satisfied by the 11 roosters and once one rooster comes back and they will become 10, I will pull the rope to close the door”. But while he was waiting, 3 other roosters went out also and the old man still waiting as he could not give up the idea that the some of the roosters that were exist would come back! When he finally had only 1 rooster he said to himself,” I will wait for either this rooster get out or the others come back to the box as I will catch them and back with them to the home”. But the last rooster got out with the others, and the old man returned to his home empty-handed.

    In Atef ElSherif’s opinion, the traditional investor's thinking of the EGX is not as much different as that of the old man, where he still hopes to return more roosters to the box while he had to guard against the escaping of all the roosters, the secret of winning the stock market is not being right all the time and to lose the least amount of money when you are wrong… and what you should do is to sell the worst performing shares first and keep the bouquet free of grass. Other advice: Try to forget your own pride, and stop trying to resist and argue in the market... this market does not know or interest about what you think of, intelligence or holding a master or PhD degree do not assure success in the market, or having a love relation or falling in love with one of the shares which makes you lose your money and remember that there are not good shares, all shares are worse unless its price increases.

    The conflict between bulls and bears remains forever...between the buyer of shares and the seller... one of them wants to increase the price to gain profit and the other does not save any trick to decrease the prices where his profit occurred by putting his opponent on the ground! However, it should be noted that this match is of a unique type, where the players' affiliations are not fixed. It is important to be a member of the team that scores at the correct time which is the time of gaining the profits.

    In fact, this series does not always end by the full satisfaction of any of the parties to the conflict; sometimes bulls gore the bears and threw them in the air and sometimes bears bring bulls down... So we must play with the winning team... Generally, the optimistic people are the winners in the capital markets!

    Atef ElSherif

    Al-Borsa Newspaper

  • February 19, 2015

    Atef ElSherif mentioned the history of stock exchanges in ”Conflict between Bulls & Bears”(Seraa El Theran We El Debba)

    In a simple and interesting way, Atef ElSherif, Former EGX chairman, was able to attract readers to read a book about capital markets titled «Stock Exchange: Conflict between Bulls & Bears»"El Borsa: Seraa El Theran We El Debba". The title of the book attracts those who are not specialized in capital markets to read it, as well as the beginners in this profession who are attracted to know the secrets of the most dangerous and important markets, as who do not have information about the history of stock exchanges can, through this book, recognize the history of establishing exchanges. the first sale transaction of shares in the Egyptian history, which took place in the reign of khedive Ismail to sell the shares of the Suez Canal, and how this transaction was traded in the London and Paris Stock Exchanges, and the echoes of this transaction that opened the door to the British occupation of Egypt.

    The book includes many stories and secrets about transactions which had a big bang in the world of money and politics, and the book includes the beginnings of stock exchanges in Egypt and the world. The book also discusses the laws governing capital markets and presents the reasons behind the most famous terminology in the Egyptian stock exchange, and the strategies of loss, which by learning them we can understand what is the profit, and how the first time trader can avoid it. The book also indicated that the secret to the big win in the stock exchange is "to not be right all the time, but to lose the least amount of money when you are wrong, and you are wrong when the share price drops below the price you paid», as you shall sell the worst performing stocks firstly, and keep the bouquet of flowers free of grass.

    ElSherif cited the story of an old man who made a trap for the roosters, which is a simple machine consisting of a large box, its door attached to a hinge at its top edge. The door remains open by a wooden piece strapped down to a rope, its length is a few meters at the old man’s side. The old man throws a little amount of corn through all the way to lure the roosters to get into the box and when the roosters enter the box, they find a large amount of corn, and when a sufficient number of roosters gather within the box according to the expectation or desire of the old man, he pulls the wooden piece heavily through the rope, allowing the door to fall closing the box on the roosters.

    One day, the old man had 12 roosters in the box and when the old man decided to pull the rope to close the box, one of the roosters came out of the box leaving the other 11 roosters inside the box, and the old man said, “I was hoping to catch 12 roosters, I'll wait a few minutes. The bird may return again. While he was waiting, two more came out of the box. The old man said to himself, I should have had enough with 11 roosters and once the rooster returns back and there are 10 roosters in the box, I will draw the rope. While he was waiting, the rest of the roosters went out in sequence and the man became empty-handed losing some of the corn beads and the time wasted for a whole day. The story illustrates the feelings that exchange traders face throughout the investment phase and the reasons for failure to reap the fruits of their profits due to dissatisfaction.

    The other chapters of the book cover the history of world stock exchanges since the creation of the world's first stock exchange in Belgium in 1531, and its subsequent spread in the rest of Europe in the Netherlands, England and France to finance colonization plans, and then its movement to the United States of America and the rest of the world, and the establishment of the first stock exchange in Egypt in 1861 at the café and Bar «Suraiqa» in Moharam Bek District in Alexandria, and how the stock exchanges around the world have expanded, and how the Egyptian Exchange has become the fifth largest capital market in the world through the inclusion of more than 930 companies and 110 brokerage firms. In the 1940s, their numbers have fallen because of the governmental and financial wrong policies that overthrew the money of the small investors, as well as Egypt's transformation to a socialist state which led the capitalists to escape quickly because of nationalization processes.

    The book tell us the story of Egyptian Exchange successes in financing Egyptian national projects in which all the Egyptian people have participated in, the most prominent projects was the establishment of Banque Misr, the idea of Talaat Harb, and the subsequent public projects that strongly contributed in the creation of a national economic environment capable of promoting the Egyptian national economy.

    The book, which is considered one of the most important books telling the history of the Egyptian Exchange, the stories of selling the shares of Suez International Canal to the British, and the intervention of the Rothschild Jewish family snatching the deal from the French money houses that competed at that time and their attainment of the funds needed for the purchase which is 100 million French francs in exchange for the sum of 5% of the money in addition to 2% commissions which khedive Ismail needed to repay Egypt's debts, and the subsequent events of imposing international guardianship on Egypt due to the Egyptian debt and the British occupation of Egypt, and the move by President Gamal Abdel Nasser to nationalize the canal with a pledge to pay the money of the shareholders.

    The remaining chapters included the types and divisions of the capital markets, the size of the stock exchanges globally and regionally, as well as the definition and history of technical and financial analysis and the inclinations of individuals and institutions towards either of the both. ElSherif concludes his book "Stock Exchange: Conflict between Bulls & Bears" (El Borsa: Seraa El Theran We El Debba) by teaching the investor the alphabets of stock exchange and how to be a successful market trader and the basics of investment.

    Morsy Atta Allah

    Al-Ahram Newspaper

  • February 10, 2015

    Stock Exchange: Conflict between Bulls & Bears "El Borsa: Seraa El Theran We El Debba"!

    By Morsy Atta Allah

    In a smart manner and based on accurate and authenticated information, a very important book was published under the title of “Stock Exchange: Conflict of Bulls and Bears“ by Dr. Atef ElSherif, the former chairman of EGX. The summary of this book is that the stock exchange does not know the half-solutions, it is either white or black, either buy or sell, either profit or loss, either up or down, either bull or bear!

    Although I have never dealt with the stock exchange and I do not understand its rules, I enjoyed the interesting information in this book, especially concerning the historical aspect of the establishment of the Egyptian Stock Exchange in the district of Moharam Bek in Alexandria by self initiatives such as the stock exchanges of England and America in the late of nineteenth century after the Egyptian cotton spread widely and resulted in the occurrence of sales and purchase of the goods present firstly and then followed by the market for goods that are ready for delivery, which necessitated the need to regulate these transactions legally by establishing a stock exchange that was inspired its regulations by the Paris Stock Exchange and it was not allowed to anyone to enter the Alexandrian Stock Exchange - which publicized in 1883 as a joint-stock company whose name is Khedive Exchange Company «Bourse Kidawia company» building except in uniform and under an annual registration, where they were provided the building with telephones for direct contact with the Stock Exchanges of Liverpool, England, New Zealand and America but the outer part of the building was a cafe that highly organized.

    In my opinion, this book represents a new addition to the Egyptian library, especially in the light of the development in the EGX activities and how to use its role to serve the projects of development more than being square of speculation which is usually have illegal work that the author is alerted through his approach to the fundamentals of technical analysis and financial analysis which help the investor to protect his capital from the market disasters and also assures that there is no way or mean to invest or speculate which is free from defects as the economic conditions are always subject to change.

    Amr Abd El Sameiee

    Al-Ahram Newspaper

    About small and medium-sized enterprises

    By Amr Abd El Sameiee

    It is a coincidence led me by destiny in the first day of the announcement of the president Abdel Fattah el-Sisi of dedication this year to be a year for youth, as I received an interesting book titled “small and medium sized enterprises” (El Mashroat El Saghera We El Motwasta) by Atef ElSherif, the former EGX chairman.

    The advantage of this wonderful text is that it is not complicated or ambiguous such as any other economic book, but it is simple and easy, its content reaches quickly to its young reader so he does not repel it or refuse it.

    One of the brilliant ways that Dr. Atef ElSherif was to start the text up by a series of success stories called them “Hawadet”, it includes the story of Oprah Winfrey, the famous talk show host who was born in a poor family, wears clothes made of potato tissues and now she possess a large television production company called “Harpo Oprah”.

    The story of Ingvar Kamprad, the poor Swedish seller of matches and becomes now the owner of “IKEA” for very innovative furniture and home accessories. Sanders who started his career with a food shop at a gas station on the road of Kentucky State, became the owner of the famous series K. F. C or Kentucky Fried Chicken, as well as, John Willard, the poor lemon juice seller who established Marriott hotel and Mǎ yún, the Chinese who began his career as a teacher and became the owner of “Alibaba” Electronics Foundation.

    All of these are inspiring models which inspire young people to emulate and inspire them; however it is necessary to whisper to the author, that none of these models succeeded in countries that encumber the success in the phenomena of bureaucratic complexity, corruption, and cultural and social scorn regarding those who dream, everyone who dreams.

    The book includes a description of the meaning of small and medium enterprises, especially in Egypt and explains to young people how to start up their projects and sources of funding projects, whether the institutions or the banking sector or the Social Fund for Development.

    Dr. Atef ElSherif also tells us about the reasons for the failure of enterprises and the treatment for any failure.

    This book combines the theoretical knowledge with the practical experience and touches the essential qualities that any young man should have if he wants to succeed in the field of business, and to make us have real businessmen, not a group of individuals that have been ordered by the instructions of the political nature of multinational companies.