Minister of Planning & Economic Development and Chairperson of the National Investment Bank of Dr Hala el-Saeed, witnessed the signing of the final contracts and agreements for the investment of Ergo Company, owned by Ayadi, in Film Clinic.
The signing event witnessed the presence of Mr. Ashraf Negm, Managing Director of the National Investment Bank, Mr. Osama Saleh, Chairman of the Board of Directors of “Ayadi Investment and Development” and Mr Mohamed Metwally, CEO and Managing Director of “NI Capital”, the investment arm of the National Investment Bank.
The contract was signed by Mr. Osama Saleh, Chairman of the Board of Directors of “Ayadi Investment and Development” and the producer and scriptwriter/ Mohamed Hefzy, founder of “Film Clinic” group of companies, as well as director Amr Salama, co-founder of one of the group’s companies.
This partnership reflects the keenness of the state and its subsidiaries to co-operate with private sector companies to maximise their presence and competitiveness in the local and regional market in all fields, including the artistic and cultural sector, due to its importance in enhancing the Egyptian role in the region.
This investment also aims to support Film Clinic in its endeavour to expand its activities in artistic development, production and distribution, and to create a strong institutional entity that can co-operate with international entities to produce and export Egyptian content to the region and the world.
In this context, Dr Hala el-Saeed stated that the establishment of “Ergo” and this deal reflect the state’s commitment to supporting visionaries in the media industry to benefit from Egypt’s distinguished history in the media industry and artistic production and to transform ideas into influential investment opportunities that contribute to reshaping the media and artistic landscape.
She added: “Through this deal, we seek to enhance the contribution of the artistic production industry to economic growth, increase Egyptian exports of content, and enhance investment in the Egyptian state’s soft powers, which carry many investment opportunities and possess all the ingredients for success.”
Osama Saleh also stated: “Ayadi’s investment in Ergo reflects Ayadi’s desire to invest in various fields, whether traditional or other sectors that have rarely seen investments by financial and investment institutions, which encourages investment in this vital and promising sector in the future”.
Saleh also stressed that investing in and developing the emerging digital distribution channels works to deliver content to the Arab region and enhances Egypt’s media status and restores its leading position.
Saleh added that the investment in Ergo is a continuation of the role that Ayadi plays in investing in all vital sectors and leads to the promotion, support, and enrichment of culture in Arab and Western countries and encourages the private sector to invest in all fields.
For his part, Mohamed Metwally, CEO and Managing Director of NI Capital, which in turn manages the investments of Ayadi and Ergo, added: “We hope that Ergo’s investment in Film Clinic will help it seize the opportunity of radical transformation,”
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