Cairo – Mubasher: The Egyptian Minister of Planning and Economic Development and Chairman of National Investment Bank (NIB), Hala El-Saeed, witnessed the signing of contracts between Ergo Media Ventures, owned by Ayady for Investment and Development, and Film Clinic.

The agreements were signed by the Chairman of Ayady for Investment and Development, Osama Saleh, the Founder of Flim Clinic, Mohamed Hefzy, and the Co-Founder of one of Flim Clinic's companies, Amr Salama, according to a statement on Tuesday.

Ergo will invest in Film Clinic to expand its activities of development, production, and distribution of motion pictures and create a strong entity that creates and produces Egyptian content for regional and international audiences.

This is the first deal by Ergo among other investment opportunities in various media industries currently under consideration, the Manager of Investment at Ergo, Gamal Guemeih, said.

Ergo, founded by Ayady in 2018, is managed by NI Capital, the investment arm of NIB.

Ayady, a subsidiary of NIB, owns an investment portfolio worth EGP 860 million injected into development, non-banking financial services, media, education, and healthcare sectors.

Source: Mubasher

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