Egyptian tycoon Abou Hashima acquires 50% of Egypt for Cinema

The Egyptian Media Company, owned by Egyptian businessman Ahmed Abou Hashima, announced that it signed on Monday an acquisition contract to acquire 50% of the production company Egypt for Cinema.

The move comes within the framework of Abou Hashima’s ambitious plan to push Egyptian cinema and TV series and restore Egypt’s prominent position in film.

Abou Hashima has agreed with producer Kamel Abu Ali, the owner of Egypt for Cinema, to produce new movies and TV series to revive the field, particularly after its recent decline following the 25 January Revolution.

The new contract aims to provide new capital to produce new work and encourage the film industry in order to “deliver Egypt’s real image to the world”.

Abou Hashima recently purchased ONTV and ONLIVE with the aim of developing the two channels and expanding his business in Egypt’s media industry.

Abou Hashima owns a majority stake in Al-Youm Al-Sabaa newspaper. He also acquired 51% of Presentation Advertising Agency which broadcasts Egyptian football league matches.

Egypt for Cinema has already begun production of films and TV drama series, Abou Hashima announced earlier.

During a meeting with employees of ONTV channel on Sunday, Abou Hashima said he targets to acquire the top spot among Egyptian TV channels.

He added that the aim of development is to create a media entity that provides competitive ideas and programmes, in addition to using modern technology and production techniques.

“New studios will be established and equipped with several programmes to produce good content in the Egyptian media,” Abou Hashima added.

Regarding the channel’s news section, he said that this sector will be developed and supported significantly. He also suggested the possibility of signing cooperation protocols and exchanging content deals with local or international media organisations as well as recruiting new talent.

source:Daily news Egypt