Egypt bet on the private sector to revive the film industry

The Egyptian government, by the Holding Cinema Company, is launching a comprehensive plan to revive the film industry by resolving the exploitation of its origin and the current crises that impede the progress of the sector. In an interview with “Al -Sharq”, Ezz El -din Ghoneim, CEO of the company, revealed an ambitious strategy to develop these assets, especially in light of the major financial pressure the company has been carrying to the public business sector since the dependence on the Ministry of Finance. He explained that the company faces structural challenges that include hypertrophy and high operating costs, which limit its ability to attract new powers, in light of a financing gap due to low yields from decaying assets that do not work at full capacity. Details of the Development Plan Ghoneim revealed that there is a plan to do away with two pieces of countries owned by the company for years, with the aim of providing the necessary liquidity to qualify other assets and operate with higher efficiency. Development plans include a partnership with the private sector to rehabilitate “Studio Egypt”, where a brochure will be offered conditions that make clear the project functions and the mechanism of income distribution between the two parties. The project includes the creation of new photography Platoat and the update of the audio and laboratory center, provided the bids are made for the choice of the developer next August, as part of a strict commitment to the items of the plan. The company owns 13 shows, most of which were out of service such as “Roxy”, “Normandy”, “Diana” and “Miami” in Cairo, along with other Sale in Alexandria, Port said and various governors. Ghoneim emphasized that 11 showrooms returned to the implementation of maintenance work that included air conditioners and display machines, and raised ticket prices, after years the income was completely devoted to the wages of workers without scoring for distributors. The plan also contains the development of “Cinema City”, including “Nahas Studio” and “Popular Law”, in collaboration with the engineering authority. The expected profits to pay the company’s debt will be used and the end of service bonuses will be paid out until retirement. Focusing on digital production, Head of ‘Holding Cinema’, the efforts to launch a technical production company in partnership with the private sector have announced to produce short series on digital platforms, enabling the discovery of new talents. The company will contribute by providing studios, laboratories and filming, as well as a plan to obtain modern photography and mounting equipment. He also pointed to a project to restore classic films in collaboration with the media production city, explaining that the company has the rights of about 250 play films and more than two thousand documentary films from the Egyptian Cinema archive. A YouTube channel is launched to display these works, parallel to a campaign to restore filmmakers who are subject to piracy. Ghoneim concluded his speech by emphasizing that the company, whose roots date from 1935 when economist Talaat Harb was established in the name of “Misr Acting and Cinema”, through its current plans to restore its historical role as a leading institution in the Egyptian film industry.