The Tourism Development Authority has achieved “unprecedented revenues” of EGP 571m during the 2013/2014 fiscal year, exceeding the authority’s goal revenue levels by EGP 141m.
The revenue increase pushed the government surplus up to EGP 421m, EGP 180m and 74.7% more than previous estimations. The authority said, with the revenues and surplus gained this year the largest since the its founding.
The authority has backed seven new development projects on the Red Sea and Ain Sokhna over an area of 5.2 m square metres.
The authority made up front payments for these projects amounting to $39.4m, and has said it is planning to support a marina project that will face Ain Sokhna and Ras Sudr coordination with the Sinai Peninsula Development Council.
Source: Daily News Egypt