The Egyptian Travel Agents Association’s (ETAA) initial public offering (IPO) return reached EGP 6.3m in the New Suez Canal certificates by the end of fiscal year (FY) 2015/2016 due to purchase of certificates worth EGP 70m for financing drilling in the canal. An official at the ETAA said that the return of Suez Canal revenues during the last FY witnessed growth in deposits accounts, investment funds, and the takaful programme. According to the official, the return on assets, investment funds, and the takaful programme rose to EGP 21.6m during the last FY, compared to EGP 13.5m during the previous FY, at a growth ratio of 60%. The association’s tourism fund’s return declined during the previous FY, estimated at EGP 32.1m. The number of tourists coming to Egypt in 2016 declined to 5.3 million tourists compared to 9.3 million tourists in 2015.

Source: Daily News Egypt January 12, 2017 07:15 UTC