The Egyptian Endowments Authority aims to increase its revenues to EGP 1.5bn in the next fiscal year (FY) 2017/2018, compared to an expected EGP 1bn in the current FY 2016/2017. The authority works in accordance with the plan set before the start of the current FY, which aims to achieve EGP 1bn in revenues compared to only EGP 650m in the last FY, said Ahmed Abdel Hafez, chairperson of the authority. Abdel Hafez added that the authority aims to achieve minimum revenues of EGP 1.5bn in the next FY, benefiting from the wide campaign carried out by the authority to remove violations on the lands owned by the authority. He noted that the authority does not have sufficient expertise to establish such projects individually; therefore, they seek experienced partners to ensure the success of planned projects. Abdel Hafez added that each province has the right to value its restored lands and the type of projects that can be established on them.

Source: Daily News Egypt June 11, 2017 12:11 UTC