Authorities in Egypt say a luxury yacht that set off with 44 people from the Red Sea port of Ghalib for a week-long diving trip sank, with 32 rescued and 8 still missing.

Search crews rescued 28 people aboard the 'Sea Story yaught, but 16 people − 4 Egyptians and 12 foreigners − remained lost at sea.

Rescuers on Tuesday recovered five survivors and four bodies from a dive boat that capsized off Egypt's eastern coast a day earlier, Red Sea governor Amr Hanafi said.Nationally, the tourism sector employs two million people and generates more than 10 percent of its GDP.