Egypt's Sharm El Sheikh to receive over $1.1 bn in new hospitality projects

International and regional investors have pledged more than US$1.1 billion (about EGP 55 bn) for new hospitality developments in Sharm El Sheikh. A partnership between Dubai‑based The First Group and Egypt’s Pulse Developments will invest over US$670 million to launch three projects – the US$100 million Sharm Oasis, a US$70 million hotel in Naama Bay and a flagship development exceeding US$500 million – adding more than 3,200 hotel rooms.

Separately, Gulf Egypt for Hotels & Tourism, a subsidiary of Kuwait’s United Real Estate Company, announced a mixed‑use tourism destination worth over EGP 20 bn (around US$1 bn). The 354,458 sqm beachfront project will combine a luxury hotel, two branded residential communities, a year‑round beach club, retail, leisure and wellness facilities, and is being planned with advisors HVS and JLL.

Both investments aim to expand Egypt’s tourism capacity, create jobs and boost foreign‑currency earnings as the government targets 30 million international visitors annually by 2030.