British developer The First Group has partnered with Egypt’s Pulse Developments on a $670 million-plus hospitality venture, delivering more than 3,200 hotel units across three projects in Sharm El Sheikh, one of the largest recent hospitality investments in Egypt’s tourism sector.
The partners plan to build an integrated platform to develop, operate, and market hotel assets under global brands, rather than pursuing a single standalone project. The first phase spans three developments over four years: Sharm Oasis in Nabq, with roughly 470 units and over $100 million in investment; a Naama Bay project set to be announced within weeks, featuring 304 rooms and $65-70 million in investment; and the largest, in El Montazah, with at least 2,500 units backed by more than $500 million.
Dubai-based The First Group brings a hotel portfolio worth over $5 billion across 20 properties, partnerships with Marriott International, Millennium Hotels & Resorts, and Wyndham Hotels & Resorts, and more than 8,000 investors from nearly 200 nationalities. The company plans roughly two new projects a year across Egypt and the UAE, while Pulse Developments continues expanding its Egyptian land holdings, including sites near Cairo’s Grand Egyptian Museum.
The deal reinforces Sharm El Sheikh’s status as a priority market for international hospitality developers and signals continued foreign capital flowing into Egypt’s tourism sector, with the Naama Bay announcement and Sharm Oasis construction progress as the next milestones to watch.
