Gulf Egypt for Hotels and Tourism, the Egyptian subsidiary of Kuwait’s United Real Estate Company (URC), unveiled plans on July 12, 2026, for a mixed-use tourism destination in Sharm El Sheikh with investments exceeding EGP 20 billion. The launch coincided with the company’s 50th anniversary in Egypt. The project is being developed with the support of the Tourism Development Authority and the Presidency of the Arab Republic of Egypt, according to Gulf Egypt’s expansion strategy press release.
The destination will combine a luxury hotel, two branded residential communities, and an internationally branded beach club on a 354,458-square-metre site with around 750 metres of Red Sea beachfront. The site sits near Sharm El Sheikh International Airport and the city’s conference and events district. Land came from Al Montazah Tourism & Investment Company under a cooperation protocol signed at the announcement.
The Shape of the Destination
Gulf Egypt’s plans call for a 354,458-square-metre master plan, anchored by around 750 metres of beachfront and positioned minutes from Sharm El Sheikh International Airport. The location sits within close proximity to the city’s conference and events district, a positioning the company framed as the project’s defining feature.
The mixed-use programme will run across hospitality, residential, leisure, wellness, and entertainment within a single master-planned destination, according to Gulf Egypt. A luxury bay-front hotel sits at the centre, flanked by two branded residential communities and what Gulf Egypt called Sharm El Sheikh’s first internationally branded beach club.
- A luxury bay-front hotel
- Two branded residential communities
- Sharm El Sheikh’s first internationally branded beach club, positioned as a year-round venue for events and entertainment
- Supporting retail, leisure, and wellness facilities
The beach club is expected to operate as a vibrant year-round social hub, hosting a diverse calendar of events and entertainment experiences. Specialized operators will support the leisure and wellness offerings, the company added.
Land, Partners, and State Backing
Gulf Egypt acquired the project land from Al Montazah Tourism & Investment Company under a cooperation protocol signed at the announcement. The protocol follows the completion of planning and evaluation studies and aims to facilitate the project’s development.
The protocol was represented by Major General Sameh Shoaib, Executive Managing Director of Al Montazah.
Our collaboration with a leading company the size of Gulf Egypt reflects a shared desire to shape new horizons for tourism development in Sharm El Sheikh. We are proud to contribute to this ambitious project by offering every possible form of support that ensure the development of an integrated tourism infrastructure that meets the aspirations of investors and visitors and drives the sector’s growth rates forward.
The Sharm El Sheikh announcement was made under the support of the Presidency of the Arab Republic of Egypt and the Tourism Development Authority, according to the company’s statement. Gulf Egypt also signed advisory agreements with HVS, a global hospitality consultancy, and JLL at the same event. The two firms will run market research, feasibility studies, and master-planning support for the development.
HVS will provide market research, feasibility studies, and advisory services. JLL will undertake market and economic feasibility studies and support the project’s integrated master planning, development strategy, and specialized studies. The signing brought together Tarek Elshazly, CEO of Gulf Egypt, Hala Matar Choufany, President of HVS Middle East, Africa and South Asia, and Ayman Sami, Country Head of JLL Egypt.
A 50-Year Operator Doubling Down
Gulf Egypt was founded in 1976 and has built a portfolio anchored by two flagship Cairo assets: the Hilton Cairo Heliopolis and the Waldorf Astoria Cairo Heliopolis. The company says it introduced the Waldorf Astoria brand to Africa through the latter property. Its current portfolio includes nearly 840 luxury hotel rooms and suites, with the company providing more than 1,200 direct and indirect jobs across its Egyptian assets, per the expansion strategy announcement.
- 50 years operating in Egypt since 1976
- Two flagship assets in Cairo: Hilton Cairo Heliopolis and Waldorf Astoria Cairo Heliopolis
- Nearly 840 luxury hotel rooms and suites in the current portfolio
- 1,200+ direct and indirect jobs across Egyptian operations
- One parent group: URC, the real estate arm of Kuwait’s KIPCO
Gulf Egypt’s parent, URC, is described by the company as one of the largest real estate companies in Kuwait and the MENA region, and is itself a subsidiary of Kuwait Projects Company Holding, known as KIPCO, according to Gulf Egypt’s description of URC as a KIPCO subsidiary.
On the announcement, Elshazly framed the project as a long-horizon institutional bet:
The launch of our new destination in Sharm El Sheikh represents a true embodiment of our strategic vision, built on creating integrated, mixed-use tourism destinations that leave a sustainable mark on the hospitality sector. We are not merely developing world-class hotel facilities; we are crafting flexible investments that support the state’s tourism development plans and create new horizons for growth.
The Macro Tailwind
The Gulf Egypt announcement landed against a record year for Egyptian tourism. The country attracted nearly 19 million tourists in 2025, a 21 percent increase from 2024, according to Central Bank of Egypt data reported by Ahram Online. Tourism revenues reached $16.7 billion in fiscal year 2025/26, which ended June 30, the highest level in seven years, per the same data. The figure marked a 56.1 percent rise in revenue.
Fitch Solutions expects tourist arrivals to rise 4.5 percent to 18.6 million in 2026, with visitor numbers projected to reach 20.7 million and tourism revenue to climb to $19 billion by 2029. Egypt’s state plan targets 30 million visitors annually by 2030.
- Grand Egyptian Museum
- Giza Pyramids area redevelopment
- National Museum of Egyptian Civilization
- New Alamein City
- Ras El Hekma, a $35 billion Egypt-UAE coastal city under master developer Modon Holding, which a separate review of progress and compensation covered in detail
The Egyptian government is targeting a roughly 60 percent increase in tourism and antiquities investments to EGP 116.2 billion ($2.4 billion) in fiscal 2025/26, according to Ahram Online’s reporting on Egypt’s tourism GDP share. That broader investment drive is the policy backdrop against which Gulf Egypt’s Sharm El Sheikh plan is being staged. The number of hotels nationwide reached 1,300 by the end of 2025, while tourism companies totalled 2,240, per official data. Egypt ranked 61st out of 119 countries in the World Economic Forum’s 2024 Travel and Tourism Development Index.
Egypt was named Africa’s top tourism destination for a third consecutive year in Bloom Consulting’s 2024/25 National Brand Index. Gulf capital flowing into Egyptian coastal megaprojects has come alongside a record tourism year. Gulf Egypt’s plan adds another layer to a build-out already in motion, with readers tracking Egypt’s broader tourism push able to compare it against the parallel review of Modon’s Ras El Hekma project.
From Announcement to Groundbreaking
Gulf Egypt said all key studies and strategic assessments have been completed and that the project is progressing through the final approval cycle in preparation for implementation. No construction start date or opening date has been disclosed in the announcement. The HVS and JLL mandates will run through the final approvals and into the master-planning stage that converts the signed protocol into buildable design packages. As the master plan evolved through the incorporation of additional land, Gulf Egypt and its partners undertook a comprehensive review to ensure the destination would maximize its long-term economic, tourism, and community impact, according to the company.
The signing is the public marker of a 50-year arc for Gulf Egypt, one in which the company has grown from a Cairo hotel owner into a regional mixed-use developer. The Sharm El Sheikh project is its largest single-site bet by land area at 354,458 square metres. The project will now move through Egyptian regulatory approvals, with the HVS and JLL advisory mandates running alongside.
Frequently Asked Questions
What is Gulf Egypt building in Sharm El Sheikh?
A mixed-use tourism destination on 354,458 square metres of land with around 750 metres of Red Sea beachfront. The plan combines a luxury bay-front hotel, two branded residential communities, what Gulf Egypt called Sharm El Sheikh’s first internationally branded beach club, and supporting retail, leisure, and wellness facilities.
Who are the partners behind the Sharm El Sheikh project?
Gulf Egypt acquired the project land from Al Montazah Tourism & Investment Company under a cooperation protocol signed at the project’s announcement. HVS, a global hospitality consultancy, is providing market research and feasibility studies. JLL is handling market and economic feasibility work, master planning, and development strategy.
Where exactly will the destination sit?
Minutes from Sharm El Sheikh International Airport and within close proximity to the city’s conference and events district. The site is on the Red Sea coast of Egypt’s South Sinai governorate.
What does Gulf Egypt currently operate in Egypt?
Gulf Egypt owns and operates the Hilton Cairo Heliopolis and the Waldorf Astoria Cairo Heliopolis, the latter of which the company says introduced the Waldorf Astoria brand to Africa. Its current portfolio includes nearly 840 luxury hotel rooms and suites.
Why is Gulf Egypt announcing this expansion now?
The company framed the announcement as part of its 50th-anniversary expansion strategy. The launch coincides with a record year for Egyptian tourism, including nearly 19 million visitors in 2025 and fiscal 2025/26 revenue of $16.7 billion, the highest level in seven years per Central Bank of Egypt data.
