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The strategic partnership between Pulse Developments and Dubai-based The First Group marks more than the launch of a single hospitality project. It begins a long-term investment platform designed to introduce internationally managed hotel developments to Egypt while supporting the country’s tourism and real estate sectors.
Speaking on the sidelines of the partnership launch, Mostafa Gamal, Chief Executive Officer of Pulse Developments, discussed the company’s expansion strategy, why Sharm El Sheikh was selected as the starting point, the rationale for partnering with The First Group, and how professionally managed hospitality developments can support Egypt’s economic growth and attract foreign investment.
Q: Today’s announcement is centered around Sharm Oasis. How does this project fit into Pulse Developments’ long-term strategy?
Sharm Oasis is the beginning of a much broader vision.
Since establishing Pulse Developments, our objective has been to build hospitality destinations rather than simply develop real estate.
We selected Sharm El Sheik because it is one of the world’s leading tourist destinations, with consistently high occupancy levels year-round. Those fundamentals make it the ideal location for launching our first hospitality development.
However, our ambitions extend beyond Sharm El Sheikh. Egypt offers a diverse range of world-class tourism destinations, and we have a clear roadmap to expand into several strategic locations over the coming years.
Q: Which destinations are you targeting next?
Our expansion strategy includes Egypt’s North Coast and Cairo.
In particular, we see significant opportunities around the Grand Egyptian Museum, which is rapidly becoming one of the country’s most important international tourism attractions.
Developing internationally branded hospitality assets in that area represents a compelling long-term investment opportunity, and it is already part of our future pipeline.
Q: How extensive is your current development pipeline?
Today, we have three projects under development in Sharm El Sheikh, in addition to a land parcel on the North Coast.
Within the next six or seven months, we expect to add two additional sites to our portfolio.
One of those locations, subject to the completion of all legal procedures and agreements, will be near the Grand Egyptian Museum.
While we are not yet in a position to disclose full details, our development pipeline continues to expand steadily.
Q: What level of investment are you planning?
The project announced today represents investments exceeding US$100 million.
Within the next two to three weeks, we also expect to announce another hospitality development in Sharm El Sheikh valued at between US$65 million and US$70 million.
A third project, which will be significantly larger, will be unveiled at the appropriate time.
Together, these developments reflect our long-term commitment to Egypt’s hospitality sector.
Q: Why did you choose The First Group as your strategic partner?
Finding the right operating partner was essential.
The First Group has more than twenty years of experience in Dubai’s hospitality sector and manages a portfolio of internationally operated hotels that meet the highest global standards.
I personally visited several of their properties and was impressed not only by the quality of operations but also by the consistency of the guest experience.
Equally important is their international investor network.
The company has built strong relationships with investors around the world, giving our projects access to global capital and international sales channels.
Under the partnership, Pulse Developments is responsible for project development and construction, while The First Group manages international marketing, investor relations, hotel operations and hospitality management.
That combination creates significant value for both companies and investors.
Q: Is this an acquisition or a joint venture?
Neither.
This is a strategic partnership built around complementary expertise.
Each company focuses on what it does best.
Pulse Developments is responsible for acquiring land, developing projects, and delivering construction, while The First Group oversees branding, global sales, hotel management, and operational excellence.
We believe this structure gives the partnership a strong competitive advantage.
Q: Can you tell us more about Pulse Developments?
Although Pulse Developments was established in 2024, the company’s experience goes much further back.
Our board members have been active in Egypt’s real estate sector since 1997, with more than three decades of combined industry experience.
From the beginning, we wanted to create something different.
Our objective was never simply to build properties and sell units.
Instead, we wanted to develop integrated hospitality destinations focused on lifestyle, guest experience, service quality, and long-term investment value.
That vision naturally led us to seek an international hospitality operator capable of bringing global expertise to Egypt.
Q: How does this partnership support Egypt’s property export strategy?
This partnership aligns closely with Egypt’s national objective of attracting foreign investment through real estate.
International investors are looking for more than property ownership.
They want fully completed, professionally furnished, and internationally managed hospitality assets that generate recurring income without requiring day-to-day involvement.
That is exactly the investment model we are introducing.
Through The First Group’s international sales platform and investor network, we will attract overseas buyers and help generate additional foreign currency inflows into the Egyptian economy while strengthening the country’s hospitality sector.
Q: How many hotel rooms will these developments add to Egypt’s tourism sector?
The first project includes 366 serviced hospitality units and 104 hotel rooms, creating a total inventory of approximately 470 keys.
Our second project in Naama Bay will add another 304 hotel rooms.
The third development will be substantially larger, with more than 2,500 hospitality units, making it one of the most significant tourism projects in our pipeline.
Together, these developments will make a meaningful contribution to Egypt’s hotel capacity.
Q: Beyond the developments themselves, what impact do you expect these projects to have on Egypt’s economy?
Their impact extends beyond real estate.
These projects support several national priorities simultaneously.
They increase hotel capacity, strengthen Egypt’s tourism infrastructure, and support the government’s objective of attracting more international visitors.
They also support Egypt’s property export strategy by attracting foreign investors and generating hard currency inflows.
In that sense, they represent an integrated economic model that combines tourism, foreign investment, and sustainable real estate development. We believe partnerships like this can play an important role in strengthening Egypt’s position as one of the region’s leading destinations for hospitality investment.
We believe partnerships like this can play an important role in strengthening Egypt’s position as one of the region’s leading destinations for hospitality investment.
