In 2007 I stayed in a resort in Dahab (comparable to Sharm el Sheikh) and found it quite tricky to get hookups with local guys. On the boulevard where all the restaurants and bars there were a couple of rent-boys hanging around who you could connect with by just giving them a glance/ stare long enough, licking your lip as a signal, they know what to look for, just look out with these guys.
At the resort itself the guys working the bars (stayed in one of those all inclusive ones) or the beach are very willing, just glance, slightly touch the arm, show your boner in your swimming trunks, and read their responses. Most of the guys are top only, mostly because it's not gay to fuck, just to receive. So sucked a few of them, two I got so far to fuck me, and one I fucked two nights in a row. None of them were occupied with rubbers. And it can be they expect a tip from you.
Just keep in mind it's all on the down low.