The British couple were taken captive by gunpoint during a stop to change money in Ras es- Sidir. They were travelling by car from Cairo to Sharm El Sheikh.
The managing director of ExxonMobil ‘s Egypt and Cyprus operations was held captive with his wife.
They were released several hours later after intense negotiations with security officials.
Police promised the kidnappers they would release a detained relative who had been arrested accused of smuggling weapons from Libya to Egypt.
The couple were both unharmed and are said to be safe in a security building in Ras Sidr in Southern Sinai.
Historically Bedouin gunmen in Sinai wanting to pressure police to free detained relatives have targeted tourists.
A number of tourists have been held briefly by tribesmen in recent months and released unharmed.
Security of staff has now become a major concern for oil companies.
They are facing soaring bills strengthening defences against militants.
Oil firms are said to have strengthened security in North Africa after dozens of foreign workers were killed following a siege in an Algerian gas plant in January.
Egypt has been in the news recently due to the tragic ballooning incident causing the death of 19 tourists.
Described to be one of the worst tourism accidents in Egypt, this event is likely to push Egypt’s tourist industry into a further recession.
Following the accident, the Governor of Luxor has taken the step to ban all further hot air balloon flights until a full investigation has been carried out.
Tourism has been on a decline in Egypt since the major disturbances across the country in early 2011 that led to their President stepping down.
The UK Foreign and Commonwealth office (FCO) has warned that the terrorism threat is high and at a high risk of attacks is likely.
