The couple, who have now been released after negotiations with security officials, were identified as Andy Wells, the 51-year-old head of the local subsidiary of Exxon Mobil, the oil company, and his 48-year-old wife Caroline.
A spokesman for the company said they were released on Thursday afternoon after having been held for a few hours after being picked up in the city of Ras Sidr, roughly halfway between Cairo and Sharm El Sheikh.
Security in the isolated desert region has deteriorated since the overthrow of President Hosni Mubarak in a popular uprising two years ago.
Tourists kidnapped in Egypt in similar circumstances last year were released unharmed.
The Britons were riding in a private car from Cairo to Sharm El Sheikh, a popular tourist resort, when they were stopped by the gunmen, the sources told the Reuters news agency. Local police told The Telegraph that they had stopped for money at a bank when they were picked up.
