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There is no need to rent a car in the Sinai. You will not use it; most of the transport is ocean going in the shape of boats going out to reefs. Taxis are freely available and your hotel will be able to call you one. For longer trips there is the option of a bus ride.
Most hotels provide transport to and from the airport so unless you want to wander into Sharm it is unlikely you will neeed a taxi.