Foreign investment in air transport is allowed up to 49% in companies involved in regular international and domestic flights (for both passenger and cargo services).  
"Article 75 Establishment of Companies:
Without prejudice to the provisions of the laws governing the establishment of companies and facilities, no company or facility may be established to practice any of the civil aviation activities specified under a decree by the competent Minister, or adding one of such activities to existing companies unless upon his/her approval after submitting the technical and economic feasibility study. 
The companies and facilities referred to in the preceding paragraph shall not practice the activity unless obtaining authorization to practice the civil aviation activity and the Air Operator Certificate (AOC).[...]" (Civil Aviation Law (Law No. 28 of 1981), as amended by Law No. 136 of 2010, Article 75 [unofficial translation])
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"121.1 Applicability
(a) Except as prescribed in paragraph (b) of this section, this Part prescribes rules governing the certification and operations of the following:
(1) Each air operator engaging in international or domestic air transportation under an air operator certificate (AOC) issued by the Egyptian Civil Aviation Authority (ECAA).
This includes both air carrier and air taxi certificates;
(2) Each AOC holder covered by this section when engaging in charter flights or other special service operations; and
(3) Each AOC holder when it engages in the carriage of persons or property for compensation or hire under an air operator certificate issued by the ECAA.
[...]
121.2 Definitions for the purpose of this Part
(a) “Passenger-carrying aircraft” or “passenger-carrying operation” means one carrying any person other than a person listed in 121.583, or carrying any person other than a cockpit crewmember or other crewmember, company employee, authorized government representative, or person accompanying a shipment.
(b) “Air Taxi Operations“  Operations conducted by Egyptian air operator, in an air transport service, of any of the following:
(1) Airplane having a maximum seating capacity of less than 50, including any required crewmember seat or a maximum certificated take-off mass of less than 20,500 kg.
(2) Any aircraft that is authorized by the ECAA president to be operated under this operation
(c) “Air carrier Operations“ Operations conducted by Egyptian air operator, in an air transport service, of any of the following:
(1) Airplane having a maximum seating capacity of (50 or more ) including any required crewmember seat and a maximum certificated take-off mass of (20,500 or more ).
(2) Any aircraft that is authorized by the ECAA president to be operated under this Subpart.
(d) “Egyptian citizen” means one of the following:
(1) An individual who is a citizen of Egypt;
(2) A partnership of which each member is such an individual; and
(3) A corporation or association created or organized under the Egyptian laws of which the president and two-thirds or more of the board of directors and other managing officers thereof are such individuals and in which at least 51 percent of the voting interest is owned or controlled by persons who are Egyptian citizens.
(e) “Common carriage” means the carriage of persons or property for compensation and hire.
A ”common carrier" means an operation in which the main purpose is for compensation and hire.
121.3 General requirements
A person may not operate as an air operator unless that person:
(a) Is a citizen of the Arab Republic of Egypt;
(b) Obtains an air carrier or air taxi certificate; and [...]" (Ministry of Civil Aviation, Egyptian Civil Aviation Authority, Civil Aviation Regulations Part 121, "Certification and Operations: Air Carriers and Air Taxi" (October 2020), Sections 121.1, 121.2 and 121.3 [unofficial translation])
Civil Aviation Law (Law No. 28 of 1981), as amended by Law No. 136 of 2010, Article 75
Ministry of Civil Aviation, Egyptian Civil Aviation Authority, Civil Aviation Regulations Part 121, "Certification and Operations: Air Carriers and Air Taxi" (October 2020), Sections 121.1, 121.2 and 121.3
[<a href="http://www.civilaviation.gov.eg/ecaa/5">Law</a>],[<a href="http://www.civilaviation.gov.eg/download/solta/617">Reg</a>]