Foreign investment in construction is only allowed in the form of joint-venture companies in which foreign equity shall not exceed 49%. In addition, foreign participation in electrical wiring and other building completion and finishing work is restricted to projects valued at over USD 10 million. 
Further clarification can be found at Soliman-Hashish-Partners (2021), Lexis® Middle East: Construction 2021, Legal Guide (see links): "1. Is a local partner required in any part of the construction process? Under the Egyptian Building Law, Egypt Law No. 119/2008 (as amended) (the Building Law), any construction works exceeding 350,000 Egyptian Pounds should be awarded to a contractor who is registered in the Egyptian Federation for Construction and Building Contractors (EFCBC) in the relevant classification for the construction works in question. This registration may be with a local company incorporated in Egypt and satisfying certain conditions to be qualified for this registration.
According to the Implementing Regulation of the EFCBC Law, Egypt Regulation No. 104/1992 (the EFCBC Law) and the internal regulations of EFCBC, foreign construction contractors performing works in Egypt of at least 40,000,000 Egyptian Pounds should register themselves as foreign correspondents at EFCBC and participate or sub-contract at least 51% of the awarded works to an Egyptian contractor registered with EFCBC in the relevant classification to these awarded works.
Exceptions to these restrictions will be determined by EFCBC, taking into account reciprocity between Egypt and the country of the foreign company, public interest or technical necessity of the project, correspondent members of foreign countries providing loans or grants approved by the Egyptian Parliament which provides for awarding projects to contractors of specific nationalities.[...]" (Soliman-Hashish-Partners (2021), Lexis® Middle East: Construction 2021, Legal Guide)
"Article 1
A general federation for contracting works shall be established in the Arab Republic of Egypt, to be called the Egyptian Federation of Construction and Building Contractors.
The federation shall not include persons whose activity is limited to supplying the materials necessary for the works referred to in the previous paragraph, or providing the necessary labor for them, or carrying out the industries or professions necessary and related thereto.
[...]
Article 5
The federation includes all those engaged in contracting activity stipulated in Article (1) in their capacity as working members, whether they are natural or legal persons, and whatever legal system they follow. It also includes non-Egyptians engaged in the same activity during the period of their activity in Egypt as correspondent members.
The Executive Regulations shall specify the rules, procedures and conditions for granting membership in the Federation . 
[...]
Article 7
Without prejudice to the provisions of contracting contracts financed by loans or grants and approved by the People’s Assembly, it is not permissible to assign or engage in works that are involved in contracting activity, with more than fifty thousand pounds in a single operation for non-members of the federation.
The executive regulation defines the works that the correspondent members carry out and the conditions to be followed when the Egyptian participation in each of these types of works.
This does not apply to contracting works for which the public interest requires contracting with foreign parties within the limits of the laws regulating this and with the approval of the Council of Ministers.[...]" (Law No. 104 of 1992 establishing the Egyptian Federation of Construction and Building Contractors [google translation])
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"Article 2
The union establishes a general register to register all members working in the union and sub-registers to register members according to their specializations in construction and building works. Each of these specializations is considered a qualitative division in the application of the provisions of the law. The Federation establishes a register for the registration of the correspondent members of the foreign contractors during the period of their activity in Egypt.
[...]
Article 6
It is not permissible to assign the contractor’s contract or part of it, except to a contractor registered in the union, provided that it is registered in the same division and classified in the same category in which the original contractor was classified, or in the less direct category in the case of waiving part of the contracting contract.
Article 7
In the case of assigning integrated works or complementary works to another subcontractor, this may not be done except for a contractor registered in the Federation in the same division in which the original contractor is registered and classified in the category that corresponds to the value of the works to be assigned to him.
Article 8
Whoever engages in the activity of construction and building contracting, public works , land reclamation, installations, dredging, marine construction works and any other works of the nature of these works, whether he is a natural or legal person, and whatever the legal system he follows, shall submit an application for registration to obtain the working membership in the Federation. This is subject to the following conditions: 
First - for a natural person
1- He must be of Egyptian nationality, an adult, of full age of majority, with full eligibility; [...]
Second - with regard to the legal person:
1 - He must have taken one of the prescribed legal forms and fulfill the procedures for his publicity and registration in the commercial register
2 - The general partners in partnership companies, the founding members and the legal representatives of other companies must meet the conditions set out in 1,
3, 5 From item (first)
The application must be accompanied by all documents indicating the fulfillment of the aforementioned conditions, and the application shall indicate the type of activity that the applicant engages in in the field of construction and building activities.
[...]
Article 9
Any foreigner who practices in Egypt one of the construction and building contracting activities stipulated in the previous article, whether he is a natural or legal person, must submit an application for his registration as a corresponding member of the federation, provided that he fulfills all the conditions necessary to conduct the activity in the country to which he belongs.
All documents supporting this and a certified copy of the contracts concluded to carry out these works inside, and a copy of the partnership contracts or sub-contracting with Egyptian contractors, without prejudice to the provisions of Articles 6 and 7 of this regulation, stipulated in the previous article, and the term of membership is limited to the period necessary to practice its activity in Egypt.[...]" (Minister of Construction Decision No. 205 of 1993: Issuing the implementing regulations for Law No. 104 of 1992 establishing the Egyptian Federation of Construction and Building Contractors [google translation])
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"EGYPT
A. Exceptions at national level
I. Investment by established foreign-controlled enterprises [...]
Construction: Foreign investment is only allowed in the form of joint-venture companies in which foreign equity shall not exceed 49%. In addition, foreign participation in electrical wiring and other building completion and finishing work is restricted to projects valued at over $10 million.
Authority: Law 104 of 1992 [...]" (OECD (2017), "National Treatment for Foreign-Controlled Enterprises: Including Adhering Country Exceptions to National Treatment, Paris)
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"The Conditions to extract the Egyptian Federation for Constructions & Building Contractors membership card 
1 - Request to extract membership card including power of attorney
2 - Contract of the Project
3 - Letter from owner including date of starting & of finishing the project
4 - Recent extractor from the Commercial Register Issued by the Investment Project Authority including the Contractor of the project
5 - Egyptian Contractors with 51% [...]" (Egyptian Federation of Construction and Building Contractors, "Registration of foreign companies" [Guidance], website content)
Law No. 104 of 1992 establishing the Egyptian Federation of Construction and Building Contractors [google translation]
Minister of Construction Decision No. 205 of 1993: Issuing the implementing regulations for Law No. 104 of 1992 establishing the Egyptian Federation of Construction and Building Contractors [google translation])
OECD (2017), "National Treatment for Foreign-Controlled Enterprises: Including Adhering Country Exceptions to National Treatment, Paris.
Egyptian Federation of Construction and Building Contractors, "Registration of foreign companies" [Guidance], website content.

[<a href="https://elpai.idsc.gov.eg/Legislations/Item/168207">Law</a>],[<a href="https://elpai.idsc.gov.eg/Legislations/Item/173723">Decision</a>],[<a href="https://www.oecd.org/daf/inv/investment-policy/national-treatment-instrument-english.pdf">NTI</a>],[<a href="https://tasheed.org/%D9%82%D9%8A%D8%AF%20%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA%20%D8%A7%D9%84%D8%A7%D8%AC%D9%86%D8%A8%D9%8A%D8%A9">Guidance</a>],[<a href="https://www.shandpartners.com/wp-content/uploads/2022/03/Egypt_Lexis-Middle-East_Soliman-Hashish-Partners_Construction-Legal-Guide_2021_pdf.pdf">Other</a>]