In 1838 the Anglo-Ottoman Tariff Treaty essentially forced “free trade” upon Egypt; this destroyed the country’s first mechanized textile industry. A system of free trade dominated by the British made it practically impossible for Egypt to industrialize, and this sabotaged any potential for economic sovereignty.
Yes, certainly, a handful of local elites benefitted then from the subjugation of the domestic economy, as a handful of local elites benefit now.
Egypt has had experience with being subjugated by business imperialism before, it is useful to remember. When they talk about things like “free trade” and “investment”, you should realize what it means. Their “investment in Egypt” means their purchase of Egypt, and “free Trade” means trading your freedom for slavery.