"Through this declaration, the British government unilaterally ended its
protectorate over
Egypt and granted it nominal independence with the exception of four "reserved" areas: foreign relations, communications, the military and the
Anglo-Egyptian Sudan"
Military and Foreign Relations, is pretty much all there is to Egypt in Hoi4 anyway, I have a funny feeling the british companies that owned the factories in egypt didn't give them up either so they were probably British owned too.
You can roleplay that egypt are making some really significant civilian laws in your game, while you take care of their military, industry and foreign relations.