I wondered what this song was about, and in particular why Egypt?

I pasted the blogpost Joe linked to into Google Translate:

Sometimes I think of Julian Cope and I imagine him smoking cigarettes with Varg Vikernes on the porch, as the afternoon falls. They have discovered, as we all knew, that they have more things in common than differences and now, now old, they wait for the world to end at once with a long, long conversation. Other times, however, I imagine it with André Ethier. It is the twilight, and both of them sing that song that is "Pride of Egypt". Cope invents some line about megaliths and the armed revolution. Andre leaves him, because he is Canadian and very polite. Then there is darkness and the valley is silent. They are no longer Ethier or Vikernes. Only Cope is in the dark, sitting in his rocking chair, remembering perhaps the times when he was about to be a pop star, the times when he touched with his fingers the fleeting glory that took in the sack Ian MacCulloch and other medium-sized talents.

In the meager list of artists who have managed to change his speech according to the change of his life and without his work being resented, Cope occupies a greater place. Good example of such a change are, for those who want to visualize it quickly, the two direct ones that I include here. Separated for just five years, they portray a Martian evolution that goes from the enfant terrible mephysopholic leather-clad - and half-possessed by Bowie and Morrison - to the tripty visionary and time traveler; from the revisionist pop to the deconstructor kraut (always keeping the melodic hook). In the first one there is a controlled fury that grazes the dislocation but never ends free. In the second, the world has exploded and the process of recomposing the puzzle in a new and imaginative way has begun. But those five years are precisely those used by Cope to become another; to finally abandon the pursuit of the covers, withdraw from the spotlight, plan his essential book "The Modern Antiquarian" (which he would publish in 98 after at least eight years of work) and publish two prodigious albums such as "Peggy Suicide" (91) and "Jehovakill" (92).

After that his career continued to be interesting, his thinking accurate and his activism stajanovista, but there were the major findings. However, let's go back to the first live. Already in it, although it belongs to the era of the very pop and chrome "Saint Julian" (87), it floated more than just the brightness of dark pop; something different from the decadent and romanticized nihilism of period mates like the excellent Jesus or the overrated Bunnymen. There was already something that worked above and below the mainstream parameters.

In 97, perhaps as a late link, as confirmation that, indeed, in those pop years there had been a background tide that led to the shamanic abyss, the Island label publishes "The Followers of Saint Julian." It is a compilation of oddities and B faces that covers only the period 86-87, and the typical record that at first listen seems what it promises: a tailor's drawer for completists. However, in the long term it has become one of Cope's albums that I listen to the most. There is something about him madness, trial and counter trial; With an uncomfortable mind with his situation he has not yet found the hole through which to sneak into another dimension, enclosed in his own ice square. It also contains two excellent versions (“Levitation” of the Elevators and “Non-Alignment Pact” by Pere Ubu) and a strange theme, between classic and visionary, excellently sung and that defines, perhaps, that desire for change from which I speak. It takes me spinning in the head a fucking month: "Disaster".


I found Pride of Egypt on YouTube:
https://youtube.com/watch?v=wJM9nIxwdus

None of which answers my original questions.