Corporate networks facilitate flow of knowledge, information, and capital between firms. Interlocking directorates is where hegemonic power is exercised by the elite of a society. The history literature on interlocking directorates has examined the economic and spatial interlocks between firms created by board members who were multiple directors. Historical research on interlocking directorates has been primarily conducted on the US and Western European structures. Recently, an emerging body of research has looked at the phenomenon in some Latin American countries. On the other hand, the literature on the economic activities of the corporate elites in Egypt, during the first half of the twentieth century, has mainly been concerned with the socioeconomic role played by local foreign minorities in modern Egypt. Empirical scholarship to systemically examine the shape of capitalism in modern Egyptian history, and the Middle East in general, with the systematic use of such methods as those associated with the social network analysis has been lacking. This paper aims to identify and describe, through using the interlocking directorates technique, the features of Egypt’s modern history capitalism. It leverages on social network analysis techniques applied to the interlocking directorates among the largest joint-stock companies in Egypt between 1923 and 1948. The paper documents the changing patterns of corporate interlocking for approximately 200 firms across three time periods. Social network analysis provides a framework to examine how elites in a society were networked through measures of network density, power, centralisation and connectedness. The characteristics of the Egyptian capitalist system are illustrated using various indicators derived from social network analysis. This includes identifying the control positions, group structures, the mechanisms that guaranteed the consolidation and defence of the control positions in the main business groups. The paper uses a complied dataset from various issues of the Stock Exchange Year-Book of Egypt.