This paper focuses on a long-running and understudied Egyptian economic institution, namely, the beer industry. While the presence of a well-developed beer industry in a predominantly Muslim country alone is noteworthy, it is the consistent profitability of this industry despite the vicissitudes of the Egyptian economic development that has made it truly remarkable. Relying heavily on archival material, including documents in Cairo’s Dar al-Watha’iq, this paper tracks the development of the beer industry in Egypt from 1898, when Belgian entrepreneurs started the Pyramid and Crown Breweries; to the 1950s, when the Egyptian government nationalized the two companies and re-named the conglomeration al-Ahram (The Pyramid) Brewing Company; and up to 2003, when the Dutch company Heineken purchased a controlling share in the recently privatized al-Ahram Beverage Company. Although the beer industry has undergone some significant reconfigurations during its century-long history, the uninterrupted production of Stella Beer, Egypt’s most popular brand, has obscured these changes to the general public. Its yellow star label is one of the most potent and recognizable Egyptian brands both in Egypt and abroad, and has achieved a brand-product association that any major corporation would envy. This paper pays special attention to the inner workings of the al-Ahram brewery and its interaction with the government as the company clumsily transitioned from private ownership to government control and then back to privatization. At the same time, this paper provides a snapshot of the varied social composition of the company’s leadership and shows that this venture featured the energetic participation of Egyptian Muslims and Christians as well as foreigners.