Egypt's position was advantageous because it was connecting two continents, had lot of trade go through it, and had access to the Mediterranean.
Step-by-step explanation:
During the Cold War, the United States and the Soviet Union were competing for dominance over the world, and Egypt was not immune to it. Egypt was a country of exceptional interest because of numerous reasons, so both of the global powers were trying their best to have this country on their side and possibly control it.
One major reason was the trade and the influence that Egypt was capable of having over it. Egypt controlled the Suez Canal which was the one with most trading going through it, including the oil from the Middle East. It is the only country that connects Africa and Asia through land. The access to the Mediterranean too was of great importance as Egypt could have been used as an excellent military base. Despite both of the global powers trying to gain the sympathy of Egypt it was actually Yugoslavia that managed to do it, and Egypt had the best and closest ties with the South Slavic state.