Many secular Egyptian intellectuals began to examine the modern history of the Jews of Egypt as an aspect of their opposition to the 1979 Egyptian-Israeli peace treaty. Fearing that normalizing economic relations would permit Israel’s technologically more advanced economy to dominate Egypt, they have often portrayed Jews, Israelis as well as the historic Egyptian Jewish community, as economic parasites, usurers, and rapacious capitalists. Recent Egyptian writings on the privileged position of bourgeois Jews in the twentieth century typically assume an absolute opposition between compradors and foreigners on the one hand, and a patriotic national bourgeoisie on the other, thus denying the Egyptian element of Egyptian Jewish identity and portraying the activities of Jews as inimical to the national economy. Using the concept of colonial capitalism and a case study of La Société Générale des Sucreries et de la Raffinerie d’Egypte, this article argues that there were no significant differences between the business strategies of the leading Jewish and Muslim elements of the Egyptian haute bourgeoisie; they were often partners in the same enterprises. In political economy categories, there was not a unified bloc of Jewish capital or a Jewish bourgeoisie with a common set of economic and political interests.