Sorry Jeff it's the red one
Must concur with My Lordship...The Flag of the Khedive.
"Muhammad Ali did introduce one distinctive new flag which eventually became the first real Egyptian national flag. Perhaps to symbolize the victory of his armies in 3 continents (Europe, Asia, and Africa) or his own sovereignty over Egypt, Nubia, and the Sudan, Ali set three white crescents and three stars on a red field. (...) In 1882, Egyptian nationalists, seeking to take leadership in their own land by deposing the khedive, provided the pretext Britain sought for occupying the country. A promise was made that Her Majesty's troops would leave "as soon as the state of the country and the organization of proper means for the maintenance of the Khedivial authority will admit of it. "
Quoted from Whitney Smith [smi75c] by Nick Artimovich, 23 April 1996
This flag was the personal standard of the Khedive.
Josh Fruhlinger, 13 February 1996
The red flag with three crescents and stars, may have had a wider use than purely by the Khedive. I believe Kitchener's 1898 Anglo-Egyptian expedition to the Sudan carried it (along with the Union Jack of course!)