Hi Lonewarrior, welcome to the Org

Others may have a more detailed, nuanced strategy for you, but what I've done as Egypt is: make alliance with the Almohads (the guys between you and Spain), and concentrate my initial efforts toward Turkey. Spain needs my (Egyptian) land more than I need theirs. Try to strike alliance with the Byzantines also. Build "happy" buildings (mosques, etc) so that when the inevitable Crusades get unleased, we can counter with Jihads.

As with all factions, buid up trade and shipping ASAP, to bring in $$$'s to spend on military buildup.