This is obviously a race bate thread. But Ancient Egyptians are the same race as Modern Egyptians. How ever the fuck Modern Egyptians look is how the Ancient ones looked.
This is Egyptian Archaeologist Zahi Hawass, in this image he is looking at the mummy of Hatshepsut, the racial features of the two are the same.
There has never been a complete population change in Egypt from Ancient times to now, yes, you can argue that they where conquered through out history, from the Ancient Greeks, Romans and Arabs.
Modern Egyptians are still the same race of people as the Ancient Egyptians.