Kompromat
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Ahlan beek feh ay wakt ya basha
Firstly, over 200 fighter aircraft have been or are due to be retired by the end of 2015. That's all the Mig-21s, F-7s, and Mirage III Horus' left in service. That's 8-10 squadrons that need to be replaced, whether it will be a one to one replacement is still unknown.
So what we need is a light multirole BVR capable air craft. Our relationship with the US is in a bad spot right now so more F-16s is out of the question. The EAF wants to coproduce a fighter and the only real option for that is the JF-17.
The F-16 along with the acquisition of new 4++ gen fighters (most likely the Rafale) will form the first tier of the EAF while the JF-17 will form the second tier.
The US will not supply us the AIM-120 due to our CISMOA status. The SD-10 on the JF-17 and the Meteor/Mica on the Rafale (or R-77 on the MiG-35) will be a great step forward from the AIM-7 on the F-16.
Egypt can have stand off weapon systems, Pakistan may not be selling to 'other' perspective buyers.