Not quite that many, but they certainly have a good number of them. They are not 'top-of-the-line' models but if given adequate maintenance they are good tanks.
However, speaking from personal experience, I can tell you that a HUGE percentage of those tanks are below standard condition, or even inoperable, due to the traditional Egyptian/Islamic attitude towards Preventive Maintenance. In other words, 'if God wantss the tank to work, it will work'. Back in the late 90s I saw perfectly good tanks roll out of the assembly facility in Egypt (they assembled them from US_made kits), only to reappear at the depot a month later on a trailer, completely inoperable, because the locals did no PM and actually removed the dust screen from the intakes because it kept clogging.
Don’t they have large numbers still in crates unassembled? And the M1A1 is still a first rate tank, especially if you have a lot of them, and especially if they are already in theater.
I can offer a similar story about F-16 maintenance in the Egyptian Air Force, as told by a Lockheed-Martin rep. One of their instructors was providing an intro level class on the jet’s avionics. He removed a couple of exterior panels to access some of the line replaceable units, then excused himself (briefly) to go to the other side of the hangar and get an item he needed.
When he returned, he found the Egyptians had removed several more panels and were practicing nailing them back in place. Of course, the panels are secured by specially-made fasteners, but the EAF techs figured what the heck, a hammer and nails will work just as well. In the process, they destroyed several LRUs and generated thousands of dollars in damage, paid for by the US taxpayer.
The EAF has a few decent pilots, but their maintenance is absolute crap. It’s probably a good thing they (typically) get destroyed on the ground in the opening stages of a conflict, because they don’t have the capability to generate significant numbers of sorties over a period of days or weeks. Of course, the Dear Leader has us on the same path, with about one-third of the combat squadrons in the Air Force and Navy now grounded by sequestration.