The 35-year-old midfielder, whose former clubs include Olympique Lyonnais and Chelsea, joined a week after the club appointed Patrice Carteron as their new coach.
In November, Carteron lead Congolese club TP Mazembe Englebert to the African Champions League title Malouda, who won 80 caps for France, is the first major European import to play in Egypt where league football in recent years has been halted because of crowd violence and security concerns have forced games to be played behind closed doors.
He last played in the Indian Super League with Delhi Dynamos.
Wadi Degla, based in Cairo, lie 13th in the 18-team Egyptian premier league with 17 points, 15 behind leaders Al Ahli.
The club are owned by a major holding company of the same name, with interests in property and telecommunications.
(Reporting by Mark Gleeson in Cape Town,; Editing by Ed Osmond)
