The artwork was put on display on Sunday at the World Youth Forum (WYF) being held in Sharm al-Sheikh.
It depicts the striker with his arms out wide in the goalscoring celebration he is known for.
But people have suggested it looks more like singer Leo Sayer or Marv the burglar from the film Home Alone.
It has drawn comparisons to a bust of Cristiano Ronaldo which was widely mocked after it was unveiled at Madeira airport last year.
Emanuel Jorge da Silva Santos, who sculpted the bust, spoke of his sadness about the online criticism of his effort afterwards. He was later given a second chance at it by website The Bleacher Report.
The event, which is in its second year, was created by young people in Egypt to help promote peace and prosperity.
What is it with footballers and statues?
— OverTheBar (@OverTheBarFB) November 5, 2018
looks like Leo Sayer pic.twitter.com/OoECwZK7aA
— Cöl (@Colette_AFC) November 4, 2018
— Jamés (@utdsupreme) November 4, 2018
The 26-year-old signed a new five-year deal at the club earlier this year, and has had previous spells at clubs including Chelsea and Roma.
He was their lead goal scorer in World Cup qualifying, which helped them reach the 2018 competition for the first time since 1990.