I really don't know what would happen, maybe the people of Egypt would have risen up to overthrow the British if they lost at El Alamien. From there the Germans could have invaded Iraq and seized their oil. It's possible that the Germans could have convinced the Turks to allow them to use their territory, and they could have launched a invasion of the Caucusses cripling the Soviet economy.

Of course invading the Caucusses would have required the Germans to weaken other areas of the Eastern Front. Also the Caucusses aren't exactly 'tankable' ground like N. Africa.

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"Family, friends, religion. These are the demons you must slay if you are to become successfull in bussiness. When opportunity knocks, you don't want to be sitting in some phoney-baloney church... or a SINAGOGUE!" - Montgomery Burns