Many thanks and credit to [@petit élève] for translating the French parts.

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Analysis/historical background of the song:
Released in 1960, this song was initially banned in Egypt by the Gamal Abdel Nasser government. Interesting enough, the ban was sanctioned by Naguib Mahfouz who was at the time Director of Censorship in the Bureau of Arts.
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The reason for the initial ban was the likelihood that the "Mostafa" in the song referred to Mostafa Al-Nahas, a significant political figure in Egyptian history and leader of the Wafd party, one of the most influential parties from 1919 till 1952.
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The Wafd Party, along with all other Egyptian political parties, was banned in January 1953 by Gamal Abdel Nasser following the Free Officers Revolution of 1952. Both Al-Nahas and his wife were imprisoned from 1953 to 1954. He consequently retired to private life. Thus, a song glorifying him might have been seen as problematic.
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There is reportedly a second reason for the ban. The seven years that the singer refers to were said to be the seven years Egypt spent after the collapse of monarchy in Egypt and the establishment of the Republic of Egypt (1953-1960). This along with the references to Al-Nahas led to the song being briefly banned till it rose to international recognition late in 1960. Consequently, the ban was lifted allowing for the song to feature in a number of movies.
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Source for dates/events:
http://www.vetogate.com/1873144