The accident took place last night in Al-Dabaiya village in the temple city of Luxor when the microbuses collided, veered of the road and plunged into a canal, Ahram Online reported today.
Besides the dead, twenty-two others were injured in the crash caused by a car coming from the opposite direction, it said.
The death toll was expected to climb further with several of the wounded being critical, said Abu Al-Naga Al-Hagagi, local head of the ambulance service.
The incident was latest in a series of deadly accidents in the country in recent days.
On August 22, 44 people died and scores injured when two buses collided in Egypt's Sinai Peninsula.
According to a 2012 report by the World Health Organisation, road accidents kill about 12,000 people in Egypt every year.