The 18-year-old has enjoyed a rapid rise since arriving at the Catalan club, impressing during pre-season with four goals before making his LaLiga debut against Rayo Vallecano last month.
Barcelona have now rewarded his progress with improved terms, including a salary increase and a buyout clause understood to be worth more than 100 million euros.
Abdelkarim admitted he is happy to be compared with Manchester City striker Erling Haaland, whom he regards as a player he can learn from.
"Haaland is a wonderful forward, amazing at scoring goals and at being in the right place to score them," he said. "You can always learn from the great players by watching the way they play. And I like being called the Haaland of the Nile."
The Egyptian joined Barcelona from Al Ahly, initially arriving in January before the Spanish champions made the move permanent in June for an initial 1.5m euros. He first featured for the U19 side and later represented Barca Atletic before earning an opportunity with Hansi Flick's senior squad.
His pre-season form helped accelerate that progression. Abdelkarim scored twice in his first senior-team start against Birmingham City and finished the campaign with four goals in five friendly appearances.
He subsequently made his competitive debut from the bench in Barcelona's 5-2 victory over Rayo and has remained part of Flick's squad this season.
For Abdelkarim, the new contract represents another milestone in what has been a remarkable year.
"It's a dream," he said. "You have to see what you can work on and improve, and that's what we do every day. I know I have to improve.
"The coach and all the staff really support me and have helped me improve many things. The dressing room has supported me from day one. It's a family, more than just a team."
The striker has also made clear that he understands competition for places will limit his opportunities and says he is prepared to continue working for his chance.
"Playing minutes are the coach's decision and I respect that. I work every day to develop. I need time to improve and help the team. I know the minutes will come, and I have to be ready when the time comes," said the teenage sensation.
Abdelkarim has already represented Egypt at senior level and sees goals as his primary responsibility, regardless of whether he plays for Barcelona's first team, reserves or national side.
"I am a forward and I want to score goals, of course," he said. "There are other players who score goals, like Raphinha and Lamine, but my contribution is to score goals."
His ambitions extend beyond establishing himself at Camp Nou, with Champions League success at the top of his list.
"I want to score goals and win trophies, especially the Champions League," Abdelkarim said. "But I prefer to talk about goals rather than dreams, because that is how I deal with them."
Abdelkarim also revealed that Barcelona's historic Champions League comeback against Paris Saint-Germain is among his earliest memories of the club.
"I watched the big win over Paris Saint-Germain with my brother at home, and that was my first memory with Barcelona when I was a child," he recalled.
With his first competitive Barcelona goal still to come, Abdelkarim remains focused on developing and taking advantage of every opportunity.
"To score goals for the team, and to work and develop with this group," he said of his target. "I am a forward and I want to help the team by scoring goals."
