MOSCOW. Feb 14 (Interfax-AVN) - Russia and Egypt are working towards a major arms deal, a source close to the military-technical complex (MTC) told Interfax-AVN on Friday.
"There has been no agreement on the matter yet, a great deal of work has yet to be done," he said, commenting on a recent report by Egyptian newspaper Al Masry Alyoum that Saudi Arabia and the United Arab Emirates (UAE) will pay for the largest arms deal worth $2 billion made between Russia and Egypt last week. The newspaper cited "a high-ranking official source."
During the Egyptian defense minister's visit to Moscow on February 13, 2014, arms contracts were discussed worth over $3 billion, Russian media outlets said later.
"Shipments and payments will be effected in two phases, with the first one to take place before mid-2014," a source said.
The Egyptian military intend to acquire Russian air defense systems, combat helicopters, Mikoyan MiG-29 fighters and antitank systems, earlier reports said.
Saudi Arabia and the UAE backed the Egyptian military which ousted Islamist president Mohamed Morsi on July 3, 2013. In particular, several Gulf states allocated $12 billion in aid to the new Egyptian authorities.