Sisi has asked Egypt's parliament to authorize defense help for Saudi Arabia. Iran has named Saudi energy and communications sites as possible targets. Egypt's own economy depends on Saudi money and Red Sea shipping. Parliament votes on October 26.
Iran has now explicitly listed Saudi refineries, data centers, and undersea communications cables as the next targets should Washington strike again. Egypt is now moving to back Riyadh, which is already struggling to keep Houthi missiles and drones off its energy infrastructure.
Sisi has asked parliament to authorize him to answer any Saudi request for defense help. The vote is set for October 26, and pro-Sisi parties are likely to meet the two-thirds threshold for approval.
Cairo keeps its commitments vague
Cairo hasn't said how many troops it would send or what they would do, but has noted that it would not enter Yemen. Even so, that makes Egypt a direct target for the Houthis, or Iran via the Houthis. There appears to be a backdoor channel with Iran that led to the pledge to stay out of Yemen.
The New York Times reported on Thursday that Washington and Israel have drawn up a short, intensive bombing campaign for after November 3. The target list covers nuclear sites, missile and drone installations and energy infrastructure.
Egypt cannot afford to lose Saudi money
The offer is a defensive move, because Egypt can't afford to lose either the Saudi money that keeps its economy afloat or the Red Sea shipping that pays for its gas imports. A $5.3 billion Saudi deposit at Egypt's central bank falls due this month.
The war has cost Egypt in other ways. Israel cut gas exports to Egypt when the war started. Egypt's monthly energy import bill doubled to $2.5 billion in March. The IMF puts the extra cost at about $3.5 billion between March and June.
Foreign investors pulled $17 billion out of Egyptian Treasury debt in seven weeks, which knocked as much as 17% off the pound and pushed inflation above 15%. With oil above $100, Cairo raised fuel prices by up to 30% and ordered shops to close at 9 p.m. to save power.
Egypt's gas system will not be able to sustain a hit. When a drone hit the Energos Winter regasification vessel at Damietta in late July, it took out one-tenth of Egypt's import capacity.
Source: Oilprice.com
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