Egyptian President Abdel Fattah el-Sisi hosted a triple summit in Sharm el-Sheikh with Israeli Prime Minister of Israel Naftali Bennett and UAE Crown Prince Mohamed bin Zayed. The spokesman for the Egyptian President stated that the meeting dealt with energy, market stability, and food security, along with other international and regional developments.
Egyptian commentators noted that the meeting reflects an interest in forming new regional alliances in light of reduced US involvement in the region and the countries’ need to provide together for their shared security and economic affairs, in the absence of a world power that will necessarily support them. Indeed, the photo of the three leaders, with the Egyptian president in the center, symbolizes the formation of a regional axis that shares common concerns and interests on several issues:
First, the Iranian nuclear program. The three countries are interested in presenting a cohesive front to the US administration regarding a possible return to the nuclear agreement. While the Israeli and Emirati reservations about some of the clauses in the agreement have been expressed publicly, Egypt, too, has an interest in increasing security coordination and preventing violent flare-ups. Cairo's main concern is an increase in Iran's subversive activities under the cover of the apparent agreement, particularly in relation to the Houthis, who target Egypt’s Gulf allies and could disrupt the Suez Canal, which serves as an important source of foreign exchange revenue.
Second, the war in Ukraine. Although the three states see themselves as Washington’s allies, they strive to maintain room for legitimate maneuver between the blocs in light of their direct security and economic interests vis-à-vis Moscow. Egypt, for example, imported about 50 percent of its wheat from Russia until the war, relied on Russian tourism, and placed hope in a number of Russian economic projects in its territory – from the power plant in el Dabaa to the industrial area in the Suez Canal. These join the Russian-Egyptian cooperation on the Libyan front, and the importance Egypt attaches to Russia's position on the Renaissance Dam crisis.
Third, maintaining stability in Egypt and the wider region. The average Egyptian citizen has faced steep economic challenges since the outbreak of the war in Ukraine, including a drop of over 10 percent in the Egyptian pound and a sharp rise in food and energy prices, which could ignite political and social unrest. Last week Israel engaged to help Egypt compensate for the loss of tourism from Russia and Ukraine, when it agreed to open a new air route between Tel Aviv and Sharm el-Sheikh. Abu Dhabi also announced a $2 billion investment in Egyptian companies. The two countries may even side with Egypt in its efforts to raise grants from international financial institutions such as the IMF.
Egyptian President Abdel Fattah el-Sisi hosted a triple summit in Sharm el-Sheikh with Israeli Prime Minister of Israel Naftali Bennett and UAE Crown Prince Mohamed bin Zayed. The spokesman for the Egyptian President stated that the meeting dealt with energy, market stability, and food security, along with other international and regional developments.
Egyptian commentators noted that the meeting reflects an interest in forming new regional alliances in light of reduced US involvement in the region and the countries’ need to provide together for their shared security and economic affairs, in the absence of a world power that will necessarily support them. Indeed, the photo of the three leaders, with the Egyptian president in the center, symbolizes the formation of a regional axis that shares common concerns and interests on several issues:
First, the Iranian nuclear program. The three countries are interested in presenting a cohesive front to the US administration regarding a possible return to the nuclear agreement. While the Israeli and Emirati reservations about some of the clauses in the agreement have been expressed publicly, Egypt, too, has an interest in increasing security coordination and preventing violent flare-ups. Cairo's main concern is an increase in Iran's subversive activities under the cover of the apparent agreement, particularly in relation to the Houthis, who target Egypt’s Gulf allies and could disrupt the Suez Canal, which serves as an important source of foreign exchange revenue.
Second, the war in Ukraine. Although the three states see themselves as Washington’s allies, they strive to maintain room for legitimate maneuver between the blocs in light of their direct security and economic interests vis-à-vis Moscow. Egypt, for example, imported about 50 percent of its wheat from Russia until the war, relied on Russian tourism, and placed hope in a number of Russian economic projects in its territory – from the power plant in el Dabaa to the industrial area in the Suez Canal. These join the Russian-Egyptian cooperation on the Libyan front, and the importance Egypt attaches to Russia's position on the Renaissance Dam crisis.
Third, maintaining stability in Egypt and the wider region. The average Egyptian citizen has faced steep economic challenges since the outbreak of the war in Ukraine, including a drop of over 10 percent in the Egyptian pound and a sharp rise in food and energy prices, which could ignite political and social unrest. Last week Israel engaged to help Egypt compensate for the loss of tourism from Russia and Ukraine, when it agreed to open a new air route between Tel Aviv and Sharm el-Sheikh. Abu Dhabi also announced a $2 billion investment in Egyptian companies. The two countries may even side with Egypt in its efforts to raise grants from international financial institutions such as the IMF.