According to a Moscow newspaper report, Russia and Egypt are close to sealing a $3-billion arms purchase agreement. The deal will be financed by Saudi Arabia and the United Arab Emirates.

It is believed Russian and Egypt have already either “initialed or signed” contracts for Egypt’s purchase of Mig-29 fighters, air and coastal defense systems, Mi-35 attack helicopters and smaller arms, reported the Vedomosti newspaper which cited two Russian government sources.

“Cairo has turned to Moscow, which was its main arms supplier in the 1960s and early 1970s, after Washington cut back assistance to its regional ally over the army-backed overthrow in July of democratically elected Islamist president Mohammad Morsi,” reports The Daily Star.