Good question. Russia's current economic problems are a big deal. And the Saudis play a big role in that, by keeping the taps open. So financially speaking I don't see it happening either. They're having trouble financing regime priorities like the space program, infrastructural development, Crimea, and the military.But who would pay for that? Is Russia promising a couple of billion dollars a year in military aid, plus economic assistance - a package of $20 billion or so over the next few years with more to come? That's the minimum necessary - as a start. It'd have to be a credible offer, with the first few billion arriving immediately. Hard currency only.
The numbers aren't plucked out of the air. They're what Egypt is already getting, or is promised, & would lose if it moved into Russia's orbit. Without aid on that scale or greater Egypt wouldn't be interested.
Well it gets a bit complicated. If one gave Putin more credit, one might argue that he's dangling an impossibility in the hopes that Egypt will think that it can spend Saudi money on Russian toys, while pursuing an "independent" foreign policy. Third world regimes with aspirations for greatness have certainly done stupid things of this nature in the past. If one gave Putin less credit, one might argue that he's simply making a mistake.which will make the Iranians, Turks, Saudis, and to a lesser extent GCC pretty grumpy because its pretty transparent - and not achievable
Then again, Egypt is a buyer of Russian weapons, and has held talks about a Russian base there (though both sides later denied the talks, and it doesn't look like they reached anything close to an agreement). One could even turn this around and say that this may be Egypt's initiative, allowing it some foreign policy maneuver space, should it run afoul of the Saudis.