Heba Saleh and Simeon Kerr, writing in the FT:
Analysts said the election of Donald Trump in the US, who considers Egypt and Saudi Arabia as important allies in his anti-Isis strategy, had focused minds on a rapprochement. Saudi Arabia is also keen to rally Sunni Arab support in its efforts to counter Iran’s influence across the Middle East, and believes it can benefit from reasserting a strong axis with Cairo, analysts said.
“Because of the Trump factor and the new Saudi strategy to counter Iran, we are back into a ‘forgive and forget policy,’” said Abdullah Alshammri, a former Saudi diplomat. “Riyadh’s policy towards Egypt can be described as emergency diplomacy — it is time to work only against Iran, and we need Cairo.”
This is an interesting take and always one of the major reasons that any chill in Saudi-Egyptian relations was going to be temporary. However, this likely does not mean it's all hunky dory from here on. There are limits to how anti-Iran Egypt will want to be, especially in light of its improved relations with Hamas, which is once again warming to Tehran. Like it or not Tehran has leverage with Hamas, which has leverage on the situation in Sinai. This is one of the ways in which the emergent MENA geopolitics are tangled and complicated. The Trump administration could arguably get on board with an anti-Iran policy that would please most (but not all) GCC countries and that would structure a major aspect of power politics in the region. And some are calling for this (surprise: it involved members of the Kagan family of neocon grandees) – specifically a Middle East strategy focused around Iran rather than Sunni radicals, including empowering a Sunni ally against Iran and (if you read between the lines) embracing anti-Shia sectarianism. Ironically, they are doing so when Saudi Arabia may to be shifting emphasis from a sectarian to a more ethnic framework for containing Iran.
Yet a country like Egypt has far more complicated interests: anti-Islamism (which brings it closer to the Assad regime and hence Russia and Iran), maintaining its strong relations with the GCC (solidarity on Yemen etc.) and the Nile water issue with Ethiopia and the Sudans (which is a theater where you have a strong local actor in Ethiopia but also much external influence from Western countries, Iran, Saudi Arabia and China). So I would not fall for an "all is fine" narrative: as in the past, the Egyptian-Saudi relationship is likely to have its ups and downs because of regional developments that are hard to predict and where their interests diverge.