Thank you for your question.
The short answer to your question is Yes, it is possible for your wife to apply for a Spouse visa to settle in the UK. However, as you have been living and working in Egypt, you will need to demonstrate that you will now be domiciled in the UK. Basically, your intention must be to make the UK your home and that you will base yourself in the UK when you are not required to work overseas i.e annual leave.
As you are paid in the UK and pay your UK taxes this will be sufficent to meet the income requirement provided your salary is at least 18,600 pounds per annum.
The application must be submitted in Egypt or Russia and it can only be submitted 3 months prior to your intended travel date to the UK; please note in order for the application to be valid, you will need to either relocate to the UK at the same time as your wife and child or return to the UK before the application is submitted to prepare for your permanent move to the UK.
The spouse visa will be issued for a period of 33 months after which time your wife will be eligible to make an extension of stay in the UK to a total of 5 years. Once she has spent a period of 5 years in the UK, she will be eligible to apply for a permanent visa.
I hope this helps; if you require further detials please le me know.
I look forward to your feedback.