In windy conditions at Sokhna Golf Club in Ain Sokhna, the Ellon man followed up his pace-setting 66 with a 71 to sit on seven-under-par.
Cameron, who is attached to the Paul Lawrie Golf Centre, signed for eight birdies as well as five bogeys and a double-bogey.
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“Yesterday I hit it close but today I holed some nice long putts,” he said after staying on course for the biggest win of his career in the £23,000 Pro Golf Tour event.
“I’ve had a lot of birdies [15 in total] so far, which is great.
“I just need to limit the mistakes.”
Saxton is a formidable man to be leading the chase as he beat Tommy Fleetwood to win the Amateur Championship at Turnberry in 2008.
He also had a spell on the Challenge Tour and won three times on this circuit in 2011. But Cameron insisted: “I’m ready for tomorrow and really looking forward to running my own race and not getting caught up in the situation. It’s going to be a good day.”
Chris Robb, last year’s Scottish Amateur champion, is sitting joint seventh on three-under after rounds of 71 and 70, while David Law (70-73) is two shots behind in a share of tenth.
Elsewhere, Duncan Stewart and Jamie McLeary carded matching 68s to sit three off the lead – held by Australian Daniel Gaunt – after the opening round of the Algarve Pro Golf Tour at Salgados.
Former PGA champion Scott Drummond had a 71, as did Craig Lawrie, Paul’s oldest son.
In Thailand, Craig Sutherland was sitting six off the lead in joint-29th after a 73 in the first round of the Asian Tour Qualifying School first-stage event at Imperial Lakeview in Hua Hin.
On the women’s front, Great Britain & Ireland joined hosts Australia at the top of the table after a 5-2 win over Canada in the Astor Trophy.
Connie Jaffrey (Troon Ladies) won her singles for the second day running as Elaine Farquharson-Black’s side set up a potential title decider today with Australia at The Grange in Adelaide.
“All to play for tomorrow when we play our last match before being spectators on the final day on Friday,” said the GB&I team captain.