Notwithstanding the recent wave of violence, argues Eric Trager, Egypt is not in danger of collapse (free registration required):

Egypt is more politically stable than it’s been in years. Unlike the divided regimes that collapsed in the face of mass protests in January 2011 and June 2013, [President Sisi’s] regime is internally unified. And the various state institutions and civil groups that constitute the regime will likely remain tightly aligned for one basic reason: they view the Muslim Brotherhood as a significant threat to their respective interests and thus see the regime’s crackdown on the organization as essential to their own survival.

Moreover, as many and perhaps most Egyptians see it, the Sisi regime’s internal unity is the one thing preventing the country from descending into the chaotic statelessness that has overtaken other countries [in the wake of the Arab Spring], and they strongly prefer even a repressive and somewhat inept regime to what they see as a far worse alternative. So even as Egypt’s domestic security becomes more tenuous, the status quo is sustainable, because regime change appears highly unlikely in the near term.

While the current Egyptian president, Abdel Fattah el-Sisi, has never been friendly to Hamas, his government has objected strenuously to the Israeli campaign in the southernmost part of the Gaza Strip. Haisam Hassanein explains why:

Cairo has long been playing a double game, holding Hamas terrorists near while simultaneously trying to appear helpful to the United States and Israel. Israel taking control of Rafah threatens Egypt’s ability to exploit the chaos in Gaza, both to generate profits for regime insiders and so Cairo can pose as an indispensable mediator and preserve access to U.S. money and arms.

Egyptian security officials have looked the other way while Hamas and other Palestinian militants dug tunnels on the Egyptian-Gaza border. That gave Cairo the ability to use the situation in Gaza as a tool for regional influence and to ensure Egypt’s role in the Palestinian-Israeli conflict would not be eclipsed by regional competitors such as Qatar and Turkey.

Some elements close to the Sisi regime have benefited from Hamas control over Gaza and the Rafah crossing. Media reports indicate an Egyptian company run by one of Sisi’s close allies is making hundreds of millions of dollars by taxing Gazans fleeing the current conflict.

Moreover, writes Judith Miller, the Gaza war has been a godsend to the entire Egyptian economy, which was in dire straits last fall. Since October 7, the International Monetary Fund has given the country a much-needed injection of cash, since the U.S. and other Western countries believe it is a necessary intermediary and stabilizing force. Cairo therefore sees the continuation of the war, rather than an Israeli victory, as most desirable. Hassanein concludes:

Adding to its financial incentive, the Sisi regime views the Rafah crossing as a crucial card in preserving Cairo’s regional standing. Holding it increases Egypt’s relevance to countries that want to send aid to the Palestinians and ensures Washington stays quiet about Egypt’s gross human-rights violations so it can maintain a stable flow of U.S. assistance and weaponry. . . . No serious effort to turn the page on Hamas will yield the desired results without cutting this umbilical cord between the Sisi regime and Hamas.