The coming to power of the Muslim Brotherhood in Egypt has provoked fears of an ‘Islamization’ of the Egyptian foreign policy. In fact, President Mohamed Morsi has lifted the spell of inertia that dominated the country’s foreign affairs under the rule of the Mubarak regime. However, the new president’s foreign agenda is not primarily shaped by ideology. This article illustrates how both economic calculations and logics of domestic legitimation are governing Egypt’s foreign affairs today. Moreover, it examines the influence of the Muslim Brotherhood on the country’s foreign relations.