The war between Israel and Hamas has turned the spotlight on Egypt’s role as a regional powerbroker, potentially winning it Western support as it tries to escape a grinding economic crisis.

With long-held ties to Israel and a border with Gaza, Egypt’s stance is shaping up as key to the fate of refugees and the sustained flow of aid for the besieged territory’s 2 million residents after Israel cut off crucial supplies in response to Hamas’s deadly Oct. 7 assault.

That opens up opportunities for the most populous Arab nation as it wrestles with its worst economic outlook in decades and President Abdel-Fattah el-Sissi prepares for elections in less than two months’ time. A host of domestic and regional considerations, however, are seen ruling out any refugee deal.