Abstract. The article deals with the dramatic developments that took place in the last couple of years in the most important country of the Arab world. A brief but comprehensive analysis is made of roots and causes of the «Arab spring» as well as of events that have resulted in the upsurge and the subsequent downfall of the Muslim Brotherhood. An attempt is made to explain why the Egyptian revolution has been hijacked and what are the chances of either advancing to some kind of a democratic rule or a return to a semi-military regime.