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The ‘Zombie’ Caliphate: While the World Celebrates the Muslim Brotherhood’s Demise, Its Billion-Dollar Empire Thrives in Plain Sight
Supporters of the Muslim Brotherhood in the Jordanian capital, Amman, chanting pro-Palestinian slogans in April 2018. Photo: Reuters / Muhammad Hamed.
In Washington and Arab capitals, a comforting narrative has taken hold: The Muslim Brotherhood is finished. We are told that the Sisi regime in Egypt has crushed them, that Jordan has shuttered their offices, and that the “Islamist Winter” is finally over. The recent executive order by President Trump to review the group for terror designation is seen as the final nail in the coffin.
But if you look away from the empty political offices and follow the money, you will find a terrifying reality. The Muslim Brotherhood hasn’t gone bankrupt; it has simply gone corporate.
While Western intelligence agencies applaud the closure of dusty headquarters in Amman, they are ignoring the €27 million mega-complexes rising in France, the €4 million real estate fortresses in Berlin, and the terror-linked holding companies trading openly on the Istanbul Stock Exchange. The Brotherhood has transformed from a mass movement into a transnational financial conglomerate — a “Zombie Caliphate” that is legally bulletproof and wealthier than ever.
The Egyptian “Catch-and-Release”
The myth of the Brotherhood’s destruction starts in Egypt. The regime’s “Inventory Committee” boasts of seizing assets worth a staggering 300 billion EGP (approx. $16.7 billion), and liquidating the schools, hospitals, and businesses that formed the movement’s spine.
But the crackdown is porous. In July 2023, an Egyptian court quietly ordered the unfreezing of assets for 146 alleged Brotherhood figures, ruling that the state failed to prove the funds were illicit. This legal “oops” likely allowed millions in liquid capital to flee the country, funneling straight into the offshore networks now appearing in Istanbul and London.
Then there is the case of Safwan Thabet, the tycoon behind Juhayna Food Industries. Arrested for refusing to hand over his empire to the state, he was released in 2023. His survival teaches a harsh lesson: the Brotherhood’s money is so deeply integrated into the legitimate economy that the state cannot tear it out without killing the patient. The “deep state” of Brotherhood finance remains alive, hiding behind the facade of legitimate dairy giants and retail chains.
Turkey: The NATO Safe Haven for Terror Finance
If Egypt is the extraction point, Turkey is the laundromat. Despite President Erdogan’s desperate diplomatic pivot toward Cairo, Istanbul remains the operational heartbeat of this financial insurgency.
Western policymakers need to look closely at the Borsa Istanbul. There, trading openly under the ticker TDGYO, is Trend GYO — a real estate investment trust designated by the US Treasury Department for being 75% owned by Hamas. In a rational world, a NATO member would not host a publicly traded company that funds a designated terror group. In Erdogan’s Turkey, however, Trend GYO continues to develop luxury apartments, such as the recent project in Istanbul’s Alibeyköy district, subcontracting construction to obscure local firms to wash the proceeds.
This is the new model: “Terrorism Inc.” Yemeni billionaire Hamid al-Ahmar, operating freely from Istanbul, chairs Investrade Portfoy, an investment firm that commingles legitimate business with funds allegedly destined for Hamas. Meanwhile, the Brotherhood’s elite send their children to Al-Nahda International Schools in Istanbul — private institutions run by exiled cadres that ensure the next generation is indoctrinated in the ideology of the “Group” while generating tuition revenue.
Europe: The “Concrete” Fortress
As the environment in the Middle East becomes hostile, the Brotherhood has executed a strategic pivot to Europe, replacing “liquid” assets (cash) with “fixed” assets (real estate) protected by Western property laws.
In Austria, the failure of “Operation Luxor” serves as a cautionary tale. In 2020, police raided 60 Brotherhood-linked sites. The result? Zero terrorism convictions. Courts declared the raids unlawful. The Brotherhood didn’t just survive; they lawyered up and won, proving that without a specific designation, European criminal law cannot work against them.
In Germany, the UK-based Europe Trust purchased a massive property in Berlin’s Wedding district for €4 million. This isn’t just a building; it is a command center for the Deutsche Muslimische Gemeinschaft (DMG), insulated from German intelligence by British corporate deeds.
In France, the situation is even more brazen. The Al-Noor Center in Mulhouse — a massive complex featuring a mosque, school, and swimming pool — was built at a cost of €27 million. Intelligence links it to Qatar Charity’s “Ghaith Initiative,” which has poured over €120 million into 140 such projects across Europe. These are not community centers; they are forward operating bases for a parallel society, subsidized by Doha and protected by European property rights.
The West is fighting a 21st-century financial empire with 20th-century police tactics. We raid homes in Vienna while they move crypto in Istanbul. We seize crumbling offices in Jordan while they buy prime real estate in Berlin.
The Muslim Brotherhood is not dead. It is alive, well, and trading on the Istanbul Stock Exchange. Until the US and its allies target the enablers — the Turkish banks clearing Trend GYO transactions, the Qatari transfers to Mulhouse, and the shell companies in London — we are merely cutting the grass while the roots grow deeper.
Amine Ayoub, a fellow at the Middle East Forum, is a policy analyst and writer based in Morocco. Follow him on X: @amineayoubx
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Israel Court Extends Detention of Gaza Flotilla Activists
Activist Saif Abu Keshek, a member of the Global Sumud Flotilla detained by Israel, sits at a magistrate’s court for a detention extension hearing in Ashkelon, southern Israel, May 3, 2026. REUTERS/Amir Cohen
An Israeli court has extended by two days the detention of two activists arrested aboard a Gaza-bound flotilla that was intercepted by Israeli forces in international waters near Greece, their lawyer said on Sunday.
Saif Abu Keshek, a Spanish national, and Brazilian Thiago Avila were detained by Israeli authorities late on Wednesday and brought to Israel, while more than 100 other pro-Palestinian activists aboard the boats were taken to the Greek island of Crete.
A court spokesperson confirmed that their remand had been extended until May 5.
The governments of Spain and Brazil issued a joint statement on Friday calling their detention illegal.
The activists were part of a second Global Sumud flotilla, launched in an attempt to break Israel’s blockade of Gaza by delivering humanitarian assistance. The ships had set sail from Barcelona on April 12.
Israeli authorities requested a four-day extension of their arrest on suspicion of offenses that include assisting the enemy during wartime, contact with a foreign agent, membership in and providing services to a terrorist organization, and the transfer of property for a terrorist organization, said rights group Adalah, which is assisting in the activists’ defense.
Hadeel Abu Salih, the men’s attorney, said that the two deny the allegations. Their arrest was unlawful due to a lack of jurisdiction, she told Reuters at the Ashkelon Magistrate’s Court after the hearing, adding that the mission was meant to provide aid to civilians in Gaza, not to any militant group.
Abu Salih said that Abu Keshek and Avila were subjected to violence en route to Israel and kept handcuffed and blindfolded until Thursday morning.
Asked for comment, the Israeli military referred Reuters to the Israeli foreign ministry, which said that staff were compelled to act to stop what it described as violent physical obstruction by Abu Keshek and Avila. All measures taken were lawful, it said.
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Israel Initiates Project to Counter Drone Threats in Sweeping Military Upgrade Plan
Israeli Prime Minister Benjamin Netanyahu participates in the state memorial ceremony for the fallen of the Iron Swords War on Mount Herzl, Jerusalem on Oct. 16, 2025. Photo: Alex Kolomoisky/POOL/Pool via REUTERS
i24 News – Israel is moving forward with a new initiative to counter drone threats, as part of a broader strategy to expand military capabilities and reduce reliance on foreign defense suppliers, Prime Minister Benjamin Netanyahu said.
The drone project, ordered several weeks ago, is already in development, with officials preparing to review its initial progress. While details remain limited, the effort reflects growing concern over the increasing use of unmanned aerial systems in regional conflicts.
Netanyahu framed the initiative within a wider defense doctrine centered on “strengthening and independence,” emphasizing the need for Israel to maintain a decisive military edge. He noted that Israel is acquiring two squadrons of advanced fighter jets, including the F-35 Lightning II and the F-15IA, to reinforce its air superiority.
“These aircraft strengthen Israel’s overwhelming air superiority,” he said, referencing recent military operations as evidence of that advantage. He added that Israeli pilots are capable of operating at long range if necessary.
Alongside procurement, the government is planning a major expansion of domestic defense manufacturing. Netanyahu announced that Israel will allocate an additional 350 billion shekels ($95 billion) to the defense budget over the next decade, aiming to produce more of its own armaments and reduce dependence on foreign countries.
He also pointed to future ambitions to develop advanced aircraft domestically, describing the effort as potentially transformative for Israel’s defense industry.
The drone defense program, though still in early stages, is expected to become a key component of this strategy. Netanyahu acknowledged that the project will take time to fully develop but stressed that it is actively being pursued.
Despite the evolving nature of the threats, he reiterated Israel’s long-standing objective of maintaining military superiority across all domains.
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Iran Presents US 3-Step Plan to Move from Ceasefire to End of War
Atomic symbol and USA and Iranian flags are seen in this illustration taken, September 8, 2022. Photo: REUTERS/Dado Ruvic/Illustration/File Photo
i24 News – Iran has reportedly submitted a new draft agreement to the United States outlining a three-stage framework aimed at de-escalating regional tensions and restructuring oversight of its nuclear program, according to reporting from Al Jazeera.
The proposal was allegedly delivered via Pakistan and combines military, maritime, and nuclear commitments with a long-term regional security vision.
The first phase calls for transforming the current ceasefire into a permanent end to hostilities within 30 days, alongside a regional non-aggression pact that would include Iran’s allies and Israel. It also proposes steps such as gradually reopening the Strait of Hormuz, easing maritime restrictions on Iran, and reducing military activity in surrounding waters.
The second phase focuses on Iran’s nuclear program. It reportedly includes a freeze on uranium enrichment for up to 15 years, followed by a return to limited enrichment at 3.6%, in line with earlier international agreements.
The draft explicitly rejects dismantling Iran’s nuclear infrastructure. It also outlines possible arrangements for existing uranium stockpiles, including export or reprocessing, and calls for a structured sanctions relief mechanism tied to compliance milestones.
The final phase envisions broader regional engagement, with Tehran proposing a strategic dialogue between Iran and Arab states to establish a comprehensive security framework across the Middle East.