On Friday, non-deliverable 12-month USD against Egyptian pound futures contracts dropped following the signing of the “Ras El Hekma” agreement.
The 12-month non-deliverable Egyptian pound futures contracts traded at 57 pounds per dollar, down 14.5% from their peak of 66.7 pounds at the end of January and then declined again to reach 48 pounds on February 25th.
Egyptian Prime Minister Mostafa Madbouly attended the signing ceremony of the largest direct investment deal in Egypt’s history, with the Emirati side, to develop the Ras El Hekma region on the northwest coast.
Madbouly confirmed that the project, a collaboration between Egypt and the UAE, will include the first part, a foreign direct investment worth $35 billion, which will enter the country within two months, including the first installment of $15 billion, followed two months later by the second installment of $20 billion, and the second part, profits, with the Egyptian state receiving approximately 35% of the project’s profits.
