Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Dollar Futures Decline against Egyptian Pound following “Ras El Hekma” Deal

Fri 23 Feb 2024 | 11:29 PM
Taarek Refaat

Non-deliverable 12-month USD against Egyptian pound futures contracts declined, following the signing of the “Ras El Hekma” agreement.

On Friday, 12-month non-deliverable Egyptian pound futures contracts recorded 57 pounds to the dollar, compared to 65 pounds, a decline of 14.5% from its peak at the end of last January at 66.7 pounds.

Today, Egyptian Prime Minister Mostafa Madbouly witnessed the signing ceremony of the largest direct investment deal in the history of Egypt, with the Emirati side, to develop the Ras El Hekma region on the northwest coast.

The Prime Minister confirmed that the project, in partnership between Egypt and the UAE, will include the first part, foreign direct investment worth $35 billion, which will be entered into 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 will be in the form of profits, and the Egyptian state will have about 35% of the project’s profits.