Amulets were meant to protect the owner from evil. This amulet takes the form of the Eye of Horus. Horus was one of the most important gods in ancient Egyptian mythology and was associated with the sky, and the sun in particular. His eye was a popular symbol of power and protection.
The turquoise glaze on this amulet was popular in the pre-Islamic Middle East. In Egypt, turquoise was associated with good fortune as the colour of the life-giving River Nile. Under Islam, the lucky associations of the blue-green colour persisted in an informal way.