Egypt’s first group of initial public offerings (IPOs) will be valued at $3 billion, revealed Planning and Economic Development Minister Hala El-Said during the fourth annual economic conference of Hapi Journal.

The IPOs are expected to be ready within a few weeks, she added.

Egypt is looking to launch another set of IPOs next year, with the offering also expected to be valued at $3 billion, explained El Said.

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This matches the ministers’ comments in late September, when she revealed that Egypt was looking to raise as much as $6 billion through selling stakes in several state-owned companies.

Speaking on the private sector, the MPED minister stated that private sector investments represent 55% of Egypt’s economy.

In early September, El Said disclosed that Egypt had launched a pre-IPO fund, aiming to acquire public stakes in a number of public institutions to attract more investment and working with strategic investors ahead of public offerings.