Planning Minister Ashraf el Arabi said on Monday that the shares of the National Company for Sinai Investments will be put up for the Initial Public Offering (IPO) next week after the capital of the company increased by 600 million pounds.

Arabi, speaking at a press conference in the presence of Prime Minister Sherif Ismail, said the IPO will be held on November 6 till December 5.

Only Sinai residents are allowed to take part in the IPO.

The company was established by the Egyptian government with authorized capital of EGP 10 billion and issued capital of EGP 1.4 billion.

The minister said the company, one of the important tools to promote investments in Sinai, will have a 40 percent share in any investment project to be carried out in Sinai.

The company was established in June by the National Investment Bank, the National Service Authority of the Armed Forces, and the National Authority for the Development of the Sinai Peninsula. 

It aims at carrying out investment projects in Sinai to achieve development there.