M2 Developments to develop $168mn-project in Egypt’s North Coast

Egypt-based property developer M2 Developments, previously known as Misr Al Mahrousa, is set to develop a project in the North Coast with to investments worth 1.5 billion Egyptian pounds ($168 million)   using partnership system, its Chief Executive Officer, Mostafa Aboul Fotouh said Sunday.

The project is implemented over 100 feddans owned by another property developer,  Aboul Fotouh added.

He told Amwal Al Ghad that his company is currently in talks to identify the partnership percentage of each party. Thus, M2 Developments would be responsible of the development and the promotion of the project for a percentage to the other party.

The company would start executing the project during the next year after finishing all the necessary procedures and licenses.

M2 Developments was established in 1998 affiliated to INTRO Group, it continually searched for the best areas in Egypt to build and provide real estate of high quality and standards.

The company aims to provide affordable residential and commercial units in congruence with governmental current goals for residential projects