M2 Development, a leading real estate developer, plans to develop an EGP 1.5 billion project in the North Coast, announced its CEO, Mostafa Aboul Fotouh, Amwal Al Ghad reported.

The project will be implemented using the partnership system and is set to cover an area of 100 acres owned by another property developer, said Aboul Fotouh.

Discussions are currently ongoing between M2 and the other developer to identify the partnership percentage of each party.

M2 will start developing the project after finalizing all the necessary paperwork and licenses.

Formerly named Misr El Mahrousa, M2 Developments was established in 1998.  One of its major residential project is M2 set to launch in the third quarter of 2016 according to Amwal Al Ghad.