The construction firm “TOREC DEVELOPMENTS,” one of the businesses of the New Urban Communities Authority, signed a 450 million-pound contract with the “Jumla Market” chain to open a branch in the heritage city of New Alamein in order to implement the directives of the Minister of Housing, Utilities, and Urban Communities, Eng. Sherif El-Sherbiny, to swiftly operate and provide services that ensure that New Alamein City operates throughout the year for 12 months.
The contract comes as a confirmation of the serious steps taken by the New Urban Communities Authority to implement the development plan for the Northwest Coast.
The signing ceremony of the contract between TOREC Real Estate Development Company and Jumla Market was attended by Counselor Rady Rady, Chairman of the Board of Directors of the construction company “TOREC DEVELOPMENTS”, Eng. Mohamed Anwar, CEO of the company, Eng. Ahmed Ibrahim, Chairman of the New Alamein City Authority, and Mr. Hamdy Fathallah, Partner and Member of the Board of Directors of Gomla Market.
Eng. Mohamed Anwar, CEO of TOREC DEVELOPMENTS, said that the New Urban Communities Authority has assigned the company the task of marketing a number of buildings and shops in the heritage city in New Alamein. The company immediately conducted studies and adopted innovative marketing mechanisms to attract major brands that achieve the authority’s goals of raising the added value of the region and achieving the highest returns.
He explained that the contract with Jumla Market is the first in a series of contracts that will be concluded with major brands during the next phase.
He continued, “Under the contract, Jumla Market obtained a building with an area of 5,200 square meters, and it is scheduled to open based on the directives of His Excellency the Minister of Housing before the start of the summer season of 2025, i.e. during the month of May, and it will operate throughout the year for 12 months.” Eng. Ahmed Ibrahim, Chairman of the New Alamein City Authority, said that The contract highlights the Authority’s desire to provide all facilities and streamline procedures for serious investors to expedite the start of investment activities, as well as the Minister of Housing’s directives to provide the highest level of strategic services that contribute to the North Coast operating throughout the 12 months.
He went on to say that the Jumla Market chain is one of the well-known Egyptian business chains that stands out for offering the highest quality and most competitive pricing for all of the needs and demands of Egyptian households.
He clarified that the heritage city’s neighborhood around the Jumla Market branch is distinguished by the presence of green areas, traffic lanes, and parking spaces that can hold over 2,500 vehicles.
For his part, Mr. Hamdi Fathallah, a member of the Jumla Market Board of Directors, expressed his happiness at the opening of the latest branches of the Jumla Market chain in New Alamein City, which is one of the most important major projects implemented by the state in recent years.
He praised the easy procedures provided by the Authority, which reflect the directives of the Minister of Housing to quickly complete procedures for investors and provide all means to start investment activity quickly.
He explained that the branch is the fifth for Jumla Market on the North Coast, and the new branch, like all branches of the chain, will provide all the needs of the home and family, and the distinguished location of the Jumla Market branch in New Alamein City will ensure the provision of services to customers on the North Coast as a whole.
He revealed that the total investments that will be pumped into the construction of the Jumla Market branch in New Alamein City are about EGP500m.
Al-Taamir Real Estate Development Company is responsible for developing and marketing major projects for the New Urban Communities Authority.
TOREC DEVELOPMENTS was established in 2015 under the name “TOREC DEVELOPMENTS – First Real Estate Development” with a shareholder structure consisting of the “New Urban Communities Authority” and “First Real Estate Finance Company”, in addition to “Bank Misr Iran”, “Med Bank”, “Holding Company for Investment and Development”, “Misr Insurance” and “Misr Life Insurance”. The company was established with a capital of EGP5 million pounds, which was raised in a short time to 50 million pounds, then to 124 million pounds in 2018.
With the beginning of 2021, it took a new path towards expanding in the Egyptian market and working on diversifying its activity, to include real estate development in addition to marketing the projects of the New Urban Communities Authority.
The company’s ambition to grow and develop led to the appointment of a new executive management team in August 2021, with Engineer Mohamed Anwar Hilal selected as the executive director. In 2022, the company’s capital was increased to 500 million pounds, and the New Urban Communities Authority decided to increase its ownership of the business to roughly 67% of the entire shares.
