TOREC Developments, a prominent construction firm under the New Urban Communities Authority, has signed a significant contract valued at EGP 450 million with the Jumla Market chain. This agreement marks a milestone as it will pave the way for the establishment of the first hypermarket in the historic city of New Alamein, aiming to enhance services and ensure year-round operation, Invest-Gate reports.

The contract aligns with the directives of Eng. Sherif El Sherbini, the Minister of Housing, Utilities, and Urban Communities, emphasizing the urgency to develop and activate services within New Alamein City for a full 12 months of the year. This initiative underscores the New Urban Communities Authority’s commitment to advancing the development plan for the Northwest Coast.

The signing ceremony featured notable attendees, including Counselor Rady Rady, Chairman of the Board of Directors of the construction company “TOREC DEVELOPMENTS”, Eng. Mohamed Anwar, the company’s CEO, Eng. Ahmed Ibrahim, Chairman of the New Alamein City Authority, and Mr. Hamdy Fathallah, Partner and Board Member at Jumla Market.

Eng. Mohamed Anwar expressed that the New Urban Communities Authority has entrusted TOREC Developments with marketing various buildings and shops within the heritage city. He emphasized the company’s proactive approach in conducting thorough studies and employing innovative marketing strategies to attract major brands, aiming to elevate the region’s value and yield significant returns.

He further noted that the partnership with Jumla Market is just the beginning of a series of upcoming contracts with other prominent brands. According to the agreement, Jumla Market will occupy a 5,200 square meters, with plans to launch operations by May 2025, just before the summer season, maintaining year-round service.

Eng. Ahmed Ibrahim highlighted the Authority’s commitment to facilitating investments by streamlining procedures for serious investors. He reiterated the Minister’s vision of delivering top-tier services that would keep the North Coast thriving all year long.

He described Jumla Market as a leading Egyptian chain known for offering high-quality products at competitive prices, catering to the diverse needs of Egyptian families. The area surrounding the Jumla Market branch will feature green spaces, traffic lanes, and ample parking for over 2,500 vehicles.

Mr. Hamdy Fathallah shared his enthusiasm for the new Jumla Market branch in New Alamein City, recognizing it as one of the state’s significant recent projects. He praised the efficient procedures implemented by the Authority, reflecting the Minister’s commitment to expedite investment activities.

This new branch will be the fifth Jumla Market location along the North Coast, designed to meet the needs of local households. Its strategic location is expected to serve customers across the entire North Coast region. Fathallah also disclosed that the overall investment for the Jumla Market branch in New Alamein City amounts to approximately EGP 500 million.

Al-Taamir Real Estate Development Company is tasked with overseeing the development and marketing of key projects for the New Urban Communities Authority. Founded in 2015, TOREC Developments, originally named “TOREC DEVELOPMENTS – First Real Estate Development,” is a joint venture that includes the New Urban Communities Authority and several financial institutions. Initially established with a capital of EGP 5 million, the company has since experienced rapid growth, increasing its capital to EGP 124 million by 2018.