In line with its commitment to providing a fully integrated residential experience, TOREC Developments – one of the New Urban Communities Authority (NUCA) companies – has announced the signing of a strategic partnership agreement with AFM, a subsidiary of Dorra Group, for the management and operation of Pliss Gate Compound, located on the Cairo–Alexandria Desert Road and owned by NUCA, Invest-Gate reports.

Eng. Mohamed Anwar, CEO of TOREC Developments, stated that the agreement with AFM reflects the company’s dedication to collaborating with top-tier, specialized firms that bring strong expertise in facility management and operations to ensure exceptional service quality and deliver added value across our projects.

TOREC Developments continues to strengthen its position as a symbol of excellence in Egypt’s real estate market.

Founded in 2015 under the name Al-Tameer for Real Estate Development – Al Oula, TOREC Developments operates with a shareholder structure comprising the NUCA, Al Oula Mortgage Finance Company, MID BANK, the Holding Company for Investment and Reconstruction, Misr Insurance Company, and Misr Life Insurance Company. The company was initially founded with a capital of EGP 5m, which was later increased to EGP 50mn, and then to EGP 124mn in 2018.

In 2021, TOREC took a new direction, expanding its operations in the Egyptian real estate market by diversifying its activities to include property development alongside marketing projects on behalf of NUCA.

In August 2021, as part of its expansion and restructuring strategy, a new executive management team was appointed, with Eng. Mohamed Anwar Helal named as Chief Executive Officer. That same year, NUCA increased its ownership share in the company to approximately 67%, solidifying its majority position. In 2022, TOREC’s capital was raised once again to EGP 500mn, reflecting the company’s strong financial growth and development ambitions.