TOREC Developments, one of the companies affiliated with the New Urban Communities Authority, has achieved a record leap in its profit levels over four years, during the period from 2022 to 2025, Invest-Gate reports.
The growth in profits reflects the success of the strategy adopted by the company’s Board of Directors, which assumed its responsibilities in mid 2021.
Walid Abbas: TOREC is among the rising developers in the market
Dr. Walid Abbas, Deputy Minister of Housing for New Urban Communities Affairs, stated that TOREC has become one of the rapidly emerging developers in the real estate market and has managed to add value to the sector through innovative marketing and service mechanisms.
He pointed out that the company continues to develop and follow a strategy aimed at positioning it among the fastest-growing companies in the Egyptian market.
He added that the company is keen to collaborate with leading specialized firms to provide the best project management and services, ensuring the highest levels of customer satisfaction and delivering distinguished projects with superior quality.
Highest profits in the company’s history
Counselor Rady Mostafa Rady, Chairman of Al Tameer Real Estate Development (TOREC), said that the company achieved the largest net profit in its history in 2025, recording EGP 264 million, representing growth exceeding 200% compared to 2024.
He added that the company achieved EGP 7 million in net profits in 2022, and EGP 20 million in 2023, reflecting the rapid growth and remarkable development the company has experienced over the past two years.
He explained that these positive results come amid the support of the New Urban Communities Authority, which encourages the company to provide innovative services and products that add value to the real estate market, maximize the utilization of real estate assets, and achieve the highest investment returns.
High-quality products and integrated services
For his part, Eng. Mohamed Anwar, CEO of TOREC Developments, affirmed that the company has presented an exceptional formula by offering products with the highest levels of execution quality, finishing standards, and after-sales services at competitive prices.
He added that the company continues to achieve high construction rates across its projects and delivers units according to the planned timelines. The company has also received positive feedback from clients regarding the quality of units recently delivered.
Professional project management
Earlier, TOREC signed a contract with AFM, a subsidiary of Dorra Group, to manage and operate the Bliss Gate Compound, reflecting the company’s commitment to providing professional management and high quality after sales services. This ensures the long term quality of the project, enhances its investment value, and helps generate strong returns for owners and investors.
Company establishment and expansion plans
TOREC Developments was established in 2015 under the name Al Tameer Real Estate Development – Al Oula, with a shareholder structure that includes the New Urban Communities Authority, Al Oula Mortgage Finance, MID Bank, The Holding Company for Investment and Development, Misr Insurance, and Misr Life Insurance.
The company was initially founded with a capital of EGP 5 million, which was quickly increased to EGP 50 million, and later to EGP 124 million in 2018.
At the beginning of 2021, the company adopted a new expansion strategy in the Egyptian market and diversified its activities to include real estate development alongside marketing projects of the New Urban Communities Authority.
In August 2021, as part of its expansion plans, a new executive management team was appointed, with Eng. Mohamed Anwar Helal selected as CEO. The New Urban Communities Authority also increased its stake in the company to approximately 67% of total shares, while the company’s capital was raised to EGP 500 million in 2022.