Palms Sports, a global sports management company and a leading Jiu-Jitsu training academy, has won its largest UAE Government contract renewal to date at a total value of AED306 million ($83.3 million) for the next 30 months.
This places the company firmly on track to secure more than AED750 million in total contract value by the end of 2022, a Palm Sports statement said, adding that the company has been awarded AED711 million in contracts this year.
Under the new agreement, Palms Sports, a subsidiary of International Holding Company (IHC), will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates. This represents an 8% growth compared with the previous contract.
Fouad Darwish, CEO and MD of Palms Sports, said: “We have numerous partnerships in the pipeline to further elevate our existing offerings and enhance our portfolio. With this level of momentum, we expect to surpass a record AED750 million in contract value for 2022, demonstrating the strength of our growth strategy.”
Palms Sports recorded a strong set of financials for the first half of 2022 with profit of AED47.2 million, a 37% increase for the same period last year. The company’s growth strategy encompasses both organic expansion and investments.
Palms Sports is expanding existing projects and programs, whilst initiating new contracts with partners in the education and security sectors. This is simultaneously identifying attractive investment opportunities to capitalize on a strong cash position. – TradeArabia News Service
Palms Sports bags $83.3m UAE govt service contract
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