Abu Dhabi, UAE: Palms Sports (PJSC), the global sports management company, world's largest Jiu-Jitsu training academy, and a subsidiary of International Holding Company (IHC), has won its largest UAE Government contract renewal to date at a total value of AED 306 million for the next 30 months, positioning the company firmly on track to secure more than AED 750 million in total contract value by the end of 2022. To date, Palms Sports has been awarded AED 711 million in contracts this year.
Under the new agreement, Palms Sports will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all 7 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 AED 750 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 AED 47.2 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.
By upholding the highest standards of practice, Palms Sports’ success is resounding with an upward trajectory. This is evidenced by the company not only maintaining, but enhancing its strategic ties with existing key partners by being awarded record contract renewals; further proof of its strong track record.
