Palms Sports signs AED 7 million contract to provide sports training to Abu Dhabi Government’s EntityJune 03, 2021
Palms Sports, a subsidiary of Abu Dhabi-based International Holding Company PJSC (ADX: IHC), has signed an annual AED 7 million contract with the Abu Dhabi government entity to provide combat sports and Jiu-Jitsu training over five years.
Fouad Fahmi Darwish, CEO and MD of Palms Sports, said: “Alongside our community initiatives which inspire the UAE’s population to take up rewarding activities like Jiu-Jitsu, mixed martial arts, and combat sports, Palms Sports offers extensive professional-quality training and sports business solutions. This new strategic partnership demonstrates the company’s ongoing strength and sustainable growth, just as we hope to inspire our clients to grow mentally and physically stronger.”
Under the agreement, Palm Sports will cover a full lifecycle of training and sports program management for the government’s entity members with comprehensive athletic programs run throughout the year by 48 world-class specialized coaches and Instructors.
Palms Sports, which was listed on the ADX Second Market in December 2020, is a UAEbased company that promotes sporting activities, with a focus on Jiu-Jitsu, mixed martial arts, and combat sports. With over 700 specialised coaches, Palms Sports is the world’s largest Jiu-Jitsu training academy, as well as the leading provider for sports training programmes in the UAE. The company had assets of AED 344.5 million as at the end of September 2020 and over 780 employees.
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In a nutshell, there is a huge market for these services in UAE - and Palms Sports offers investors a way to ride this trend. A Dh2.13 billion market cap company, it was listed on ADX last month. International Holding Company (IHC) as the parent company holds 79 per cent.