Renewed contract will see Palms Sports provide 350 world-class Jiu-Jitsu coaches across all 7 emirates

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.

About Palms Sports

Palms Sports PJSC is a UAE-based company that was established in 2011 and promotes niche sporting activities with specific focus on Jiu-Jitsu and Martial Arts to UAE Nationals. Palms Sports is one of 8 listed companies under International Holding Company PJSC (IHC), emphasizing the importance of sports in our daily lives and determined to assist the community to integrate ‘sports’ and ‘leisure’ into the very fabric of day-to-day lifestyles.

About International Holding Company (IHC)

IHC was founded in 1998, as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 619 billion as of 30 June 2022. The company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), which represents the top 15 largest and most liquid companies on the ADX.

IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 372 subsidiaries and 52,345 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail, Entertainment and Leisure, and Capital.

With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and partners.

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