Palms Sports, a global sports management company and subsidiary of International Holding Company has earned its largest UAE government contract renewal worth AED306 million ($83.31 million) for the next 30 months.
The company said in a filing on Abu Dhabi Exchange that the contract positions on track to secure more than AED750 million in contracts by the end of 2022. Till date, Palms Sports has been awarded AED711 million in contracts this year.
Palms Sports, which is the world’s largest Jiu-Jitsu training academy, said that under the new contract it will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates, representing an eight percent 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.”
Palms Sports reported the first half profit of AED47.2 million, a 37 percent increase for the same period last year.