The renewed contract will see Palms Sports provide 350 Jiu-Jitsu coaches across all seven emirates.
Palms Sports, a global sports management company and a Jiu-Jitsu training academy, has won its largest UAE Government contract renewal to date at a total value of AED 306m ($83.31m) for the next 30 months.
This places the company firmly on track to secure more than AED 750m ($204.19m) in total contract value by the end of 2022, a Palm Sports statement said, adding that the company has been awarded AED 711m ($193.57m) 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.
Speaking about the 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 750m ($204.19m) in contract value for 2022, demonstrating the strength of our growth strategy.”
For H1 2022, the company recorded a profit of AED 47.2m ($12.85m), a 37% increase from the same period last year.
Palms Sports is expanding existing projects and programmes, whilst initiating new contracts with partners in the education and security sectors.
