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Global sports management company and leading jiu-jitsu training academy Palms Sports have won the UAE government’s largest contract extension to date, valued at AED306 million ($83.3 million) over the next 30 months.
This puts the company firmly on track to secure a total contract value of more than AED750 million by the end of 2022, a statement from Palm Sports said, adding that the company has secured contracts worth AED711 million this year.
Under the new agreement, Palms Sports, a subsidiary of International Holding Company (IHC), will provide 350 jiu-jitsu specialists and close combat coaches at locations across all seven emirates. This represents an 8% increase compared to the previous contract.
Fouad Darwish, CEO and Managing Director of Palms Sports, said: “We are preparing a number of partnerships to further enhance our existing offerings and enhance our product portfolio. With this momentum, we expect the contract value in 2022 to increase Exceeding the record AED 750 million demonstrates the strength of our growth strategy.”
Palms Sports recorded strong financial results in the first half of 2022, with a profit of AED47.2 million, up 37% from the same period last year. The company’s growth strategy includes organic expansion and investment.
Palms Sports is expanding existing programs and programs while signing new contracts with partners in the education and safety sectors. It is also looking for attractive investment opportunities to take advantage of a strong cash position. – arab trade news agency
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