IHC subsidiary Palm Sports renews government service agreement valued at Dhs306m

Palms Sports, the global sports management company and a subsidiary of International Holding Company (IHC), has won its largest UAE government contract renewal to date at a total value of Dhs306 million for the next 30 months, positioning the company firmly on track to secure more than Dhs750m in total contract value by the end of 2022.

Palms Sports has been awarded Dhs711 million in contracts so far this year.

Under the new agreement, Palms Sports will provide 350 Jiu-Jitsu and close combat instructors in locations across all seven emirates. This represents an 8 per cent growth compared to 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 Dhs750 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 Dhs47.2m, a 37 per cent 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 programmes, whilst initiating new contracts with partners in the education and security sectors. This is simultaneously identifying attractive investment opportunities to capitalise on a strong cash position.