Palms Sports Strengthens Training Sector Growth with New AED 10.2 million Government Contracts

Palms Sports (ADX: PALMS), the global sports management company, world's largest Jiu-Jitsu training academy, and a subsidiary of International Holding Company (ADX: IHC), announced the conclusion of renewable new one-year contracts worth AED 10.2 million, with Abu Dhabi governmental state and education institution. The new and renewed contracts come as a reflection of Palms Sports' competitive advantage and ability to craft a compelling and well-structured proposal that addresses the clients’ requirements from different sectors, demonstrating a clear understanding of their needs.

"Our focus has remained steadfast on Abu Dhabi's burgeoning training market over the last three years, and we perceive a sustainable business case in expanding our training programs and cultivating strategic partnerships. Our aim is to generate heightened value for our esteemed investors, clients, and stakeholders."said Fouad Darwish, CEO and MD of Palms Sports.

Pursuant to the latest contractual agreement, Palms Sports is poised to orchestrate a deployment of no fewer than 24 highly specialized sports experts. This distinguished assemblage of professionals will assume dual responsibilities: the meticulous provision of top-tier training regimens and the seamless management of the cutting-edge training facilities, all of which are aligned with the strategic imperatives of a pivotal government entity. “This concerted endeavor stands as a testament to the company’s commitment to excellence and unwavering dedication to fostering an environment of unparalleled athletic development.” Darwish added. 

Last month, Palms Sports announced 31% YoY increase in gross profit, soaring from AED40.7 million in H1-2022 to an impressive AED53.4 million in H1-2023. 

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