Under the agreement, Palm Sports will cover a full lifecycle of training and sports program management for the government entity’s members with comprehensive athletic programs run throughout the year by 48 world-class specialized coaches and Instructors.
Abu Dhabi: Palms Sports, a subsidiary of Abu Dhabi-based International Holding Company PJSC (ADX: IHC), has signed an annual AED 7 million contract with an entity in the Abu Dhabi government to provide combat sports and Jiu-Jitsu training over five years.
Fouad Fahmi Darwish, CEO and MD of Palms Sports, said: “Alongside our community initiatives which inspire the UAE’s population to take up rewarding activities like Jiu-Jitsu, mixed martial arts, and combat sports, Palms Sports offers extensive professional-quality training and sports business solutions. This new strategic partnership demonstrates the company’s ongoing strength and sustainable growth, just as we hope to inspire our clients to grow mentally and physically stronger.”
Under the agreement, Palm Sports will cover a full lifecycle of training and sports program management for the government entity’s members with comprehensive athletic programs run throughout the year by 48 world-class specialized coaches and Instructors.
Palms Sports, which was listed on the ADX Second Market in December 2020, is a UAE-based company that promotes sporting activities, with a focus on Jiu-Jitsu, mixed martial arts, and combat sports. With over 700 specialised coaches, Palms Sports is the world’s largest Jiu-Jitsu training academy, as well as the leading provider for sports training programmes in the UAE. The company had assets of AED 344.5 million as at the end of September 2020 and over 780 employees.
International Holding Company
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.