Blog

Apr 08, 2024

Palms Sports awarded a AED 62.8mln UAE government training contract renewal

Abu Dhabi, UAE: Palms Sports (ADX: PALMS), comprehensive sports management company, the world's largest Jiu-Jitsu training provider, and a subsidiary of International Holding Company (ADX: IHC),

Abu Dhabi, UAE: Palms Sports (ADX: PALMS), comprehensive sports management company, the world's largest Jiu-Jitsu training provider, and a subsidiary of International Holding Company (ADX: IHC), announced it has been awarded a substantial AED 62.8 million training service contract extending over four years - marking the longest single contract term in Palms Sports’ history.

Palms Sports will deploy a team of seasoned professional trainers to deliver specialized training programs. These programs will incorporate newly developed training methodologies endorsed by leading experts in the field - tailor-made to the specific needs of the government authority. The partnership represents a significant stride in Palms Sports' commitment to delivering excellence in fitness and training services across the UAE and is an attestation to the company’s ever-growing presence in the sports industry.

“Governments across the region are demonstrating a firm commitment towards workforce development; this four-year contract renewal is a clear testament to the UAE’s Government's unwavering commitment to prioritizing the fitness and well-being of its personnel and people alike.” said Fouad Darwish, CEO & MD of Palms Sports.

Training programs delivered by Palms Sports are conceptualized to empower individuals through the ongoing development of fitness and accompanying mental traits needed to meet the requirements and challenges encountered by each individual in his or her respective domain. This initiative serves as a prime example of effective collaboration between the private and public sectors, accelerating our progress towards building a more robust and sustainable future.

-Ends-

About Palms Sports

Palms Sports PJSC is a UAE-based company established in 2011 and promotes niche sporting activities with a specific focus on Jiu-Jitsu and Martial Arts to UAE Nationals. Palms Sports is one of 8 listed companies at ADX under International Holding Company PJSC (IHC), emphasizing the importance of sports in our daily lives and determined to assist the community to integrate ‘sports and ‘leisure’ into the very fabric of day-to-day lifestyles.

www.palmssports.com

About International Holding Company

IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 864 billion as of Jun 30, 2023. The company endeavors to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region's largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.

IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 479 subsidiaries and over 104,000 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Asset management, Healthcare, Real Estate and Construction, Marine and Dredging, IT and Communications, Financial Services, Food Production and Service, Utilities, and Services.

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.

www.ihcuae.com

Media Contacts Ahmad Ibrahim Group Head Marketing and Corporate Communication International Holding Company [email protected]

Mary Khamasmieh ​​​​Head of Government Communications Weber Shandwick [email protected]

© Press Release 2022

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.