Securiguard Middle East, a subsidiary of the Abu Dhabi-listed Palms Sports, has entered a 403.5 million UAE dirhams ($109.7 million) services contract with a UAE-based energy company, to provide site security over four years.
Palm Sports, which mainly promotes Jiu-Jitsu and Martial Arts in the country, is considering raising capital investment worth AED 165 million in its subsidiaries by the fourth quarter of this year.
Securiguard Middle East, which was fully acquired by Palms Sports in an AED 300 million transaction last June, will deploy a team of more than 2,000 security guards at various facilities and sites throughout Abu Dhabi, a statement read, which will provide surveillance, access control, risk management, and implement emergency response measures.
“Palms Sports is developing plans to accelerate and expand its investments in subsidiaries and the service segment,” Fouad Darwish, CEO and Managing Director of Palms Sports, stated, adding: “We are considering increasing our capital over the course of approximately three months to AED 165 million.”
Palms Sports is one of eight listed companies at ADX under International Holding Company (IHC).
(Writing by Bindu Rai, editing by Daniel Luiz)