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Global sports management firm Palms Sports said on Wednesday that it is on track to secure more than AED750 million ($204.2 million) worth of contracts this year.
The subsidiary of Abu Dhabi conglomerate International Holding Company (IHC) has recently won a AED306 million deal, the largest contract to date. So far this year, Palms Sports has been awarded AED711 million in contracts.
Under the new deal, Palms Sports will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates. "This represents an 8% growth compared with the previous contract," the company said in a statement to the Abu Dhabi Securities Exchange (ADX).
According to Fouad Darwish, CEO and Managing Director of Palms Sports, the company has numerous partnerships in the pipeline that will further boost its portfolio.
"With this level of momentum, we expect to surpass a record AED750 million in contract value for 2022," Darwish said.
The company's net profit for the first half of the year went up by 37% year-on-year (YoY) to AED47.2 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
