- The site security services contract and will continue to support on-site security functions for the energy company.
Abu Dhabi, UAE: Securiguard Middle East, the UAE based forefront of security industry in the region, and a subsidiary of Palms Sports (ADX: PALMS), announced today that it has been awarded a substantial AED 403.5 million site security service contract extending over four years, with a prominent UAE-based energy company. The contract can be extended for an additional two years in the event of satisfactory service, furthering Securiguard robust six-year partnership with the UAE-based energy company.
Under the new contract’s extension, Securiguard Middle East will deploy a team of more than 2,000 highly experienced and qualified security guards that will meticulously safeguard various facilities, areas, and sites throughout the Abu Dhabi Emirate. The company's comprehensive security services, including vigilant surveillance, access control, risk management, and emergency response measures, will cover a wide range of locations.
“This award continues our long-term commitment and maintains the company's growth, long-standing partnership and our industry’s market share in the UAE and the region”, said Fouad Darwish, CEO & Managing Director of Palm Sports.
The contract solidifies Securiguard’s stature as the preferred private security provider of choice in UAE and further propels the company’s strategic vision for operational expansion across all emirates, setting a new standard for excellence in the industry.
"Palms Sports is developing plans to accelerate and expand its investments in subsidiaries and the service segment. We are considering increasing our capital over the course of approximately three months to AED 165,000 million”, Darwish added.
Securiguard Middle East was fully acquired by Palms Sports in a AED 300 million transaction last June, demonstrating the company’s steadfast dedication to expanding its footprint in the dynamic world of security services.
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.
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.
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