A $10M deal has been secured by Abu Dhabi-listed Palms Sports, a division of UAE giant International Holding Company (IHC). According to the international sports management firm, the “renewal procedure” of its “Active Hub” programme for an additional three years, from January 2023 to December 2025, totaling AED 39M ($10.6M), has recently been finished.
Active Hub is one of the initiatives established by Palms Sports in association with the Emirates Schools Establishment and the Abu Dhabi Sports Council. About 45,000 kids registered for the program’s numerous sports programmes throughout the course of the previous 12 months.
“A three-year renewal of the contract is a testimony for the outstanding results attained by the programme,” the company said in a disclosure on the Abu Dhabi Securities Exchange (ADX) on Thursday. In December of last year, the business reported a 20% increase in new service contracts, totaling AED 754M for 2022. Profit for the first nine months of 2022 was AED 83M an increase of 62% from the same period in 2021.
