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IHC’s Palms Sports acquires Securiguard Middle East for AED 300m

IHC’s Palms Sports acquires Securiguard Middle East for AED 300m
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Palms Sports
PALMS
2.58% 9.95 0.25
IHC
ASMAK
0.00% 399.50 0.00

Abu Dhabi – Mubasher: Palms Sports, a subsidiary of the listed International Holding Company (IHC), has completed the acquisition of security services firm Securiguard Middle East for AED 300 million, according to a press release.

The acquisition aligns with Palms Sports' strategy to expand into the realm of comprehensive security solutions and diversify its business portfolio.

Fouad Darwish, CEO and Managing Director of Palms Sports, commented: "The manned guard security industry in the UAE has consistently experienced a strong year-on-year growth rate, fueled by the continuous expansion of infrastructure and real estate projects across commercial, government, and residential sectors, with particular emphasis on the capital.”

“This strategic decision exemplifies our resolute dedication to expanding our business horizons and diversifying our portfolio,” Darwish noted.

He added: "This acquisition aligns perfectly with Palms Sports' aspirations and plans to establish a strong foothold in the security services space.”

Founded in 2001, Securiguard Middle East exceeded 13,000 staff and a fleet of 150 vehicles with pan Emirates operational network.

Last February, Palms Sports renewed its Active Hub programme contract for a value of AED 39 million.