The Dubai-based entity of brokerage group XTB has signed a partnership agreement with the United Arab Emirates (UAE) Boxing Federation.
The terms of the deal were not disclosed, nor were the actual benefits XTB accrues from signing the partnership agreement.
However, looking at some of the information that was published it seems like any other sports sponsorship agreement, where XTB will gain branding and media opportunities.
In a statement, the brokerage group said that the partnership will help provide funding for athletes, coaches, and facilities for boxing in the UAE.
“We are thrilled to announce that we have officially partnered with XTB to support our UAE National Boxing Team, coaches, and events,” said the UAE Boxing Federation in a statement.
“This collaboration highlights our shared commitment to empowering our athletes and promoting the sport of boxing. We are excited to join forces with XTB and are confident that this partnership will contribute significantly to the growth and success of boxing in the UAE.”
The UAE has become a major hub for XTB over the last few years. XTB CEO Omar Arnaout told TradeInformer earlier this year that the group’s UAE entity has been the fastest growing branch in the company’s history, something borne out by the company’s financial results.