Bahrain formally appoints ex-GCC chief Abdullatif al-Zayani as foreign minister
February 12, 2020, 11:35 am

Bahrain formally appoints ex-GCC chief Abdullatif al-Zayani as foreign minister

Abdullatif al-Zayani becomes the first non-royal to hold the post of Bahrain FM. (AFP)

Bahrain has formally appointed former Secretary-General of the Gulf Cooperation Council Abdullatif al-Zayani as the Kingdom’s foreign minister, according to a royal decree issued on Tuesday.

Al-Zayani replaces Sheikh Khalid bin Ahmed al-Khalifa, who served as foreign minister since 2005. With his official appointment on Tuesday, al-Zayani becomes the first non-royal member of the ruling al-Khalifa family to hold the post of Bahrain’s foreign minister.

According to another royal decree on Tuesday, Sheikh Khalid bin Ahmed will now serve as Adviser to Bahrain’s King for Diplomatic Affairs.

Before Sheikh Khalid bin Ahmed, Sheikh Mohammad bin Mubarak al-Khalifa held the post of a foreign minister from 1971 to 2005.

The news of the appointment was first reported in early January as al-Zayani’s final term as the head of the GCC approached its end.

Bahraini political columnist Abdullah Junaid said the new appointments are continuations of the King’s reform policies.

Sheikh Khalid bin Ahmed al-Khalifa will go on to become Advisor to Bahrain’s King for Diplomatic Affairs. (Al Arabiya)

“Both appointees have much to give in their respective new positions, but Dr. al-Zayani will add new dynamics to the apparatus and structure of the foreign ministry,” Junaid said in an interview with Al Arabiya English at the time.

Sheikh Khalid bin Ahmed thanked Bahrain’s leadership in a tweet on Tuesday when his tenure as foreign minister officially ended, expressing his gratitude for their “precious confidence throughout my tenure as Minister of Foreign Affairs.”

“Thank you to the Ministry of Foreign Affairs, ambassadors, officials, and employees for your patience with me and for all the sincere work you have done to help me in my work and my responsibilities,” he added.

He also congratulated al-Zayani on his appointment, saying: “He is the best person in charge of leading the Bahraini diplomacy with his superior capabilities, great experience, and extensive relations with various countries of the world.”

Former Kuwaiti Finance Minister Nayef al-Hajraf replaces al-Zayani as the next GCC Secretary-General after his nomination was unanimously approved by Gulf foreign ministers in December.

source: Ismaeel Naar

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.