Britain hails inaugurating new freeport which will open 'doors to the world'
November 20, 2021, 9:36 am

Britain hails inaugurating new freeport which will open 'doors to the world'

England port/Pixabay

The Express reported, Bexit Britain has been hailed for achieving a major victory by opening a new UK freeport which will "throw our doors open to the world".

The UK Government announced on Friday the Teesside Freeport is now “open for business”. Ministers hope that the port will come as a major boost to the area, as part of its plans to “level up” Britain’s poorer regions.

Freeports are ports where normal tax and customs rules do not apply. They are typically located around shipping ports and airports. There are around 80 of them dotted across nations in the EU.

Goods manufactured, imported and exported within these zones do not require the normal checks and paperwork.

Brexit Minister Lord David Frost said the opening of this new freeport demonstrated that the Government is “maximising the opportunities of Brexit”.

He said: “Having left the European Union we now have the freedom to do things differently, including setting up new freeports to turbo-charge our trade with the world’s fastest growing markets.

“Today’s announcement is great news for Teesside and it shows that we are maximising the opportunities of Brexit to create well-paid jobs and drive growth right across the UK.

“As well as more freeports, we want to go further and faster to create a competitive, regulatory environment which supports innovation and boosts inward investment.”

Britain was able to open freeports while it was in the EU, but not without facing difficulties.

North Yorkshire MP Simon Clarke told MPs in 2018 that previous freeport projects failed “partly due to an uncharacteristic lack of ambition by the Thatcher Government, but mostly due to the regulatory constraints placed on them by the EU”.

Britain’s first freeports began operating under Prime Minister Margaret Thatcher in the 1980s.

Seven existed across the UK – including in Liverpool, Birmingham and Southampton – until the early 2000s.

But in 2012, Prime Minister David Cameron decided not to renew their licences.

Freeports have, however, improved in popularity among Tory ranks and form a part of the Conservative Party’s “levelling up” agenda.

The Government quotes estimates that the Teesside Freeport will create 18,000 new highly skilled jobs and generate £3.2billion for the local community over the next five years.

To help it achieve these goals, ministers have given the port a share of £200million of funding “to support the region’s levelling up ambitions and become the UK’s clean energy powerhouse”.

Tees Valley was announced as one of the first places to be granted freeport status in the March 2021 Budget.

Welcoming the opening of the Teesside Port, Tees Valley Mayor Ben Houchen said: “The day has finally come – after years of campaigning and shouting about the transformative potential of a freeport for Teesside, Darlington and Hartlepool, we’re at last open for business.”

He added: “We’re throwing our doors open to the world, showing businesses that we’re a truly outward-looking, international region ready to welcome the cutting-edge sectors of the future.”

Seven other areas were told they will home freeports earlier this year.

These were: East Midlands Airport, Felixstowe and Harwich, Humber region, Liverpool City Region, Plymouth, Solent and Thames.

Source: express

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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.