James Denselow

This week’s G7 summit has more political focus and expectations around it than many of its predecessors. Perhaps this is partly down to the fact that leaders will be meeting in person following a period where virtual meetings became the norm and partly because the USA has a President who is inclined to support rather than rage against multilateral organisations. It is also down to the critical crossroads that the world finds itself in as the leaders from the richest seven countries sit down to parley. Aid Crisis

It is of course a cliché to describe any moment in global history as a crossroads or one of critical importance, yet it is fair to put in perspective that we are still in the midst of a global pandemic like one not seen for generations that may have killed over 8 million people and forced the normal workings of the planet to scramble to adapt.

Behind the figures of death and hospitalisations are the vast economic costs from the international all the way down to the individuals affected. Global labour income is estimated to have declined by 10.7 per cent, or US$ 3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019. In countries already wracked by protracted conflict or economic crisis have simply found that their suffering has accelerated. Other countries that were struggling to cope with the increasing threats of climate change found that Covid made getting support that much harder.

In Ethiopia’s embattled Tigray region and in the country's north, famine is imminent the U.N. humanitarian chief Mark Lowcock, warned last month. Lowcock said the economy has been destroyed along with businesses, crops and farms and there are no banking or telecommunications services. “People need to wake up,” Lowcock said. “The international community needs to really step up, including through the provision of money.”

Yet in the Covid-era in rich, developed countries the need to sustain their economies through lock downs has come at vast cost and whilst humanitarian need goes up the ability to meet it through funding is struggling to keep pace. In 2021, 235 million people will need humanitarian assistance and protection. This number has risen to 1 in 33 people worldwide - a significant increase from 1 in 45 at the launch of the Global Humanitarian Overview 2020, which was already the highest figure in decades. The UN and partner organizations aim to assist 160 million people most in need across 56 countries and will require a total of $35 billion to do so. Aid Crisis

Against this backdrop there has been considerable outrage and pushback against the UK’s decision to slash its commitment to spend 0.7% of its income of international aid in order to save money to support the covid response. As leaders prepare to gather in Cornwall the argument is simple that Britain can’t be a global leader if they are the only G7 member to cut aid. Yet the British papers are full of contrasting editorials urging the government to stand firm by the cut or to U-turn on it. The debate pulls at a string that connects many central debates in UK politics at present; from what does post-Brexit Britain look like to discussions as to populism and nationalism in the modern age.

Despite Boris Johnson’s administration having a comfortable majority there has yet to be a vote on the decision to slash aid and Conversative backbenchers are determined to put the decision to parliamentary representatives to take proper ownership of it. Having the UK’s isolated stance on cutting aid at a time the world arguably needs it most just before it hosts a major summit is not a good look and leaders of push for 0.7% to be restored are confident that they have the numbers to put the UK back on track and restore the £4 billion that have been taken away from crises from Yemen to Syria, to Mali to Sudan and beyond.

Interestingly one of the key questions asked by the aid critics – the ‘how will you fund restoring the commitment? – could be answered by another aspect of the G7 agenda. If world leaders do manage to agree improved ways of taxing multinational companies and a global minimum corporate tax rate, then the windfall could easily plug a gap caused by the aid cut. Whilst there are strategic questions to be answered as to the future of aid, there can be little doubt that balancing the books on the world’s poorest and most vulnerable is not the choice of a moral nation in the modern age. Aid Crisis

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by: James Denselow

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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.