British tourists travel ban is a 'disaster' for French ski rrsorts
December 17, 2021, 3:21 pm

British tourists travel ban is a 'disaster' for French ski rrsorts

Ski resort-Snow slopes/Pixabay

The US News reporetd according to Reuters, in the French ski resort of Val d'Isere, staff had been hired, shelves fully stocked and everyone was looking forward to a good season until, that is, France banned British tourists due to fears over the Omicron variant of the coronavirus.

The ban was announced on Thursday, just two days before the start of the holiday season.

"It's an economic disaster," said resort director Christophe Lavaut, pointing out that in Val d'Isere, the bulk of the clients come from Britain. "No business in any sector can make it, losing 42% of its clients in two days."

While he does not contest the need to take measures to fight the spread of the highly transmissible variant - and infections are soaring in Britain - he said his resort would need help from the government.

The government has so far not announced any specific help.

France's statistics office forecast this week that the country's economic recovery from the pandemic had proved stronger than expected this year, with growth on course for a 52-year high as COVID restrictions had been eased and the vaccination campaign gained momentum from mid-year.

But for the ski sector, hoping for better times after the 2020/2021 season was all but wiped out, with ski lifts ordered shut, that is of little comfort.

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Jean-Marc Silva, of the France Montagne association, said Britons made up the single biggest foreign group of visitors to French mountain resorts, and accounted for 9% of clients - and an even bigger share of business as they enjoyed the apres-ski hospitality.

Silva said: "Brits love the mountains and don't really have that many in their country, so they've made the French mountains their own."

"It's not the same clientele as the French," Silva said. "The French visitor is here to ski. The British visitor will ski but he will also be the first at the after-ski activities ... They have this pub culture. They spend more than others. They really make the most of being there."

Under the new rules, holiday travel from Britain is not allowed to France - unless you are French, your partner is French or you are a permanent resident there.

Mark Tanzer, chief executive of British travel association ABTA, has also said move is "a hammer blow to the winter travel industry".

In L'Alpe d'Huez, in the French Alps like Val d'Isere, British visitors account for a quarter of the clientele.

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The head of the tourism office, François Badjily, said hopefully losses would be contained over Christmas, when the majority of clients are French.

"But in January, when the French don't go much on holidays, where we have a lot of foreign tourists, it will be a real hit," he said.

"These are clients who spend more on average than others, who take ski lessons, who go to the restaurants, who go out a lot, so losing a quarter of visitors will be losing more than a quarter of our business."

Source: usnews

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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.