Climate change: Drought and heat drain Spanish reservoirs
August 10, 2022, 3:44 pm

Climate change: Drought and heat drain Spanish reservoirs

Heatwave effect: Spanish reservoirs are at just 40 percent of capacity on average in early August, well below the 10-year average of around 60 percent - Photo. Pixabay

A flock of sheep shelter from the midday sun under the gothic arches of a medieval bridge flooded in 1956 to create the Cijara reservoir in central Spain, but now fully exposed as the reservoir is 84 percent empty after a severe drought, the al-Arabiya English reported.

In Andalusia, one of Europe's hottest and driest regions, paddle-boats and waterslides lie abandoned on the cracked bed of Vinuela reservoir, remnants of a rental business gone with the water, now at a critical level of 13 percent. A nearby restaurant fears a similar fate.

“The situation is quite dramatic in the sense that it's been several years without rain and we're hitting rock bottom,” said owner Francisco Bazaga, 52. “If it doesn't rain, unless they find some alternative water supply, the future is very, very dark.”

A prolonged dry spell and extreme heat made July the hottest month in Spain since at least 1961. Spanish reservoirs are at just 40 percent of capacity on average in early August, well below the 10-year average of around 60 percent, official data shows.

A heat wave is usually measured relative to the usual weather in the area and relative to normal temperatures for the season. Temperatures that people from a hotter climate consider normal can be called a heat wave in a cooler area if they are outside the normal climate pattern for that area - Pic. Pixabay

“We are in a particularly dry year, a very difficult year that confirms what climate change scenarios have been highlighting,” Energy Minister Teresa Ribera told a news conference on Monday, also highlighting that the drought was leading to devastating wildfires.

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Climate change has left parts of the Iberian peninsula at their driest in 1,200 years, and winter rains are expected to diminish further, a study published last month by the Nature Geoscience journal showed.

The dry, hot weather is likely to continue into the autumn, Spain's meteorological service AEMET said in a recent report, putting further strain on Europe's largest network of dammed reservoirs with a holding capacity of 5.6 billion cubic meters.

At the Buendia reservoir east of Madrid, the ruins of a village and bathhouses have reappeared, caked in dried mud, Reuters drone footage showed, while at another dam near Barcelona a ninth-century Romanesque church has reemerged still intact, attracting visitors.

Source: alarabiyaenglish

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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.