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COVID-19 and The Death of Democracy

The world is, seemingly, starting to get over the state of denial, which most people adopted as a defense mechanism against the global pandemic labeled as the Coronavirus (COVID-19). The Death of Democracy
We are, bitterly, realizing that we are too weak to stop a microscopic being from attacking our respiratory system and laying many of us dead or sick. The people of planet Earth, with their scientific expertise, mighty militaries, political prejudices, and clashing civilizations, are still struggling, not only to find a medical solution for containing the new virus, but most importantly for minimizing the political and economic damage that shall, inevitably, result from this brutal attack on our human race.
The “divide and conquer” strategy of this cruel attack, by nature on man, forced nations, not only individuals, to apply social and diplomatic distancing. This turned the global crisis into an infinite number of domestic crises. To limit the spread of the Coronavirus, countries had to close its borders and isolate itself from the rest of the world, while domestically forcing a curfew or a complete lockdown. Every government, in every state, is, thus, forced to face the crisis alone. A state’s foreign affairs or regional status, have become of no tangible value, in aiding the “solitary confined” government in the tough battle to rescue peoples’ lives, while preserving a stable economy and an unwavering system of governance.
Unlike historical world crises, such as the World Wars, the Arab Spring, and the global threat of terrorism, as recent examples, the Coronavirus shall not change the world order as much as it is expected to change the political centers of power and governance systems in each country, on an individual basis. This is based on how each government, in each country, is going to perform in its own battle against the ongoing biological threat. The Death of Democracy
Ironically, the illiberal and non-democratic governments are the ones that are performing the best in fighting the Coronavirus and controlling its economic and political consequences. In those countries, the government have stronger control on private sector businesses and individual citizens and most of the wealth of the country is under government’s control. This, surely, played a tremendous role in their government’s capacity to provide a quick and effective response to the crisis.
Sadly, the United States of America, the mother of liberalism and democracy in the world, had to compromise its cherished liberal democratic values in face of the crisis. Since the beginning of the pandemic crisis, more than three million citizens lost their jobs. The tycoons of the American private sector ignored several pleas by the Trump administration to intervene to support the economy and to produce emergent medical supplies for hospitals. As a result, President Trump had to reactivated the “Defense Production Act” of 1950, which, according to the Congressional Research Service report, expands presidential authorities to “influence domestic industry in the interest of national defense… The authorities can be used across the federal government to shape the domestic industrial base so that, when called upon, it is capable of providing essential materials and goods needed for the national defense.
In Europe, there is a strong resentment against the European Union for, shamefully, abandoning Italy and Spain during the biological crisis. While the European Union immersed its head into routine unfruitful procedures, China and Egypt jumped to provide Italy with emergency medical supplies. This situation makes people view the lofty European values of liberalism and fraternity as mere ink on paper. Soon after this crisis is relieved, people’s belief in their European values will be strongly shaken.
In the greater Middle East, the situation is not any better than it is in the rest of the world. According to a recent policy brief by the United Nations’ Economic and Social Commission for Western Asia (ESCWA); “COVID-19 will be responsible for pushing a further 8.3 million people in the Arab region into poverty.”
Yet, on the bright side of affairs, it seems that the Coronavirus pandemic may positively influence the dynamics of ever-boiling troubles in the region. The civil wars in Syria are going through a forced truce, since the beginning of the pandemic. There are higher levels of political and medical cooperation between Israeli and Palestinian authorities in combating the pandemic. The Islamic State (ISIS) terrorists are forced to hide, especially with less monetary funding pouring into their veins via Qatar and Turkey. Iran and Turkey are, respectively, the highest two countries in terms with the number of COVID-19 infections in the greater Middle East. The already suffering economy of the two states shall worsen due to their failure in controlling the spread of the pandemic. This will, definitely, lessen their ability to resume their support and deployment of terrorist organizations in the Middle East. The Death of Democracy
No one can predict when or how this biological crisis would end. However, we all agree that massive changes, on all forms of beings, are transforming human life as we know it. Despite the global nature of the challenge, the changes resulting from it shall not affect the world order as much as it would affect individual citizens and singular states. Those who may survive are the ones who could adapt, with swiftness and flexibility, regardless of the nobleness or meanness of their political values. levant
Dalia Ziada – Director; Liberal Democracy Institute levant
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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