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Covid – An Absence of Global Strategy

We are essentially a year into the Coronavirus crisis and whilst therapeutics and of course vaccines bring hope to the millions living in various states of lockdown, this phase is highlighting global divisions like never before.
The world is on the edge of a “catastrophic moral failure” in the distribution of Covid-19 vaccines the head of the World Health Organization noted earlier in the month with just 25 doses administered across all poor countries compared with 39m in wealthier ones. One example received lots of attention in that Israel has provided vaccines for Palestinians living in east Jerusalem, but no citizen or medic has received jabs among the nearly 5 million Palestinians in the occupied West Bank and Gaza.
Media outlets have begun updating global charts hour by hour which show the per capita numbers across the world who have been vaccinated. The UK is ahead of the pack as far as large, developed countries with an ambitious target of some 13 million of the most vulnerable people predicted to be vaccinated by mid-February. Small wealthy countries like the Gulf States and Israel are way ahead of the rest of the world.
The ability of states to roll out mass vaccination programmes is dependent on a multitude of factors; having a functional and effective health system with easy access to patient’s data is a crucial starting point. Secondly having a population who are willing to take the vaccine is key with the rates ranging hugely across Europe. Among all countries surveyed by Imperial College, people in the UK showed the highest willingness with around 2 in 3 (65%) agreeing that they’d be willing to have a vaccine in 2021, followed by Denmark and Australia. In contrast the French population had the smallest share of willing respondents, with only a third saying they would take a vaccine next year (35%) or a quarter at the time of the survey (25%)
Beyond a suitable health infrastructure and a willing population is of course access to the vaccines themselves. Already we are seeing different countries ‘bet’ on different vaccines according to their cost, the ease of logistical rollout and other geopolitical factors that could impact supply. The UK is lucky that the Oxford/AstraZeneca – which is cheap and easy to store – is made in three factories, two of which are in the UK. The new shiny MRNA vaccines such as the Pfizer-BioNTech and Moderna ones require complex and costly refrigeration and are so fragile that medics deploying them speak of people having to ‘come to the vaccine’ rather than the other way round.
As countries increasingly close their borders to protect against Covid variants that could lessen the impacts of the vaccine and the path back to some sense of normality, more tensions are emerging around global supply chains. The EU has warned it will tighten exports of Covid vaccines produced in the bloc, amid a row with AstraZeneca over a cut in planned supplies. Last week, AstraZeneca told the EU it was falling behind on its supply target because of production problems.
Meanwhile, poor countries with less developed health systems, sceptical populations and that are lacking either the money to buy or the factories to produce the vaccine are the ones who have found themselves set adrift in this global effort.
There are 190 countries and territories participating in COVAX, which is co-led by the World Health Organization, Gavi, the Vaccine Alliance and the Coalition for Epidemic Preparedness Innovation. The facility said it was able to secure the doses through additional supply agreements with AstraZeneca and Johnson & Johnson. COVAX said it’s planning for initial deliveries to begin in the first quarter of 2021 if the drugs are approved. There should be enough doses delivered in the first half of next year to protect health and social care workers in the participating economies, the alliance said. COVAX plans to deliver at least 1.3 billion doses to 92 countries, which are all low- and lower-middle-income, participating in the facility by some point in 2021.
The election of President Biden and his instant re-joining of the WHO is important, as is his promise to significantly up the US rate of vaccinations. US-leadership can hopefully address the rise in vaccine nationalism and help set up a system for the future which will allow better managed travel between countries. There remain significant concerns as to people who’ve been vaccinated being protected but still able to transmit the virus, meaning that the likelihood of ‘vaccine passports’ is not yet realistic. A (virtual) global summit to set out a global strategy towards vaccinations is urgently needed to set out a roadmap towards a fair and effective rollout.
James Denselow
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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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