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Egypt 2020: The Unpaved Route to Democratic Reform

Nine years ago, on the 25th of January 2011, Egypt’s history was rewritten by a popular non-violent revolution, skillfully organized by young people, whose life-time, then, was lesser than the time-span of the thirty-years rule of the autocratic regime they brought down, within only eighteen days. I was one of those pro-democracy anti-dictatorship revolutionaries. I had my fair share of exaggerated optimism, stemming from deep political naivety, that characterized most of the young revolutionaries in Tahrir Square, at that time.
We believed that the miraculous spill that enabled us to overthrow Mubarak’s regime, in eighteen days, would empower us to build a liberal democratic state within a year or less. Eighteen months later, we woke up from our dreamy optimism to the super awakening shock of watching the Muslim Brotherhood in presidential office and the extremist Salafists making legislations in Parliament. It took us another popular revolution, supported by the military institute, to remove them from power and get back on track for rebuilding our new democratic state.
Getting back on the track of liberal democratization, after removing Islamists from power, was not an easy mission. The Muslim Brotherhood was not as accepting as Mubarak and his affiliates to the political defeat they encountered. They swore to ensue death and blood against those who removed them from power. They targeted innocent civilians, military personnel, policemen, and state institutions, with the purpose to create a state of extreme chaos, similar to the post Arab Spring Syria or Libya, so they can find their way back in power, as a “parallel” government. It was impossible to pursue democratic reform under this constant security threat.
For two years, between 2013 and 2015, Egypt was heavily invested in controlling that domestic security threat, while lobbying international support for the new elected political regime of President El-Sisi. By 2016, the police forces managed to successfully restore security in the main cities, including the capital city of Cairo, while the military was busy with the war on Islamist terrorist groups in northern Sinai. Hence, the Egyptian state got a chance to plan for socio-political reform.
For President El-Sisi, social and economic reform was a higher priority to democratization and political reform. While this approach invigorated a lot of media criticism against El-Sisi’s regime, time has proven its validity for the unique case of Egypt. It was almost impossible to rush into building a liberal democratic state, in a country that suffers from strong political divisions, severe economic depression, and lack of security. Nigeria is one example of many states that failed by rushing into western-style democratic reform before laying the proper foundation for a stable democratic state, by first stabilizing economy and improving the state of security and social development.
As we are about to enter a new decade in the age of the post-Arab-Spring Egypt, it is time for the political leadership and citizens to consider taking serious steps towards building a stable liberal democratic state; based on multiparty system and peaceful devolution of power. In a recent statement, President El-Sisi hinted on the importance of considering a merger plan amongst the active political parties, noting that one of the obstacles in the way for appropriate and rapid political reform is the huge number of ineffective political parties. Egypt has more than one hundred registered political parties in addition to a dozen of non-registered political blocs. An average Egyptian would hardly recognize or remember the name of only two of those parties, not because their political reputation, but because of their charity initiatives around elections.
The main guarantee for Egypt’s successful progression towards economic reform and social development is ensuring state stability. In turn, the main guarantee for state stability is by pursuing a long-term plan for liberal democratic reform. The first step in building a stable liberal democratic state should be creating a reasonable number of efficient and vibrant political parties, that can peacefully compete against each other for the benefit of the citizens. Over the coming five years, Egypt is expected to organize a series of elections starting with municipal council elections in 2020, parliamentary elections in 2021, and presidential elections in 2024. This week, parliamentary discussions around the parties’ merger plan has been initiated by Al-Wafd Party; hopefully resulting into a workable solution, in the near future.
Dalia Ziad , Director; Liberal Democracy Institute
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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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