Egypt announces the start of second phase of Gaza Strip’s reconstruction
December 14, 2021, 3:15 pm

Egypt announces the start of second phase of Gaza Strip’s reconstruction

Palestinian Intifada-Flag of Palestine/Pixabay

The Arab News reported, Egypt has announced the start of the second phase of the Gaza Strip’s reconstruction, which includes six major projects.

Ibrahim Al-Sheneqi, who is head of the Egyptian Committee for the Reconstruction of Gaza, said at the inauguration ceremony of the second phase that the country’s political leadership had stressed the need to seek the help of Palestinian labor, contractors, and Palestinian companies capable of implementing the projects.

He said: “The foundations of reconstruction that were agreed upon by the two sides were laid to ease the burdens on the Palestinian people as an Egyptian contribution and to complement the Egyptian pivotal role toward the Gaza Strip."

The first stage included the removal of rubble, which was completed in 65 days, with 85,000 cubic meters of rubble removed.

The most prominent of the six projects is the development of the waterfront at the corniche, northern Gaza.

Palestine Gaza Strip in 2015-Beit Hanoun/Pixabay

There is also the construction of residential communities across three cities. The first is called Dar Misr 1 in the Zahra area, the second city Dar Misr 2 is in Jabalia, and Dar Misr 3 is in the town of Beit Lahia.

This phase includes a project to develop important intersections in the squares of Al-Shujaiya and Al-Saraya by constructing two bridges to break the bottlenecks in the two areas.

The undersecretary of the ministry of public works and housing in Gaza, Naji Sarhan, said the announcement of the start of the second phase was taking place in conjunction with the arrival of an Egyptian engineering delegation.

He added that the delegation’s visit was in the context of discussing the plans and implementation work underway in the reconstruction of the Gaza Strip after Israeli attacks in May this year.

Sarhan indicated in press statements that the ministry was discussing with the Egyptian delegation during the Gaza visits how to speed up the reconstruction process, the next steps for reconstruction, and the establishment of residential complexes.

He expected that Egypt would start the reconstruction process by constructing the three housing complexes (the American School in northern Gaza, the veterans’ area in Karama, and Al-Zahraa in the middle), which is more than the 3,000 housing units previously announced by Egypt.

Sarhan confirmed that Israeli attacks had caused direct material losses of $450 million, as well as indirect losses.

Read more: The Forgotten Refugees

The damages to the housing sector were the demolition of nearly 1,650 housing units in total. More than 60,000 housing units suffered partial damage.

He said the direct damage to infrastructure and economic, agricultural, educational and health facilities was estimated at about $150 million, about $95 million in the economic development sector and $30 million in social development, stressing there were no commitments to completely rebuild demolished residential towers until now.

Egypt, which brokered a ceasefire agreement between Israel and the Palestinian factions, sent an engineering delegation to the Gaza Strip in mid-September to discuss reconstruction projects and advance their implementation.

Egyptian President Abdel Fattah El-Sisi previously announced a financial grant of $500 million to support the reconstruction of Gaza.

Source: arabnews

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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.