Egypt calls for taking serious steps to limit climate change
February 18, 2022, 5:02 pm

Egypt calls for taking serious steps to limit climate change

Egypt-Cairo city

The Asharq Al-Awsat reported, Egypt has called for taking serious steps to limit the negative effects of climate change globally.

This came during the participation of Egyptian Foreign Minister Sameh Shoukry in the World Sustainable Development Summit (WSDS), which was organized by India’s Energy and Resources Institute (TERI) via video-conference on Thursday.

President of the upcoming Climate Change Conference of the Parties (COP27) said the summit should represent a turning point in global climate action by turning vows into actions, whether on reducing emissions, adapting to the negative effects of climate change, or securing the financing needed to address the climate change crisis in developing countries.

He underlined the importance of raising the level of ambitions on climate action by urging various parties to update their nationally determined contributions to mitigate emissions that lead to climate change.

Shoukry further called for encouraging countries that have not yet submitted their contributions to the Executive Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) to do so in line with the objectives of the Paris Agreement on Climate Change.

Environmental protection-Climate change (File photo: Pixabay)

He underscored in this regard “the importance of responding to the science’s best findings on climate change, according to reports issued by the Intergovernmental Panel on Climate Change (IPCC).”

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According to a foreign ministry statement, Shoukry stressed the need to empower the youth and civil society and engage them in global climate action.

Shoukry emphasized the need to assist and listen to complaints of the groups most affected by the consequences of climate change, which requires taking serious steps to limit the damage associated with the climate crisis.

He said Cairo will carry on its efforts with all parties concerned with global climate action to build confidence and ensure all parties’ comprehensive participation.

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Participants extended their congratulations to Egypt for being chosen to host the COP27 Climate Summit in Sharm el-Sheikh at the end of 2022, according to the statement.

They expressed confidence in Egypt’s ability to make the event a success, reflecting the great progress and national efforts it has made in the field of environmental protection and the transition to clean energy.

Source: aawsat

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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.