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Egypt is Facing a Curse of Pharaohs or an Islamist Conspiracy?

The last ten days of March saw Egypt suffering a series of serious accidents that caused loss in lives, triggered sentiments of disappointment and pessimism among the Egyptian people, and left a heavy burden on the shoulders of the Egyptian state to handle.
It started on Tuesday, March the 23rd, when the Suez Canal, eastern Egypt, got blocked by a giant container ship that deviated out of its route and got aground at both banks of the canal. The accident caused a maritime traffic jam that kept more than 300 cargo ships unable to pass from the Red Sea to the Mediterranean. The blockage of the Suez Canal, which is the fastest and safest shipping route between Asia and Europe, is disastrous to the whole world. About 30% of world trade volume, transported by container ships, passes through the Suez Canal, every year. Petroleum and crude oil transports represent about 16% of total goods transported via the Suez Canal. On the third day of the blockade, the oil prices worldwide rose by 4%. Some experts, also, expected that if the blockade continues for longer than one month, this may raise the prices of other commodities.
While the Egyptian government got pre-occupied by re-floating the stuck ship and allowing the flow of world trade to resume, a horrible accident took place in Sohag governorate southern Egypt. On Friday, March 26th, two trains collided outside a small village in Sohag causing severe damages to the trains that left 19 people dead and 185 injured. Before the government gets enough time to deal with the consequences of the Sohag train accident, a ten-storey building, inhabited by more than 100 people, in Gesr Suez neighborhood eastern Cairo collapsed on the morning of Saturday, March 27th. The Civil Protection forces have been searching for dead bodies under the wreckage, since then.
The shocked and confused Egyptians attempted to explain the reason for the series of tragedies that hit Egypt, last week, by adopting one of two theories. The first theory is based on the ancient belief that the dead pharaohs can curse the living humans who mess with them. The theory assumes that Egypt is cursed by the pharaoh kings, whose bodies are scheduled to be transported from the old museum in Tahrir Square, Downtown Cairo, to the new National Museum close to the Pyramids, in Giza, in early April. If you believe in pharaoh’s mystical capabilities, you may adopt this theory, too.
The other theory, surprisingly adopted by some prominent Egyptian writers, assumes that the latest accidents are perpetually committed by violent members of the Muslim Brotherhood, in an attempt to distract the state and upsurge public rage, in avenge to Egypt’s reconciliation with Turkey, which threatened the Muslim Brotherhood leaders living abroad. This theory is enhanced by the fact that the talking heads of the Muslim Brotherhood and their supporters launched a huge campaign on social media and other news platforms against the Egyptian state and President El-Sisi, on the background of these accidents.
However, on the positive side, Egypt received messages of support and condolences from all over the world, including from Qatar and Turkey, which Egypt is in the process of diplomatically reconciling with after years of political conflicts and diplomatic boycott. Also, some countries with maritime experience offered to help Egypt with moving the stuck ship, including Turkey, Saudi Arabia, and the United States.
Whether it is a curse of pharaohs or an Islamist conspiracy, the problems will be solved and Egypt will recover and become stronger, with the expertise it acquired through the tough challenge it has gone through. A lot of interesting lessons have been derived and a lot of Egypt’s relations with the world have been put to test. As the Arab saying goes: hard times are the perfect times to learn about yourself and re-evaluate your relations with others.
Dalia Ziada
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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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