Egypt's decision to cancel state of emergency proves it has eliminated terrorism
October 28, 2021, 12:29 am

Egypt's decision to cancel state of emergency proves it has eliminated terrorism

Egypt-Cairo-Cairo tower/Pixabay

The Xinhua reported, Egypt's political and security experts said that Egypt's decision to cancel the state of emergency sent a message to the world that the North African country is safe and stable after it has eliminated terrorism.

It mentioned, the experts stressed that the new decision is also a good step for the Egyptian people as it removes all freedom restrictions imposed by the emergency law.

As the experts expected, there would be "positive influences" on the political situation in Egypt as a result of this decision, which they considered "the beginning of a complete breakthrough for a new political phase" in the country.

On Monday, Egyptian President Abdel-Fattah al-Sisi announced that he canceled the extension of the years-long state of emergency throughout the country.

The Xinhua said that Egypt imposed the state of emergency in April 2017 after two church bombings killed at least 45 people. It has been constantly renewed in accordance with the constitution to confront terrorist organizations.

The terrorist operations in Egypt declined sharply during the past few years due to the pre-emptive anti-terror operations carried out by the army and police.

Tarek Fahmy, professor of political science at Cairo University, told Xinhua: "There are several reasons behind the lifting of the state of emergency. The first is that Egypt has become a safe and stable country, even though it is located in a turbulent and unstable region."

Egypt's army and security services that have the capacity to deal with all risks and challenges are among the reasons behind the notable decline of terror acts across the country, the expert said, while warning that terrorist organizations may carry out terrorist operations during the coming period to prove their existence.

He pointed out: "Offering incentive opportunities to attract foreign investments and promoting a secure, politically and economically stable environment in Egypt are also among the reasons behind cancelling the state of emergency."

Fahmy noted that the decision confirms the strength of the Egyptian state and reflects its victory in the war against terrorism.

"Making the decision at this very specific time is a positive step and will have a positive impact on all levels," Fahmy said, stressing that the move represents a continuity of the national human rights strategy.

In September, President Sisi launched Egypt's first national strategy for human rights, which he described as a key step for upgrading human rights in the country.

Meanwhile, the expert noted that canceling the state of emergency would have positive effects on the political situation in Egypt.

"Egypt enjoys security and political stability, and what we need is setting standards for the political process," Fahmy said, expecting that it will be followed by "other positive decisions."

For his part, Samir Farag, a retired army major general, described the decision to cancel the state of emergency as a "historic move."

Farag, a former director at the Ministry of Defense, told Xinhua: "The Egyptian people are the first to benefit from this decision as they will live normally."

The military expert explained that the move will attract robust investments to Egypt "because investors cannot start businesses in a country that may take sudden procedures under the emergency law."

"Tourism will flourish again thanks to this decision. Some countries were afraid to send tourists as long as the emergency law was imposed," he explained.

He noted that Egypt took this decision after it became stable on the security and political levels, adding that "Egypt has succeeded to eliminate terrorism."

Moreover, Khaled Okasha, security expert and director of the Egyptian Center for Thought and Strategic Studies, said that canceling the state of emergency is an "excellent and very positive decision that confirms the victory of the Egyptian state in its war against terrorism."

Okasha attributed this decision to Egypt's success in inflicting heavy blows against terrorist organizations, in addition to the decline of external threats to Egyptian national security.

He added: "Egypt was able, through its security services, to contain organized crime that was targeting its borders, especially the western and southern borders."

The expert said Egypt presented a global model in defeating terrorist organizations, stressing that this had a great contribution to making the decision to cancel the state of emergency.

The expert told Xinhua: "The success of the Egyptian state in rebuilding its security institutions made the need for exceptional measures in combating terrorism and organized crime unnecessary."

Okasha affirmed that the economic situation in the country is also going through a period of stability, noting that "the political leadership saw that there was no need to renew the state of emergency."

Source: xinhua

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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”
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