French Foreign Ministry Reaffirms Support for Morocco's Western Sahara Autonomy Plan
July 31, 2024, 12:34 am

المغرب .. فرنسا

French Foreign Ministry Reaffirms Support for Morocco's Western Sahara Autonomy Plan

The French Foreign Ministry announced on Tuesday evening that France's support for Morocco's autonomy plan for Western Sahara is a "natural" stance, emphasizing a "consensus" on the initiative proposed by Morocco in 2007. This statement was made during a reception hosted by the Moroccan embassy in Paris, celebrating the 25th anniversary of King Mohammed VI's accession to the throne.

Sigourney, representing the French Foreign Ministry, reiterated that "France, clearly and consistently, has always recognized the existential importance of Western Sahara for Morocco. We have always supported the Kingdom on this issue related to national security."

These sentiments were echoed in a letter from French President Emmanuel Macron to King Mohammed VI, shared by Rabat on Tuesday. Macron stated that the Moroccan proposal "constitutes the only basis for reaching a just and political solution, in accordance with the resolutions of the UN Security Council."

Sigourney further quoted President Macron: "The present and future of Western Sahara are included within the framework of Moroccan sovereignty."

Western Sahara, a former Spanish colony, is largely controlled by Morocco, which proposes a plan for self-rule under its sovereignty. However, the Polisario Front, backed by Algeria, has been demanding full sovereignty and calls for a self-determination referendum, as established by a 1991 UN ceasefire agreement. The United Nations considers the region, which is rich in fish resources and phosphate reserves, a "non-self-governing territory."

"We support the efforts of the Union," Sigourney continued, stressing the need for renewed integration, cooperation, and prosperity in the Maghreb region, based on the socio-economic development of the Sahara.

Paris pledged to use "all means at its disposal to support Morocco in this development policy."

The French Foreign Ministry also paid tribute to King Mohammed VI for the "progress and significant achievements" Morocco has made under his leadership, highlighting the "unique friendship" between the French and Moroccan peoples.

"We will stand by Morocco, whenever it wishes, to support it in its most ambitious projects," Sigourney added.

Samira Sitail, Morocco's ambassador to Paris, noted the current "management phase" in the bilateral relations between the two countries, emphasizing ongoing cooperation and mutual support.

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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.