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Is the Middle East ready for the Coronavirus?

As the Coronavirus borders on the brink of being recognised a global pandemic it could seem a strange question to look for any positives against the backdrop of the suffering of those infected and of course those that have lost their lives to date. However, the politics of the virus are a reminder of the importance of international and multilateral cooperation against challenges that don’t recognise national borders.
The Middle East has a long history of being uncomfortable in its borders, many of which were drawn during the colonial age. The exact demarcation of the Iraq-Iran border and the Kuwait-Iraq border were nominal triggers for the 1980 Gulf War and the 1990 Gulf War. The collapse of countries such as Lebanon and Syria into civil war has seen the emergence of internal borders as sovereignty has been captured by non-state actors and other regional powers.
Many terrorist organisations have similar disdain for global borders as the Coronavirus. ISIS famously bulldozed the sand berm separating Iraq and Syria at the zenith of their self proclaimed ‘caliphate’ as a symbol of them adopting their own border. Other groups send individuals or teams of operatives secretly across borders to carry out attacks or to set up recruitment centres to plan for medium or long term strategies.
The Middle East is well used to the challenges of non-state actors and the movement of dangerous individuals across borders that can pose a challenge to the security of its public. In many respects this prepares many parts of the region for the growing, and mutating, challenge from the Coronavirus.
Iran is currently experiencing the worst of the virus in the region. The number of patients infected with coronavirus in Iran has risen to 245, with 26 deaths, according to Kianoush Jahanpour, a spokesman of the Iranian Health Ministry. Iran has imposed travel restrictions and suspended Friday prayer. Saudi Arabia, despite having no confirmed cases yet, has taken the even more radical step of banning travel to the holy sites of Mecca and Medina. Qatar and Kuwait have ordered their citizens from Iran, whilst Yemen, Syria, Jordan and Turkey remain officially unaffected.
War ravaged Yemen and Syria most be particularly concerned as we approach the pandemic moment. Health systems in both countries have been decimated by years of war and a highly vulnerable and aid dependent populace, particular those based in refugee or displacement camps, could suffer greatly unless preventative and preparatory action is taken.
This is the key point, can the sudden outbreak of pandemic levels of coronavirus lead to more effective cooperation across borders that have previously been defined by conflict? Would Israel reassess its stance towards Gaza if the virus spikes there? Could Iranian and Saudi governments find common ground fighting a common enemy rather than pursuing their own interests? Would the Syrian Regime deny medical treatment to Syrians living outside its own areas of control as it has denied aid in the past?
The answer to all of these questions could of course be ‘no’, but the unprecedented steps taken by states so far and the seriousness of a virus that has a 2% mortality rate shows how unpredictable the coming months could be.
On Thursday the Arab League, a body that hasn’t exactly thrived in recent years, called on states to ‘join hands’ to face the mounting threat from coronavirus. The League sensibly emphasised the need for more effective communications, information sharing and collaboration across the region to meet the challenge ahead.
These facets are the DNA of the behaviour of good neighbours and the legacy of meeting the coronavirus has the potential for reversing or at least course correcting, so many of the negative trends that have wracked the region and could have a silver lining of more effective collaboration against the more established threats of climate change and international terrorism in the future.
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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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