James Denseiow

After almost a year since Covid-19 first made an appearance in China, the news from the pharmaceutical firm Pfizer that their trial vaccine appeared to be both safe and amazingly 90% effective sent shockwaves of joy across the world.

Media headlines suddenly pivoted from the marathon US election to interviews with excitable scientists who repeated the mantra that there is light at the end of the tunnel. Indeed, whilst rich countries and blocs like the EU have already pre-ordered millions of doses of the Pfizer vaccine the hope is that the method it used will find similar success with the other trials nearing their end.

The stock markets reacted with similar joy, in the UK the FTSE index soared by £82 billion in best day since March after Covid vaccine injected hope into what 2021 could look like. Suddenly sectors like aviation and cinemas, previously suffering badly from the lockdowns, saw their stock surge as people’s analysis of the potential for the vaccine focused in on the concept of things being ‘back to normal’.

Certainly, it is a major milestone with all the usual caveats around final approvals and safety checks that are expected in the next few weeks. However, as the Deputy Chief Medical Officer for England, Jonathan Van-Tam, warned the vaccine won’t be a remedy for the second wave the country is currently suffering through and that while there may be light at the end of the tunnel we remain in darkness.

The news also triggered a debate as to how and to who a vaccine will be shared with. The Pfizer vaccine is unstable and requires ultra-cold refrigeration to survive, making it logistically difficult to deliver to hard to reach populations. Whilst the Pfizer team have spoken of a future whereby the vaccine could be converted into a power form in the immediate term we are dealing with a virus whose use may be dominated by the EU, UK and the US.

Unlike previous diseases in this case these are three of the worst hit areas for Covid-19 and there is a logic for focusing its distribution on developed states. In the UK there is already a process for prioritising health workers and then older age groups for receiving the virus. In the EU, with their 200 million pre-ordered doses, there is no clear sense as to how the vaccine will be shared with potential for arguments between states later down the line.

Looking at the more global picture there is the prospect of some countries accessing the vaccine and moving out of the crisis whilst others continue to trend negatively. In Iran, for example, the health ministry reported on Monday a rise of 10,463 in the number of daily coronavirus cases, bringing total cases in the Middle East’s worst-affected country to 692,949.

Whilst a Biden Presidency offers hope to Tehran that diplomacy may be reborn, there is the very real prospect that a lame duck Trump Presidency could tighten the sanctions on what is already one of the most sanctioned countries on the planet.

In other words, the prospect of vaccine nationalism has to be then filtered through the existing geopolitical landscape before we get a clearer idea as to how quickly the wider human population can build up immunity.

A torrent of other questions has emerged from the discovery of an effective vaccine. When will it reach those in conflict zones? what about refugees and those internally displaced? what about people living under the control of non-state armed groups? Inevitably the role and reach of the WHO will be tested like never before.

A reminder that the Pfizer vaccine is not the supposed first effective response to Covid, that mantle nominally belongs to the Russian ‘Sputnik’ vaccine which was announced in October and is reported to be similarly effective. There is the very real prospect that different geopolitical and economic blocks look to distribute ‘their’ vaccine to ‘their’ allies, resulting in a strange type of health arms race. There is no automatic reason to think that is a bad thing, although we should be wary that it does mean that people who need the vaccine more may potentially have to be at risk for longer if they don’t happen to live in a country of wealth or geopolitical importance.

by : jamse danselow

Minority Report Covid & Climate Change

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.