‘The show will go on in Saudi ’: Venturi boss on the countdown to Formula E
February 1, 2021, 11:39 am

‘The show will go on in Saudi ’: Venturi boss on the countdown to Formula E

Venturi racing boss Susie Wolff at a Formuma E press conference in Riyadh, Saudi Arabia (Supplied)

With less than a month to go until the adjusted Formula E season opener in Saudi Arabia, the principal of the Venturi team, Susie Wolff has said the epic racing event in the Kingdom will serve as a showcase on how live events can return to the sporting calendar in 2021.

Wolff, famed in her career of becoming the first female driver in 22 years to drive a Formula One car at the renowned UK track in Silverstone in 2014, years later took on a new challenge – the world of Formula E - as the principal for the Venturi racing team.

Now a leading figure for the emerging world of electric race cars, Wolff says being a pivotal part of a world-famous event that also has sustainability at its core is gratifying.

Wolff added she is “extremely excited” about the countdown to the season opener in Riyadh – especially after a year where the coronavirus pandemic saw sporting events come to a standstill.

“What is so gratifying about Formula E is that we find ourselves racing with a clear purpose,” Wolff told Al Arabiya English.

“To create a more sustainable environment brings an element of real purpose to the race circuit.”

“We are going through a pivotal time in the automotive industry and to be part of that, with racing at the forefront of new technology, makes it that extra.”

After a year where coronavirus-induced lockdowns and border closures forced the cancellation of global sporting events, Wolff said getting back to racing is “something we are all hugely looking forward to.”

“We are all eager to get going again – the adrenalin that comes with racing and being there in-person is something you can not match.”

However, COVID-19 has brought challenges to the sport, which is a city-based, single-seater electric car motor racing championship.

As Wolff puts it, a race in urban city centers, rather than self-contained racetracks, is far logistically difficult to organize in the midst of a global pandemic than traditional motor racing events.

That being said, Wolff is confident about the success of the night-time doubleheader at the Al Diriyah Circuit, west of Riyadh, on February 26 and 27, which count as the first two rounds of the 2020/2021 ABB FIA Formula E World Championship.

“First and foremost, it has been so encouraging how motivated Saudi people have been to put on a sporting spectacle in past seasons of Formula E,” she said.

“My first time at Formula E in Saudi was also my first time in the country – it was fantastic.”

With night races a new fixture at this years’ event, Wolff said she is especially looking forward to seeing how Venturi Racing performs.

A Venturi Racing car in Formula E (Supplied)

Wolff joined the team, founded in 2013 by Venturi Automobiles owner Gildo Pallanca Pastor and Hollywood heavyweight Leonardo DiCaprio, in 2018 as Team Principal.

“We have big ambitions for team; when I joined I could see potential and I believe this Formula E season we will see great progress.”

“While the pandemic threw us all a curveball, we have a new driver line-up and in Riyadh the clear ambition is very much to score points in every race – although podium is always the ideal goal.”

2021, says Wolff, will hold great promise for the world championship.

“This year we are super excited about the night races; when you have the lights reflecting off the car and the atmosphere that comes with av evening event it creates such a different spectacle.”

Whilst Wolff is expecting to see a “more restrained” event this year, due to social distances and crowd limitations, she is still expectant of a “fantastic event” – and one, she says, that will hopefully usher in a more live sporting events in 2021.

“When you think back of past events in Paris, in New York..the crowds and passion and adrenalin made for such brilliant events."

"I just hope in 2021 we can get that back and return to a sense of normality. We look forward to starting that in Saudi.”

Whilst in Riyadh, Wolff is also hopeful to meet rising Saudi racing talent, such as Reema Juffali, a Saudi Arabian professional racing care driver in Formula 4 and the first Saudi woman to hold a racing license, Wolff has helped mentor Juffali in the past.

“I try and be as helpful as I can – and help them avoid the same mistakes I did. One of my biggest passions is to help inspire a new generation and see more female success – both on and off the track."

"Of course, the advantage of motor racing is you are wearing a helmet - so actually you dont see the gender of the driver. Just the talent "

source: Jennifer Bell

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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.