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The UN’s 2022 Vision

Dag Hammarskjöld – the second secretary general of the UN, famously said that; “the United Nations was not created to bring us to heaven but to save us from hell.” Speaking more recently one former senior diplomat described the UN as a mirror on the state of the world’s geopolitics. As we look ahead to the new year it is worth checking in on the effectiveness of the body that claims to speak for the 193 countries in it.
The UN celebrated its 75th anniversary in 2020 in the shadow of the pandemic that suddenly meant that its most famous meeting, the annual General Assembly, was held virtually. Whilst there are seemingly few areas or issues that the UN isn’t involved in somehow, its primary mandate concerns peace and security, human rights and issues of development. All three of these areas are under significant pressure in this early part of the 21st Century.
Whilst defenders of the UN will argue fairly that an organisation born of the ashes of World War Two has successfully averted another, potentially species threatening, global conflict its record when it comes to internal conflicts is a lot sketchier. Indeed, the protracted uncivil wars in Syria, Afghanistan and Yemen, to cite three examples, are characterised by the multitude of actors both local, regional and global and an inability of the UN, either through its Security Council or good offices to find a resolution.
The Security Council is of course the ultimate arbitrator of global governance but has entered a new phase of disfunction. The Cold War period saw the US and Soviet relationship, rather than global governance, dominate the planet. Following the dissolution of the Soviet Union the unipolarity of the US as the world’s only superpower freed the UN up to be more assertive in a period some claimed would be the ‘end of history’. However, the 9/11 attacks and subsequent ‘War on Terror’ haemorrhaged US resources and legitimacy whilst Russia’s recovery and the fast-growing China would rebalance the state of global affairs.
The rise of China is critically important for what the future UN looks like. Many would argue that the country has been underrepresented considering its size in the past, but it has steadily been upping its resourcing of the UN today being the 2nd biggest funder of the organisation. There are important debates to be had as to China’s view on some of the core UN functions, particularly whether their view of collective, as opposed to individual, human rights will hold sway in future.
Back in states that are traditional supporters of the UN, like the US and the UK, there is a different debate linked to culture or identity wars that pits ‘globalists’ against ‘nativists’. One side sees the UN trying to set up a world government and the other wants it to do exactly that. This is a sensitive subject that supporters of the UN project will have to navigate to demonstrate added value without the dilution of sovereignty.
Both Russia and China have traditionally viewed the limits of UN power when it comes to interfering with the internal affairs of states as a fairly red line. The decision to intervene in Libya in 2011 led to the eventual overthrow of the Gaddafi Regime and a significant loss of trust from Moscow in particular as to the limits of intervention. The emergence of a more conventional prospect of conflict between Russia and Ukraine could or should in theory be a moment for the UN to reassert its value, yet it has been largely absent in a space occupied by bilateral diplomacy between Washington and New York.
Meanwhile the rise and rise of transnational non-state armed groups, cyber, space and hybrid warfare are just some of the challenges that the original UN was never set up to deal with. There are currently fascinating and crucially important discussions going on under UN auspices as to the governance of automated weaponry, for example, that if handled well could show the organisation adapting effectively to challenges of the day.
The UN Secretary General, Antonio Guterres, has just been elected for a second term in a role that is often described as more ‘secretary’ than ‘general’. As the world hopefully emerges from the era of the pandemic, he will attempt to reassert the value of the UN as it enters choppy waters like none it has faced in its history. He will do so by arguing that the UN and its ability to chart global solutions to global problems is more, not less, important than ever.
BY: James Denselow
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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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