UAE Crown Prince Mohammed bin Zayed expected to visit Turkey next week
November 16, 2021, 1:11 am

UAE Crown Prince Mohammed bin Zayed expected to visit Turkey next week

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan/Facebook page

The Daily Sabah reported that two Turkish officials told Middle East Eye, the United Arab Emirates (UAE) Crown Prince Mohammed bin Zayed (MBZ) is expected to visit Turkey next week for the first time in 10 years.

It said that the visit is expected to take place on Nov. 24 and will be a symbolic turning point after the UAE and Turkey agreed to improve relations last summer.

Turkish officials described MBZ's visit as the "beginning of a new era" following years of hostility after Ankara blamed the UAE for financing the 2016 coup plotters in Turkey and undermining Turkish interests in Libya.

The Daily Sabah said that one source familiar with the preparations for MBZ's visit stated that there has been an increasing Emirati interest in Turkish defense companies, which have established lucrative opportunities with indigenous production capabilities in recent years.

The Abu Dhabi Executive Council, at a meeting chaired by Gen Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi/Facebook page

The Abu Dhabi Investment Authority and other Emirati companies are also reportedly interested in healthcare, fintech targets and other industries in Turkey.

The Daily Sabah reported that eEarlier this year, President Recep Tayyip Erdoğan held a phone call with MBZ in which the two discussed relations between Turkey and the Gulf state.

It mentioned that the two discussed their countries' relations and regional issues, according to a statement from the Turkish presidency. The statement did not say when the conversation took place.

The UAE’s state-run news agency said the leaders “reviewed the prospects of reinforcing the relations between the two nations in a way that serves their common interests and their two peoples.”

Erdoğan previously said that the countries, which have been at odds in several issues, have made progress in bilateral relations in recent months.

"Turkey's President Recep Tayyip Erdoğan's phone call with Sheikh Mohammed bin Zayed was very positive and friendly," UAE presidential diplomatic adviser Anwar Gargash said on Twitter.

He said the contact between the two leaders was meant to open "a new phase" in relations as "the UAE seeks to build bridges, maximize commonalities and work together with friends and brothers to ensure future decades of regional stability and prosperity for all peoples and countries of the region."

According to the Daily Sabah, the call came two weeks after Erdoğan hosted a top UAE security official and discussed investment in Turkey.

It added that the UAE national security advisor Sheikh Tahnoun bin Zayed Al Nahyan’s trip was the highest-level public visit by an Emirati official to Turkey in years.

In a televised interview on the same day, Erdoğan said the two countries had been in contact for several months at the intelligence level, which helped them reach the current level.

He said the UAE will soon make "serious investments" in Turkey, noting that both countries have made progress in improving their bilateral relations in recent months.

Erdoğan had noted: "For several months ... beginning with our intelligence unit, by holding some talks with the administration of Abu Dhabi, we have arrived at a certain point."

He added: "I am also considering meeting with Sheikh Mohammed bin Zayed."

The two countries, which backed opposing sides in the conflict in Libya, have been bitter rivals for regional influence. Turkey last year accused the UAE of bringing chaos to the Middle East through its interventions in Libya and Yemen, while the UAE and several other countries criticized Turkey's military actions. Relations between Turkey and the UAE hit an all-time low when Erdoğan said that Ankara could suspend diplomatic ties with the Abu Dhabi administration after the UAE-Israel deal.

Turkish officials have said the UAE supports terrorist organizations that target Turkey, using the groups as convenient political and military tools abroad.

The UAE's aggressive foreign policy led it to be a part of a Saudi-led coalition in Yemen that launched a devastating air campaign to roll back Houthi territorial gains in 2015, further escalating the crisis in the war-torn country. In Libya, Abu Dhabi backed putschist Gen. Khalifa Haftar and tried to oust the legitimate United Nations-recognized Government of National Accord (GNA). In Syria, it supported the Bashar Assad regime in its offensive against democracy and civil rights.

And in 2017, Abu Dhabi was at the forefront of a regional embargo on Qatar, which the UAE and Saudi Arabia imposed after accusing Doha of supporting the Muslim Brotherhood and being too close to Iran. In January, Abu Dhabi followed Saudi Arabia’s lead in lifting the regional embargo on Qatar.

In June, a report said that UAE seeks to restore ties with Turkey and other regional countries.

The Daily Sabah noted that Turkey has in recent months relaxed its tensions with a number of Arab states, such as Saudi Arabia and Egypt.

It should be noted that Erdoğan had reiterated that Turkey hopes to maximize its cooperation with Egypt and Gulf nations "on a win-win basis," at a time when Ankara intensified diplomacy to mend its fraught ties with Cairo and some Gulf Arab nations after years of tensions.

Source: dailysabah

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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.