James Denseiow

After a year of being hit by three waves of Coronavirus and three successive lockdowns the British Government this week set out its ‘irreversible’ roadmap for a return to normality. As a case study for a country who has had a terrible death rate, huge economic shock and yet an inspiring vaccination programme the policies that the UK has agreed on to chart its way out of the pandemic will be a point of reference for the rest of the planet. UK

Four stages governed by four indicators with enough time in between each to ascertain the effect of the easing. It will take from the 8th of March to the 21st of June and even after that four-month period has elapsed some ways of life, such as mask wearing, may endure. Interwoven into this period are four ‘reviews’ into vaccine passports, mass events, possibilities for travel and social distancing.

It’s not clear whether the numbers of moments have been synchronised to help people remember them but four by four by four it is. The scientific strategy behind the roadmap is based on living with Covid in the same way we live with the flu and other endemic diseases. We can’t get to ‘zero Covid’ but we can – using the vaccines but also the various treatments that have come online – better protect people from it. UK

Already the vaccine has been rolled out to some 18 million adults, trials are ongoing to see if children can safely have it and the plans are to have all British adults ‘jabbed’ by the end of July. The early data from real world vaccine use shows that it reduces both transmission and the severity of the disease, even for elderly people most at risk. Suddenly the rate of infection and the dreaded ‘R’ number that determined whether the disease was spreading, is less relevant as the odds of getting seriously ill and needing hospital care or dying from it recede.

The political strategy has pivoted from Prime Minister Johnson’s earlier efforts to unlock, and rather than pushing for incentives for people to return to shops or their offices, there is a focus on being able to see friends, family and play sport in the short term. Perhaps the incredibly low rates at which the Government can borrow money has left them deciding that it is better to emerge from the pandemic with an employed and relatively happy population rather than one struggling both mentally and physically after months of sustained separation.

Yet there is political pressure around the speed of what has roundly been agreed to be a ‘cautious’ unlocking. Prime Minister Johnson has explained that his policies are driven by “data not dates” although the population and businesses alike are now using the dates to make huge decisions about their year ahead. UK

Members of his own party, described as ‘lockdown sceptics’, ask the question that if the vaccine protects the most vulnerable and its uptake has been so comprehensive what are the reasons for moving so slowly and holding back so much from a return to ‘normal’. Several answers follow, one being that whilst many have had the vaccine, many have not and the effectivity of the various ones on offer is not 100%. The Government’s own modelling suggests that even this cautious unlocking could likely result in an extra 30,000 deaths, yet such are the epic scale of the casualties so far that the number hasn’t made the headlines in the same way that celebration of schools or restaurants reopening has. UK

Despite the Prime Minister describing the unlocking as ‘one way’ and ‘irreversible’, in a subsequent press conference he admitted that future restrictions could come back. Indeed, the single biggest unknown that could scupper the roadmap that the UK has laid out is a more transmissible virus variant emerging that is able to avoid the protections offered by the vaccines. Although this is unlikely the fact that there are over 115,000 new Covid cases daily at present means it is a scenario very much worth imagining.

To counter this potential risk there is already talk of the RNA vaccines being repurposed and ‘booster’ jabs being offered to those seriously at risk. In short, it would seem that the British public better prepare itself for a rolling period of vaccines and top ups especially ahead of the winters for the next few years. Such protections come at the cost of being able to share and distribute the virus beyond the UK’s own borders which of course then limit the ability to stamp down on potential variants.

Therefore whilst the UK continues to follow its own roadmap it is of considerable urgency that the global strategy appears clearer and more resourced, something that was tackled to some extent at the recent (virtual) G7 but that remains far from settled. UK

James Denselow levant

levant

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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.