Ukraine closes airspace to civilian flights because of 'high risk' to safety
February 24, 2022, 7:19 am

Ukraine closes airspace to civilian flights because of 'high risk' to safety

Civilian air flight (File photo: Pixabay)

The Financial Post reported, citing Reuters, Ukraine said early on Thursday it had closed its airspace to civilian flights because of a “high risk” to safety, hours after a conflict zone monitor warned airlines should stop overflights over the risk of an unintended shootdown or cyber attack.

Ukrainian State Air Traffic Services Enterprise said on its website: “The provision of air traffic services to civilian users of the airspace of Ukraine is suspended.”

The agency added, without providing further details: “We will additionally inform about changes in the use of Ukraine’s airspace.”

Eurocontrol, which coordinates air traffic in Europe, said that Ukraine’s airspace was not available because of military restrictions.

An El Al flight from Tel Aviv to Toronto made a sudden U-turn out of Ukraine’s airspace around the time a notice to airmen was issued early on Thursday deeming the area restricted, according to flight tracking website FlightRadar24.

A LOT Polish Airlines flight from Warsaw to Kyiv also turned back to Warsaw around the same time.

Old city in Ukraine (File photo: Pixabay)

The turnarounds came after Safe Airspace, which was set up to provide safety and conflict zone information for airlines after Malaysia Airlines flight MH17 was shot down over eastern Ukraine in 2014, said it had increased its risk level to “do not fly.”

Safe Airspace said on its website: “Regardless of the actual movements of Russian forces into Ukraine, the level of tension and uncertainty in Ukraine is now extreme,” adding that “This itself gives rise to significant risk to civil aviation.”

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It also warned of the potential for a cyberattack on Ukraine’s air traffic control.

Russia has closed some airspace in the Rostov flight information region to the east of its border with Ukraine “in order to provide safety” for civil aviation flights, according to a notice to airmen.

Before Ukraine advised of the airspace restrictions, the United States, Italy, Canada, France and Britain had told their airlines to avoid certain airspace above eastern Ukraine and Crimea but stopped short of a total ban.

The U.S. Federal Aviation Administration said in its latest guidance on Feb. 9 that a cross-border conflict between Ukraine and Russia could pose a direct or indirect threat to civil aviation.

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Germany’s Lufthansa halted flights to Ukraine from Monday, joining KLM which already suspended flights.

Two Ukrainian airlines last week disclosed problems in securing insurance for some of their flights while foreign carriers began avoiding the country’s airspace as Russia massed a huge military force on its border.

Source: financialpost

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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.