James Denselow

Türkiye’s President Erdogan has suddenly found himself at the centrepiece of one of the key geopolitical questions of the day; how to ensure that the Russian invasion of Ukraine doesn’t supercharge a world hunger crisis that could see millions die. His unique part in this political drama has seen him go quickly from attending a NATO summit in Madrid to hosting the leaders of Russia and Iran back home to agree a deal to unblock the Black Sea.

Erdogan was backed up by huge amounts of engagement from the most senior echelons of the UN. Out of this last week came the “unprecedented agreement” on the resumption of Ukrainian grain exports via the Black Sea amid the ongoing war is “a beacon of hope” in a world that desperately needs it, UN Secretary-General António Guterres said at the signing ceremony in Istanbul, Türkiye.

Ukraine was one of the world’s leading agricultural exporters prior to the Russian invasion six months ago. Before the war, Ukraine accounted for 10% of the world’s wheat exports, 14% of its corn and half its sunflower oil, and was known as the “breadbasket of the world.” When the invasion began there was an estimated stock of some 25m tonnes of corn and wheat trapped in Ukraine – equivalent to the annual consumption of the world’s least developed economies.

It is worth remembering that as many as 828 million people globally were affected by hunger in 2021, an increase of 150 million since the outbreak of the pandemic. The number will rise even higher in 2022 as a result of severe weather events and the war in Ukraine. Nowhere is this more acute than in Somalia and the Horn of Africa where the worst drought in 40 years threatens to kill hundreds of thousands of children in the next few months.

Denied the access to a Black Sea which has been mined and blockaded off as part of the conflict, only 5.2m tonnes of Ukrainian food stock has managed to leave the country over 6-months, the equivalent to normally what is moved in a single month. Food of course should never be weaponised, aid should never be delayed, obstructed or denied. Yet the agreement was good news but one that observers flagged would depend on trust which is almost entirely absent at the time of brutal war.

Indeed, Russia launched a missile attack on Ukraine’s key grain-exporting port of Odessa, officials said, hours after signing the international agreement to ease its blockade of the Black Sea coastline and allow for the safe transport of grain and other foodstuffs necessary to alleviate this looming global food crisis. Wheat prices rose sharply after the strike as doubts were raised about whether it will be possible to implement last week's agreement. This incident showed how soon things could potentially unravel through the unpredictability of violence and will have been sobering viewing for any of the crew that are lined up to sail the vessels that have to operate the newly ‘safe’ route.

Beyond the physical dangers for ships having to avoid mines and other weapons of war, there is the question as to whether the new mechanisms can allow food to move quickly enough. The process that has been agreed to is predictably complex in order to satisfy the number of parties involved. It involves two ‘coordination centres’ staffed by Russian, Ukrainian, Turkish and UN officials and a series of checks of the ships to ensure there are being used for the purposes that have been agreed to. Inspection teams will monitor the onloading of grain at the three ports. Ukrainian pilot vessels will guide the ships through the Black Sea, which is mined, after which they will head out through the Bosphorus Strait along an agreed corridor.

The deal is valid for 120 days and targets monthly exports of 5 million tonnes. The invasion itself has lasted for just over 150 days and has already gone through a series of phases that remind us that we cannot really know what will happen next. One aspect of this deal, beyond its intent to unblock the Black Sea, is whether it can provide good offices for Ukrainian and Russian diplomats to engage on the wider issues of war and peace that are so essentially to bring the conflict to an end.

BY: James Denselow

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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.