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What lies ahead for “Global Britain” and Gulf trade?

The UK trade minister, Anne-Marie Trevelyan, is hoping to secure a deal with the GCC – comprising Saudi Arabia, the United Arab Emirates, Oman, Qatar, Kuwait and Bahrain - as she looks to build new ties around the world following Britain's departure from the European Union. Johnson won general elections in December 2019 on the punchy slogan of “Get Brexit Done.”
Trevelyan, who succeeded now-Foreign Secretary Liz Truss after a recent cabinet reshuffle, called on British businesses to share their views on what a deal should look like. "We want a modern, comprehensive agreement that breaks down trade barriers to a huge food and drink market and in areas like digital trade and renewable energy which will deliver well-paid jobs in all parts of the UK,” she said in a statement.
An agreement would be an advance on the relations Britain had as an EU member: the EU meets the GCC annually to build economic cooperation and develop closer trade and investment ties, but 18-year-long negotiations over an agreement have been stalled since 2008. The GCC has not implemented a free trade deal since 2015 and Britain has not set out a timetable for these new negotiations.
The EU vice-president, Josep Borrell, admitted on a recent visit to Qatar that Brussels needs to pay more attention to its own strategic interest in engaging with Gulf states.
By contrast, the UK already has close strategic and military ties with GCC members, and trade with the region was worth more than £30 billion in 2020. However, the pursuit of a formal deal could reignite domestic political concerns over which countries post-Brexit Britain is seeking to do more business with. The British government has faced long-running criticism from opposition MPS and campaigners who say billions of pounds of arms exports to Saudi Arabia are being used to breach human rights in Yemen. The sensitivity of this issue was underlined earlier this month when the Saudi-backed £305m takeover of Newcastle United went ahead despite Riyadh being accused of “sports-washing.”
And in a recent poll released on demand from Labour, the Department of International Trade revealed that just 27% of the British public would support a trade deal with the Saudi Arabia. That compared with 64% for both Australia and New Zealand, for example, and 57% for the US.
In mid-September the UAE’s Crown Prince Sheikh Mohamed bin Zayed visited the UK and met Boris Johnson and launched what they called a “Partnership for the Future” between their countries. The prime minister described them as “natural partners and allies, with a shared belief in harnessing the technologies of the future to address climate change, solve global issues and deliver prosperity for our people.”
The UAE, the Middle East’s second-largest economy, is already a key partner for the UK, with total trade between the two countries worth £12 billion in 2020. The message from Abu Dhabi is that it will continue to work through the GCC on trade talks but it is clear that it would also pursue its own negotiations to expand business with the UK. “Either track, the GCC track or the UAE track, is going to be started as early as 2022,” said Khaldoon al-Mubarak, the chief executive of Mubadala, the UAE’s sovereign wealth fund.
But in the big picture, the UK’s departure from the EU after 47 years is unlikely to have a dramatic impact on British economic ties to the Middle East and North Africa. In the majority of markets in the region, Britain has a long-established presence and links are maintained through active engagement by chambers of commerce, trade and investment bodies and embassies.
In a vivid indication of the British government’s view the Gulf is presented as a crucial element of post-Brexit commercial strategy. Saudi Arabia, the UAE and Qatar are expected to continue to be the main attractions, by virtue of their market size and their dominant positions in the oil and gas sector, which should enable them increase their market share even as decarbonization advances.
Another critical element is the Gulf’s diversification strategy so as a global centre for financial, legal and consultancy services the UK should be in a position to take full advantage of the ramping-up of institutions like the Saudi Public Investment Fund and UAE’s Mubadala – provided Brexit does not seriously impair the UK’s financial services sector.
“The nations forming the Gulf Cooperation Council are, together, one of our biggest trading and investment partners and are home to over 50 million people,” International Trade Minister Ranil Jayawardena said: “From exports of Welsh lamb and Scotch beef, to biscuits from Belfast and financial services from the City of London, we are determined to strike a deal that will further cement our relationships, attract investment, promote trade opportunities and provide significant benefits for British business, creating jobs in communities across the country.”
Let’s hope Jayawardena is not exaggerating the post-Brexit opportunities of “Global Britain” - or indulging in wishful thinking!
by: IAN BLACK

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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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