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Britain’s Search for a Global Role

In August despite the backdrop of COVID-19 chaos and the looming end of year Brexit deadline, the Boris Johnson Government took a major step in rewiring the country’s foreign policy machine. Despite a chorus of condemnation from previous Prime Ministers, the Johnson Administration proceeded to merge the Department for International Development (DFID) with the Foreign Office to form the new (and supposedly all powerful) Foreign, Commonwealth and Development Office (FCDO).
The argument to bring these two Ministries together was simple; it would align Britain’s development and foreign policy ensuring a more cohesive and joined up approach to international affairs. Cynics pointed to DFID’s incredible achievements in addressing global poverty or specific challenges like helping eradicate polio across Africa. They worry that an increasingly nationalist and ‘realpolitik’ approach to foreign policy would dilute an area in which the UK has carved out a unique global role and expertise.
Brexit is already placing a new set of strains on the UK’s global role. Whereas previously the country could claim the almost unique status of having a permanent UN Security Council seat, being a lead member of NATO and a member of the EU, suddenly the UK is out of the tent when it comes to collective foreign policy decisions being made out of Brussels.
Where there can be little doubt as to the UK being a world leader it is in the field of sloganeering. Conscious perhaps of the danger of haemorrhaging influence on the international stage, the post-Brexit Conservative Governments have clung to the notion of ‘Global Britain’ without really explaining what it entails. Values wise the idea is to link the UK’s new status outside of the EU as a ‘buccaneering’ free trading nation with leadership towards defending the rules based order.
In more traditional times a pivot from the UK away from EU could be rebalanced towards a stronger UK-US relationship. However, these are not normal times and the Trump Administration has spent huge energy withdrawing from global organisations and commitments whether that be the Paris Accords, the Iran deal and so on. An isolationist second term Trump Administration would place even more pressure on the UK to carve out a more unique course towards defining its role in the world.
A major exercise in informing this decision is currently underway in the form of the Integrated Review of Security, Defence, Development and Foreign Policy. It is difficult to predict at this stage whether this exercise can effectively endure the chaos of the multiple crises happening in its backdrop or whether it will be a deep and serious look at the DNA of the British establishment or more of a cursory rebranding of the traditional set of interests and issues that the UK is focused on.
The recent UAE-Israel peace deal was a reminder that even an isolationist USA still had the convening power and influence to score a major diplomatic victory and an important time. With the United Nations increasingly gridlocked by veto wielding permanent members there is huge attraction to focusing diplomatic energies on major challenges of the day.
Could the UK become a global leader in issues of cyberwarfare and cybersecurity? Could the fusion of the different ministries bring a novel and well-resourced approach to addressing climate change, the issues of non-state armed groups or the black economy of illegal flows of weapons, drugs and people can has come to define the globalised era?
Or could the UK double down on a particular issue within international affairs? Could it leverage its relations with Saudi Arabia and Oman to bring about a new direction and hope in Yemen? Could it try and more effectively channel US energies towards rehabilitating the two-state solution that the UAE have managed to keep on life support?
So much of the UK’s political capital has been spent over the past five years on defining its identity and role in relation to the European Union that it simply hasn’t had the bandwidth and license to think more creatively about what happens next. Unfortunately, the Brexit saga shows no sign of coming to an end with the prospect of ‘no deal’ resurfacing recently. A country that struggles to form trade relations with its nearest neighbours may find it hard to find that its influence is more effective elsewhere and the reality of things is that for any Global Britain to emerge the country will have to find a way to put a full stop to the Brexit saga, something that it may find very difficult to do.
by : jamse danselow
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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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