Climate forum ahead of COP27 kicks off in Egypt
September 12, 2022, 6:42 am

COP27

On Sunday 11 Sep, the “Environment and Development 2022; The Road to Sharm El-Sheikh COP27” forum began in Egypt. The forum is being organized by the Arab Water Council under the patronage of the Ministry of Foreign Affairs, in cooperation with the Ministry of Environment. It will last until the 13th of September 2022.

Over 50 speakers met to discuss climate change adaptation and mitigation, and to cover the key themes; water resources, biodiversity and oceans, agriculture and food security, climate cross cutting issues, solutions & tools, energy and sustainable growth and cities.

The sessions for the Climate Change COP27 witnessed an outstanding attendance, as visions and initiaives on improving collaboration amongst decision-makers and environment and sustainable development experts took centre stage.

Professor Mahmoud Abu-Zeid, the head of the Arab Water Council stated that: "We hope to promote a better understanding of the management of water resources in our region during the EDF 2022 Forum and how a scientific approach and awareness can help us achieve good water governance.

Our role is to highlight water resource management challenges and address why sustainable development is critical for the survival of the human race. We need strategies, roadmaps and technologies that address environmental issues, and we hope that knowledge-sharing at the Forum will help us all achieve new milestones."

During his speech, he called for financial support for the "Green Fund" and achieving a balance of funding between adaptation and mitigation projects for projects related to achieving the sixth goal of the sustainable development goals that are more economically and socially related to the first and second goals related to combating poverty and hunger.

He reiterated the need for global policies and regional policy frameworks to support the shift from reactive to proactive drought management.

Mohamed Abbas Fayed, cheif executive officer and managing director at FABMISR, commented on FABMISR’s Banking Sponsorship and participation as saying: “We’re delighted to be participating in a forum that gathers industry experts and leading corporations to explore ways of integrating sustainability and green finance into business operations; all with an aim to reduce global warming and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystem services.”

As FABMISR is a strong supporter of driving the green transformation, in Egypt and beyond, Fayed stressed that banking sector plays a pivotal role in providing and facilitating green bonds and green financing.

The event registers 800 participants from over 30 countries committed to driving change, reducing their carbon emissions and building more sustainable futures for their business.

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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.