Egypt's opposition parties coordinate demands to achieve 'political reform'
May 17, 2022, 9:53 am

Egypt's opposition parties coordinate demands to achieve 'political reform'

Egyptians walk in front of the Egyptian Central Bank in Cairo on Nov. 3, 2016. (File photo: AP)

The Asharq Al-Awsat reported, opposition parties in Egypt have begun coordinating to announce a unified position on their demands for “political reform.”

Last month, Egyptian President Abdel Fattah al-Sisi tasked the Youth National Conference, which operates under the umbrella of the Egyptian presidency’s National Training Academy (NTA), with coordinating with all political parties, movements and youth groups to hold political dialogue.

He said the aim of the talks is to discuss the “priorities of national work at this current time.”

The NTA sent last week invitations to representatives of all the political parties to attend the dialogue and opened the registration on the website of the National Youth Conference for those who wish to participate.

The meeting of representatives of Egyptian parties in Cairo on Saturday, May 14, 2022. (Conservative Party)

The heads of 12 Egyptian parties, public figures and former parliamentarians held a meeting in Cairo on Saturday at the headquarters of the Conservative Party to declare a unified position on the call for dialogue and matters to be discussed.

Head of the Conservative Party Eng. Akmal Kortam said the participating civil society parties sought to determine concepts and demands rather than laying conditions.

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Meanwhile, Head of the Reform and Development Party Mohamed Anwar Sadat reiterated his demand for the Senate to sponsor the dialogue instead of the NTA.

Sadat said the dialogue should cover political, social and economic issues and should be held under Sisi’s personal presence and supervision.

Head of the Karama Party Ahmed Tantawi, for his part, said all what is required is a dialogue that allows all participants to express themselves freely in a way that serves Egyptian people.

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The list of parties that will be attending includes the Conservative party, the Egyptian Social Democratic party, the Reform and Development party, the Constitution party, the Karama party, the Egyptian Socialist party, the Socialist Popular Alliance part, and the Arab Democratic Nasserist Party, as well as a number of public and political figures.

Farid Zahran of the Egyptian Social Democratic Party said all parties want to hold the dialogue in an atmosphere that can help it be a success, suggesting the release of all prisoners against whom there's no evidence of involvement in violence or terrorist acts.

Source: aawsat

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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.