Egypt’s president urges effective European assistance to achieve African development
February 16, 2022, 8:09 am

Egypt’s president urges effective European assistance to achieve African development

President Abdel Fattah el-Sisi (File photo: Official Facebook page)

The Asharq Al-Awsat reported, Egypt’s President Abdel Fattah el-Sisi is set to confirm during his participation in the 6th European Union-African Union Summit this week the importance of providing effective European assistance to African countries to achieve sustainable development.

On Tuesday, Sisi headed to Brussels, to take part in the 6th EU-AU Summit, which is held will be held on February 16-17 in the Belgian capital, the seat of the European Union.

According to presidential spokesperson Bassam Radi, the President shall request European help for transferring technology to developing African countries, boosting foreign investment injections into these countries and empowering developing countries to increase their reliance on renewable sources of energy.

The European side is one of the most prominent international partners the AU is keen on enhancing relations with, particularly with regard to issues pertinent to development and maintaining international peace and security.

This is in addition to the continuous consultations between the two sides on ways to address common challenges.

Radi said that during the EU-AU summit, the President is expected to focus on various issues of interest to African countries, notably with regard to strengthening international efforts to facilitate their integration into the global economy.

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Sisi will also review Egypt’s preparations to host the 27th session of the Conference of the Parties (COP 27) at the end of this year and Egypt’s efforts for the conference to reach balanced and applicable outcomes.

Radi stressed: “The President is also expected to emphasize the need for a joint vision to support and fund the African continent during the COVID-19 pandemic, while facilitating the fair access and distribution of the various techniques relevant to the pandemic, notably with regard to the production of vaccines.”

During his stay in Brussels, Sisi will also hold talks with Belgian King Philippe Léopold and Prime Minister Alexander De Croo to discuss ways to foster closer bilateral relations so as to achieve the common interests of the two countries and their peoples, and promote coordination and consultations between the two sides on a multitude of regional and international issues of mutual concern.

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The President will also meet with Belgian businessmen to explore ways to further advance cooperation in the economic, trade and investment sectors between the two sides.

On the sidelines of the EU-AU summit, Sisi will meet with EU leaders as well as a number of heads of state and government to discuss ways to further enhance cooperation and consultations on various regional and international issues.

This year, the European Union-African Union Summit is held under the theme “Africa and Europe: Two Continents with a Shared Vision until 2030”.

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The EU-AU summits’ first edition was held in Cairo in 2000, and witnessed the establishment of the partnership mechanisms through “Cairo Action Plan.”

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.