Fireworks explosion in Armenia kills at least 5 and injures 60
August 15, 2022, 9:59 am

Fireworks explosion in Armenia kills at least 5 and injures 60

People clear the debris after blasts ripped through a fireworks warehouse near a shopping mall in Yerevan, Armenia, on Aug. 14, 2022. Vahram Baghdasaryan/Photolure via REUTERS

A popular market in the Armenian capital, Yerevan, was devastated by a massive explosion at a fireworks storage area on Sunday (August 14), the Euronews reported, citing media agencies.

According to the country's Ministry of Emergency Situations, the blast at Surmalu market, happening early afternoon, killed at least five people, injured 60 others and sparked a huge fire that raged into the night.

19 more people are unaccounted for as of Monday morning (August 15), with relatives believing they could still be trapped in the wreckage of a building destroyed by the blast.

The cause of the explosion remains unknown.

Rescue workers and volunteers searched amid still-exploding fireworks, pulling dead and injured people from under slabs of concrete and twisted metal throughout Sunday. The victims are four women and a man.

A strong explosion at a fireworks storage area tore through a popular market in Armenia's capital, setting off a large fire and killing at least one person. https://t.co/Xg7vI7MROw pic.twitter.com/XFWXbxuDMX
— ABC News (@ABC) August 14, 2022

Armenia's General Prosecutor's Office announced overnight that it was opening an investigation into possible violations of "fire regulations" or rules around storing flammable products.

Surmalu wholesale market is traditionally very busy on Sundays (August 14).

Eyewitnesses reported that the explosion occurred in an area where fireworks were stored, yet the authorities have not confirmed this.

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"There is no information at the moment," Alen Simonyan, Chairman of the National Assembly of Armenia told AP reporters on Sunday afternoon.

"There is no conclusion [on what caused the blast] yet, but most likely a violation of fire discipline or something like that."

Footage circulating on social media showed a thick plume of black smoke rising high into the sky, with the sound of small detonations crackling in quick succession in the background.

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Rescuers used diggers to clear large piles of steaming rubble from the demolished building in an attempt to find survivors.

Many volunteers also got involved, shifting piles of heavy concrete and twisted metal by hand.

According to Armenia's Ministry of Emergency Situations, some 200 firefighters and rescue workers were deployed to the scene, as well as several trucks and construction machinery.

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They used long water hoses and ladders to extinguish the flames, leaving blackened, smouldering ruins.

The market, two kilometres south of the city centre, is popular with locals for its low prices and variety of goods.

The embassy of Russia, a neighbouring country of Armenia, indicated on Sunday evening it was seeking to establish whether Russians were among the victims.

It said in a statement: "We express our sincere condolences to the families and loved ones of those who died in the explosion.”

Source: euronews

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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.