Former Algerian President Abdelaziz Bouteflika dies at 84
September 18, 2021, 7:36 am

Abdelaziz Bouteflika

The BBC reported, the former president of Algeria, Abdelaziz Bouteflika, has died after a long illness at the age of 84.

According to the BBC, Bouteflika led the country for almost two decades, stepping down in 2019 after his bid for a fifth term in office led to massive street protests.

It said, he played a key role in Algeria's war of independence in the 1950s and 60s.

The BBC added that in 1999, as Algeria emerged from a brutal civil war that killed almost 200,000 people, he became president at the urging of the military.

Bouteflika had rarely been seen in public since a stroke in 2013, which affected his speech and mobility.

After Algeria's independence from France in 1962, he became the world's youngest minister of foreign affairs in his mid-twenties, a record that still stands.

He would hold the job for 16 years, and was an active member of the UN. As president of the general assembly in 1974, he invited Palestinian leader Yasser Arafat to address the UN governing body - an unprecedented and ground-breaking move.

He also insisted China should have a UN seat, and stood against apartheid in South Africa. He is credited with giving a young Nelson Mandela his first military training.

Bouteflika passed part of the 1980s in exile, avoiding corruption charges that were ultimately dropped.

He returned home in the 1990s and took office in 1999 - Algeria's first civilian leader in more than three decades.

The man known as "Boutef" managed to broker peace between the army and armed Islamist militants who were fighting the country's civil war.

In 2008, he initiated a change in Algeria's constitution which removed the two-term limit for presidents - and was duly re-elected twice, despite circling fraud charges.

When the 2011 Arab Spring protests broke out across North Africa, Bouteflika swiftly increased public subsidies and ended Algeria's long-standing state of emergency.

His final public appearance was in 2017, four years after his stroke, when he inaugurated a metro station and the newly renovated Ketchaoua mosque in Algiers. By this time, his younger brother Said Bouteflika was widely viewed as the country's real ruler behind the scenes.

When it was announced that the ailing president would run for a fifth term in 2019, protests spread across the country.

They snowballed into full-blown nationwide weekly demonstrations, unlike any Algeria had seen before.

After initially vowing to postpone elections and step down within a year, Bouteflika was forced to resign.

That would be the last time most Algerians saw the man who held the presidency for 20 years.

Source: BBC

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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.