King Charles to host South African president in first state visit as monarch
November 22, 2022, 6:46 am

King Charles to host South African president in first state visit as monarch

South Africa President Cyril Ramaphosa visits families who had lost loved ones in KwaZulu-Natal province, including a family with four children, after floods and mudslides ravaged homes on Tuesday Apr 12 (File photo: A news)

The King will host his first state visit as monarch later as he welcomes the South African president to the UK.

King Charles and Camilla, the Queen Consort, will host a banquet for President Cyril Ramaphosa at Buckingham Palace as part of the two-day trip.

Mr Ramaphosa is also set to address politicians in a joint sitting of both Houses of Parliament.

It is the first state visit to the UK in more than three years after they were stopped during the Covid pandemic.

The Prince and Princess of Wales will first greet the South African president at his London hotel on Tuesday morning and escort him to Horse Guards Parade for the ceremonial welcome with the King.

His Majesty will then ride down the Mall with Mr Ramaphosa in a carriage procession to Buckingham Palace.

There the King will host the president at a private lunch and show him an exhibition of Royal Collection items relating to South Africa.

King Charles III - Photo. The Royal Family's official Twitter account

Mr Ramaphosa, who has been head of government in South Africa since 2018, will follow the tradition of laying a wreath at the Tomb of the Unknown Warrior in Westminster Abbey, and then address MPs and peers in the Royal Gallery of the Palace of Westminster.

Later, the King will host a glittering white-tie banquet at Buckingham Palace for President Ramaphosa where both men will give speeches.

The visit follows the traditional format put in place during the reign of the late Queen Elizabeth II.

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BBC southern Africa correspondent Pumza Fihlani says the president is hoping to use the state visit to drum up support for UK investment in South Africa to bolster the country's economic development and industries.

But his visit comes at a time when the head of state is facing criticism over South African unemployment levels and a return to power outages affecting households, businesses and schools across the country - almost every day for a number of hours at a time.

This month he also said he would "step aside" if charged over an alleged cover-up of a robbery at his private farm, which he denies.

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On Wednesday, the Earl of Wessex will escort Mr Ramaphosa to the Royal Botanic Gardens, at Kew in south-west London.

The South African leader will then visit Downing Street to meet Prime Minister Rishi Sunak, before returning to the palace to bid farewell to the King.

Mr Sunak said: "South Africa is already the UK's biggest trading partner on the continent, and we have ambitious plans to turbocharge infrastructure investment and economic growth together.

"I look forward to welcoming President Ramaphosa to London this week to discuss how we can deepen the partnership between our two great nations and capitalise on shared opportunities, from trade and tourism and security and defence."

The president is also set to receive a call from Labour leader Sir Keir Starmer and attend a Guildhall banquet with the Duke and Duchess of Gloucester.

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.