Launch of the "Erm News Chair for Media and Creativity" to Develop Arab Media
November 26, 2024, 2:21 pm

إطلاق "كرسي إرم نيوز للإعلام والإبداع" لتطوير الإعلام العربي

The "Erm News" website announced the launch of a new initiative titled "Erm News Chair for Media and Creativity" during the events of the World Media Congress held in Abu Dhabi. This initiative aims to contribute to shaping the future of Arab media amid the challenges and opportunities presented by the rapidly changing media landscape.

In his speech during the event, the editor-in-chief of "Erm News," Nuri Al-Sal, clarified that this initiative came in response to the urgent need to develop Arab media, in order to keep pace with the radical changes imposed by social media and technological innovations based on artificial intelligence.

He added that the initiative reflects "Erm News's" commitment to enhancing dialogue, cooperation, and innovation in the media field, leveraging its professional expertise and regional relationships in the Middle East and North Africa.

Al-Sal revealed that the initiative aims to establish an interactive network linking media colleges in Arab universities and their students with future journalists and social media influencers, in addition to media institutions participating in anticipating future challenges in the sector and shaping its outlines.

The initiative will adopt an unconventional creative approach, including organizing competitions and research assignments for media students in Arab universities, focusing on topics related to the media, entertainment, and digital innovation sectors. An advisory committee and a board of trustees will oversee the implementation of the initiative, ensuring continuous evaluation and development.

Additionally, the initiative's events will be organized annually, moving between Arab capitals in the Middle East and North Africa, while taking into account the specificities of local communities, with the aim of enhancing interaction and effective participation.

Al-Sal pointed out that the initiative aims to create an interactive educational and professional environment between students and media institutions, contributing to the development of future journalistic and media talents. He also affirmed that the "Erm News Chair for Media and Creativity" represents an unprecedented step in Arab media, aiming to avoid repetition and imitation while fostering a spirit of innovation, expressing his hope that this initiative will contribute to a better future for Arab media through effective cooperation and partnership.

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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.