James Denselow

The meeting was long, and the table was huge. That is what images of the Macron-Putin summit will be instantly remembered for. Headlines varied in describing the talks but after five hours of talking and a seven-course dinner no clear ‘breakthrough’ was achieved. Yet the very act of remaining diplomatically engaged should be celebrated in contrast to the chaos of conflict and it is symbolic of Macron’s wider push for EU and particular French global statesmanship.

Since March 2018 the French have been organising the “Paris Peace Forum” where the leaders of the world gather to “develop coordination, rules, and capacities that answer global problems”. Seen by many as a bulwark against nationalist populism and a defence of multilateralism, it’s celebration of global answers to global problems has given Macron, now clear favourite to be re-elected as French President later this year, a taste for leading on the global stage.

Now more than ever the test of that leadership will be seen in Ukraine. Despite US President Biden restoring support to America’s partners and commitments, his withdrawal from Afghanistan signalled to many a policy of continuity when it came to focusing on his domestic agenda. Perhaps sensing this reluctance to get dragged into bloody, expensive and protracted new crisis, Putin has chosen this time to escalate like never before on the borders with Ukraine.

In the face of a reluctant US, a proactive and united Europe is more important to the equation than ever. Although they are not able to bring the same military resources to the arena, which you could argue is a good thing, the threat of sanctions in lieu of Russian action will be owed by Europe particularly when it comes to energy policy. About 43% of the natural gas consumed in the EU comes from Russia, meanwhile Russia and Ukraine together export 29% of the world’s wheat. Meanwhile Russia’s gross international reserves hit $600.9 billion in May of last year, their highest level ever, signalling to many a preparedness to ride out economic sanctions that could follow an invasion of Ukraine.

Russia earns 60% of its import revenues from the EU so a sense as to how temporary repercussions would be is surely a question Putin is asking himself in negotiations with Macron. The size of the table that defined the meeting was argued by some to be an assertion by Putin of power and symbolic of the gaps between the two sides. Later Putin angrily told a French reporter that “Russia is a military superpower and a nuclear superpower” and warned: “There will be no winners and you will be drawn into this conflict against your own will.”

Whilst some observers argue that Putin has tanks so negotiates with tanks, and that the posture towards Ukraine is more bluff than intention. The crescendo of tension continues to rise with the logistics for an invasion now 70% complete and the American’s speculating that the end of the Chinese-hosted Winter Olympics would be the most likely time that events would proceed. Meanwhile in Ukraine itself images of civilians training with wooden weapons as part of civil defence manoeuvres all add to the narrative of unstoppable conflict.

Macron was unable to bring a commitment from Moscow and a reversal of the tanks away from the border, but he was able to keep channels of communication open and lean in on the shuttle diplomacy between Biden and Putin. If losing face and being treated to a show of power by the Russian leader was the price to pay for that, so be it could think the French President.

Following the meetings Macron explained that he had a “substantial, deep” discussion with Putin, with a focus on conditions that could help de-escalation. “We tried to build converging elements,” he said. “The upcoming days will be crucial and deep discussions together will be needed.” He added that it’s Europe’s duty to find a solution to try to rebuild good-neighborly ties with Russia. If Macron is able to present and convince Putin to adopt a roadmap not only for Russian de-escalation but also beyond to a future redefined relationship between Russian, Europe, the US, NATO and of course Ukraine, then he’s in Nobel Peace Prize territory.

BY: James Denselow

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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.