Sudan invites Ethiopia, Egypt to Nile dam summit
April 14, 2021, 9:46 am

Sudan invites Ethiopia, Egypt to Nile dam summit

The $4 billion Grand Ethiopian Renaissance Dam (GERD), under construction near Ethiopia’s border with Sudan on the Blue Nile, which flows into the Nile river. (Reuters)

Sudan’s prime minister has invited his Egyptian and Ethiopian counterparts to a closed meeting to discuss the long-running dispute over Addis Ababa’s mega-dam on the Blue Nile, his office said.

Last week, talks involving the three countries hosted by the African Union chair, Congo, failed to reach a binding agreement over the operation of the Grand Ethiopian Renaissance Dam (GERD) and the filling of its vast reservoir.

Ever since construction began in 2011, Egypt has regarded the dam as an existential threat to its water supplies, while Khartoum fears its own dams would be harmed if Ethiopia fills the reservoir without a deal.

“Prime Minister Abdalla Hamdok invited his Egyptian counterpart Mostafa Madbouli and Ethiopian counterpart Abiy Ahmed to a summit within 10 days to evaluate the negotiations regarding GERD,” the premier’s office said in a statement late Tuesday.

It said Hamdok expressed concern the dam’s construction had reached an advanced stage, making “reaching a deal before the start of operation an urgent and pressing matter”.

The statement said the planned summit will be held by videoconference.

Last week, Ethiopia offered to share data with Egypt and Sudan, but the proposal was rejected by Khartoum and Cairo which complained of “fallacies” in the figures and an “unacceptable tendency” by Addis Ababa to take unilateral steps.

Ethiopia insists the power produced by the huge hydro-electric project is indispensable for its development.

But Egypt and Sudan have been pushing for a binding agreement before Ethiopia completes the filling of the dam’s vast reservoir which it began last year.

The tensions over the dam come as Sudan’s relations with Egypt warm while its relations with Ethiopia have been hit by a dispute over the use of farmland near the common border.

source: AFP

Image source: Reuters

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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.