James Denseiow

America is heading into a moment that a New York Times health correspondent described as the “valley of death”. Currently COVID-19 is let loose as the outgoing President’s attention is focused solely on staying in power. The death toll is now averaging almost 3,000 a day, the equivalent of a 9/11 or a Pearl Harbour every day of the week.

The direction of this grim toll has already surpassed 300,000 dead in the US and projections are looking to top half a million by early next year. The numbers are so large to be almost numbing, yet unlike a war fought abroad there are no caskets covered in American flags returning home, no parades for troops rotating out, instead a deepening culture war with division around basic virus mitigation measures such as wearing masks.

Yet there is hope. Early in December the UK marked what the Health Minister called “V-Day” as Grandmother Margaret Keenan, 90, became the first person in the world to receive the first COVID-19 vaccine. One vaccine with a startling effectiveness rate of 95% is being injected into people’s arms in the UK and the US as we speak. Already politicians are speaking of a return to some degree of normalcy in Spring of next year.

However, it is one thing for the richest countries in the world to horde the vaccines for their own populations and it is quite another to see an effective rollout that brings the world back together and defeats the virus in totality. More and more vaccines coming online as Joe Biden becomes US President promising to rejuvenate US global influence is therefore a critical intersection of opportunity and hope.

You could argue that we had a similar moment at the start of 2020. During the early stages of the pandemic as countries grappled with what the virus was, how it spread and who was vulnerable, there was some hope that dealing with a deadly pandemic would change the geopolitical balance.

The UN Secretary General launched a push for a global ceasefire and the logic was that traditional issues between states would be relegated when faced with the enormity of handling an invisible enemy that kills at such a scale. Yet as the US has demonstrated a challenge that has the ability to unite a nation can also divide it.

The debate on mask wearing that appears the culture war zeitgeist in Trump’s America has the potential to become a real challenge in rolling out the vaccines. As one commentator observed the anti-vaccination movement in American predated the remarkably quick discovery of vaccines themselves. At one-point polling suggested that over 50% of Americans would not take a vaccine, although that number is plummeting as images of medics taking the shot started to circulate.

There is a moral debate to be had about the fact that those refuseniks are a clear and present danger to members of the US public who are unable to take the virus because of pre-existing health conditions. The more global question is how the US will support the distribution of the vaccine far beyond its own borders.

Would President Biden feel confident enough to support the vaccine getting to vulnerable non-Americans before the entire American population has received a shot? If he is, could the US become a champion of a lifesaving shot feed into a 2021 period of sustained medical diplomacy? Could it be used to build bridges, challenge traditional foes to cooperate or even be conditional of reasonable US foreign policy aims.

Biden’s rebooting of multilateral membership will come at a domestic price and the question is whether the Covid vaccine will make that price higher or more tolerable. The President-elect has struggled to set out his post-election vision in the way that he would have liked because Trump’s obstinance has refocussed the narrative away from handling the virus and back to whether the current incumbent will leave the White House peacefully.

The new year and the countdown to the inauguration, not to mention the fizzling out of the Trump challenges to the election, offer a reinvigorated Biden the chance to hit the ground running and lead American and help lead the world out of the darkness of the 2020 year of pandemic.

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.