The conclusion of the talks on Ukraine in Saudi Arabia, with the participants agreeing to continue consultations.
August 6, 2023, 11:00 pm

Crown Prince Mohammed bin Salman Zelensky

The conclusion of the talks on Ukraine in Saudi Arabia, with the participants agreeing to continue consultations.

Saudi-hosted talks aimed at finding a peaceful resolution to Russia’s war on Ukraine have concluded with participants agreeing on continuing talks in order to reach peace, the Saudi Press Agency (SPA) reported on Sunday.

Top officials from more than 40 countries, including the US, China and India, gathered in Saudi Arabia’s city of Jeddah on Saturday for the National Security Advisors’ Meeting where a Ukrainian peace formula was reportedly discussed.

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“Participants have agreed on continuing international consultations and exchanging views in a way that contributes to building common grounds that pave the way for peace,” SPA reported. “[The participants] also [underscored] the importance of benefitting from the positive opinions and suggestions that were discussed during the meeting.”

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While Russia did not attend the talks, the Kremlin said it would closely monitor the proceedings.

The Jeddah talks come amid Ukrainian efforts to garner support beyond the core Western backers by engaging with Global South nations that have been hesitant to take sides.

Meanwhile, on Sunday, representatives of countries attending the talks wrapped up discussions pertaining to coordination and cooperation, Al Arabiya reported, citing Saudi sources.

‘Good and constructive’ talks

A US official on Sunday described the talks to Al Arabiya English as “good and constructive,” thanking the Kingdom for hosting the discussions.

“It was a good and constructive set of conversations with a range of countries who came together to exchange views and build common ground in support of a just and lasting peace in Ukraine, discuss how to end the war in Ukraine, and address the practical consequences of Russia’s war in Ukraine and around the world,” the official said.

The official expressed Washington’s gratitude to Riyadh for hosting the talks, saying: “We were glad that more than 40 countries attended the talks and benefited from the chance to hear directly from Ukraine about the war and to exchange views.”

The US delegation was led by US National Security Adviser Jake Sullivan, the official said.

Ukraine and its allies have said the talks are an attempt to secure broad international support for principles that Kyiv wants to be the basis for peace, including the withdrawal of all Russian troops and the return of all Ukrainian territory to its control.

President Volodymyr Zelenskyy has said he wants a global summit to take place based on those principles later this year.

Speaking about the Jeddah talks, Zelenskyy’s head of staff Andriy Yermak said in a statement: “We had very productive consultations on the key principles on which a just and lasting peace should be built.”

Meanwhile, Russian Deputy Foreign Minister Sergei Ryabkov was quoted by state media on Sunday as saying the meeting was “a reflection of the West’s attempt to continue futile, doomed efforts” to mobilize the Global South behind Zelenskyy’s position.

Yermak said different viewpoints emerged during the talks in Saudi Arabia, calling them “an extremely honest, open conversation.”

source: alarabiya

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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.