UK announces new £25 million aid package for Somalia to support almost 1m people
April 27, 2022, 6:52 am

UK announces new £25 million aid package for Somalia to support almost 1m people

People walk near the wreckage of a car near the complex housing Somalia’s ministries of works and labor stormed by al-Shabaab militants in Somalia’s capital Mogadishu. (File photo: AFP)

The Arab News reported, the UK Foreign Office said on Tuesday (Apr 26) that Minister for Africa Vicky Ford has announced a new £25 million ($31.4 million) aid package to provide vital services to almost a million people in Somalia, as the country teeters on the brink of widespread famine.

Speaking at a roundtable event organized by UN Office for the Coordination of Humanitarian Affairs, Ford announced the package of lifesaving food, water, nutrition and emergency health support and called on other international donors to step up.

Ford said: “The UK is stepping up our support with an additional £25 million, taking our support to almost £40 million in 2022 alon. After a quarter of a million people needlessly died from hunger in Somalia in 2011, we said never again. Now is the time for the international community to fulfill that commitment and stand with the people of Somalia.”

UK announces £25 million aid package for Somalia, supporting almost one million people (File photo: Pixabay)

After three failed rainy seasons, approximately half the population require life-saving aid due to the ongoing drought, the UK Foreign Office said, adding forecasts suggest a fourth failed rain is likely. The UN estimate that there are pockets of famine in the county now, with more than one million people on the edge.

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The minister also announced a groundbreaking partnership with Qatar, which will see the Qatari government invest $1.5 million with the UK toward the emergency response and resilience-building in Somalia.

On Monday, the Minister conducted a virtual visit to Baidoa in Somalia where the UK is supporting almost 120,000 people with food and water support. She met with representatives from the Norwegian Refugee Council, a UK partner on the ground, and heard from communities affected.

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The UK Government committed an initial £14.5 million of support for Somalia earlier this year, which is expected to support almost 500,000 people to access clean water and afford food supplies.

Source: arabnews

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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.