‘Friends of Sudan’ conference in Riyadh shows support for political process
January 19, 2022, 5:08 pm

‘Friends of Sudan’ conference in Riyadh shows support for political process

Sudan-Protests in Sudan/Shutterstock

The Asharq Al-Awsat reported that the Friends of Sudan group convened in the Saudi capital, Riyadh, on Tuesday to show support for the political process in the North-East African country.

Khartoum and other Sudanese cities, meanwhile, witnessed sweeping protests against the killing of seven demonstrators by security forces.

Representatives from Western and Gulf Arab countries met in Riyadh to discuss joint efforts to support the stability and prosperity of Sudan.

The Friends of Sudan, including officials from the United Arab Emirates, US, UK, Germany, France, Sweden, Norway, UN, African Union, Arab League, World Bank, and the International Monetary Fund, held their meeting at the Ministry of Foreign Affairs in Riyadh.

The gatherers discussed ways to strengthen cooperation to support all efforts that ensure a peaceful political transition in Sudan.

They also discussed ways to further assist and support the efforts of the UN Integrated Transition Assistance Mission in Sudan (UNITAMS).

Meanwhile, a partial civil riot, called for by political forces, resistance committees, and professional union entities, was launched in protest of the killing of seven demonstrators by the security forces.

Sudanese security forces open fire on protesters, killing 3 and wounding several

Medics said that security forces shot and killed seven protesters Monday during rallies against last year’s military coup.

Many shops in the center of the capital closed their doors, and work stopped in many public institutions and state facilities. Work in most Sudanese universities and banks came to a complete halt due to the strike.

The European Union’s foreign policy chief on Tuesday said Sudan’s military rulers have shown an unwillingness to negotiate a peaceful settlement to the country’s ongoing crisis, a day after security forces opened fire on anti-coup protesters in the capital, Khartoum.

UN announces the launch of political process to end crisis in Sudan

EU foreign affairs chief Josep Borrell said repeated calls for Sudanese authorities to refrain from violence against protesters “have fallen on deaf ears.”

Borrell said the ongoing crackdown, including violence against civilians and the detention of activists and journalists, has put Sudan on “a dangerous path away from peace and stability.”

He urged the military authorities to de-escalate tensions, saying that “avoiding further loss of life is of the essence.”

EU urges Sudan to investigate violence targeting protestors

The crackdown, Borrell said, also risks derailing UN efforts to find a peaceful solution to the crisis that has worsened with the resignation of Prime Minister Abdalla Hamdok earlier this month.

Source: aawsat

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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.