A great success is led by a vision
May 19, 2021, 9:45 am

khalid Aljasir

Mohammed Bin Salman Bin Abdulaziz, the exceptional Saudi crown prince, the Deputy Prime Minister, Minister of Defence painted a beautiful image of the future with successful figures and amazing achievements, in and out of Saudi Arabia. success

The Crown Prince's exceptionality is reflected in the five-year anniversary of the Saudi 2030 vision, which is the world's biggest national transformation movement that embodied our Saudi identity and enabled us to grow stronger and more sophisticated by opening up to the world. This ambitious vision made internal challenges of the efforts of all government agencies easy and built invaluable experiences. The vision's goal is to enable infrastructure, built institutional, legislative, and policy structures, and empowering initiatives. The next phase will focus on pursuing implementation, advancing delivery, and promoting greater citizen and private sector participation.

Crown prince Mohammed Bin Salman was tying the loose ends with the Kingdom's foreign and regional policies despite its abundance. His Highness described Saudis as " the strongest", and that they "fear only Allah." The Crown Prince achieved what he promised by eradicating extremism and terrorism after the country had been targeted by those entities who wanted to disturb the Kingdom of Saudi Arabia and the United States of America relationship, ignoring the fact that they have been in a strategic partnership for more than 80 years. That said, differences often occur in any country with the election of new presidents, but - praise be to God - there is a 90% Saudi agreement with President Biden's administration, as His Highness explained. success

Saudi Arabia will not accept any pressure to interfere in its internal affairs, and that Saudi Arabia works globally," he says: "We are working to maintain our strategic partnership with our partners in the region, to strengthen our alliances with other countries and to create new partnerships." to cut off any activities that might hinder the Saudi progress, such as terrorism supported by Iran, which he considered a neighbor and give them a "peace offer" on a golden platter. Iran must accept the presence of the Houthi militia on the borders of the Kingdom, the presence of Hezbollah, and others in Arab countries. The relationship with Iran depends on them changing their negative behaviors, working to find solutions to these problems, and enhancing this relationship to benefit both parties.

Last but not least, his Highness was a man of his word, adding: "Our Saudi identity is strong and growing in strength and development by openness, and that those with a weak identity are the ones who are afraid to open up to the world. Saudis

might worry but never afraid, as fear does not exist in their mentality. success

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BY: Khalid bin Abdul Karim Al-Jasir

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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.