Artwork from world’s largest canvas painting created in Dubai sells for $62 mln
March 23, 2021, 11:14 am

Artwork from world’s largest canvas painting created in Dubai sells for $62 mln

British artist Sacha Jafri, who partnered with UNICEF and UNESCO looking to raise up $30 million from selling a painting and donating them to children’s charities, stands on the giant canvas at The Atlantis hotel in Dubai, UAE, on September 20, 2020. (Reuters)

An artwork created from the world’s largest canvas painting has sold for $62 million in Dubai, the second most expensive painting sold at auction by a living artist.

The original painting, “The Journey of Humanity” by British artist Sacha Jafri, holds the Guinness World Record for the largest art canvas.Painted on one large canvas on the ballroom floor of the Atlantis hotel in Dubai over seven months of the coronavirus pandemic, the canvas was split into 70 lots for sale.

A view shows the giant canvas painted by British artist Sacha Jafri, who partnered with UNICEF and UNESCO looking to raise up $30 million from selling the painting and donating them to children’s charities, at The Atlantis hotel in Dubai, UAE, on September 20, 2020. (Reuters)

They were all bought together by Andre Abdoune, a French national living in Dubai who has a cryptocurrency business.

Jafri’s aim had been to raise $30 million for charities by auctioning the 1,800 square meters of canvas in sections, but Abdoune put in a bid for the entire work.

Abdoune said he is planning a “second step” for the painting, hoping to raise even more money for charity, without giving further details. For now, he intends to leave the painting in Dubai.

“The aim was always to change the lives of children around the world and try and reconnect humanity,” said Jafri, who incorporated paintings in his work from children in more than 140 countries.

“The purity of intention that only children have, did something really powerful,” he said.

The charities set to benefit include UNICEF, UNESCO, Global Gift Foundation, and Dubai Cares.

Jafri, who was in the United Arab Emirates when a coronavirus lockdown was imposed, came up with the concept for the work with themes of connection and isolation.

He used 1,065 paint brushes and 6,300 liters of paint.

The most expensive painting by a living artist sold at auction was David Hockney’s 1972 “Portrait of an Artist (Pool with Two Figures)” which in 2018 sold for $90.3 million.

In March, a digital artwork sold for nearly $70 million in the first sale by a major auction house of a piece of art that does not exist in physical form.

source: Reuters

Image source: Reuters

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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.