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Communique Diplomacy

The state of the world according to its most powerful people took the form of the two communiques issued this week following the G7 annual meeting and the NATO Summit. These documents, products of intense negotiation between specialist diplomats, are an important barometer as to what these alliances consider to the be the challenges of our time as well as setting out the broad brush strategy they plan to adopt to tackle them.
The G7 looked, from an external perspective, a huge amount of fun. A combination of global leaders not having had many face-to-face meetings in the last year as well as the retreat nature of a getaway to the Cornish coast in the glorious sunshine helped. So did the celebrity chefs, the flybys by Red Arrow jets and the chance for their partners to be photographed enjoying the sea air. Yet the summit’s communique, very much its most business end feature, was illuminating in what it did and didn’t focus on.
It read like a slightly retro document signifying perhaps a return to more conventional multilateral diplomacy of the later parts of the Cold War. Russia was mentioned seven times, China four. There was a stress on the ‘rules-based’ system and despite being amongst the worst conflicts of a generation; neither Yemen or Syria was mentioned at all.
The sense of being a return to more traditional ways of working was strengthened by the US and the UK agreeing a grandiose new 'Atlantic Charter' just before the meeting to help the world recover from Covid crisis, boost trade and protect democracy. The new charter will 'form the foundation of a sustainable global recovery' as Prime Minister Johnson and the US President promised the world a 'better future'.
The G7 communique is of course not a legal document, nor one that will suddenly result in the foreign or defence policies of any of its members suddenly changing direction. Instead, it provides a compass that more detailed and distinct policy will steer these major powers towards, with the strength of consensus providing the political capital to prioritise and resource better.
The fact that Afghanistan and Iraq are mentioned in passing reflects a transition away from the counterterrorism focus of much of the post-9/11 period into a recognition of strategic competition with a disruptive Russia and the need for a more nuanced relationship with China, which is largely recognised as the single biggest strategic question of our time. The communique explains that the G7 will cooperate with China “where it is in our mutual interest on shared global challenges, in particular addressing climate change and biodiversity loss in the context of COP26 and other multilateral discussions. At the same time and in so doing, we will promote our values, including by calling on China to respect human rights and fundamental freedoms”.
There is of course and inherent tension between the cooperation elements and those that promote policies that are juxtaposed with those currently held by the Government in Beijing and it is here that a critical focus will need to be maintained to assess the state of the relationship between the world’s traditional economic powers and its new rising competitor.
Whilst the headlines focused on President Biden announcing that the US was “back” and contrasting himself to his more disruptive predecessor, there was also insight into the G7 and its expectations of what it can achieve in the limits of the agreements made. In particular the call for the most powerful countries to lead on a mass global vaccination effort. According to the WHO some eleven billion vaccines are needed to protect the world along the adage that “nobody is safe until we’re all safe”. This nice and potentially fluffy sounding motto has very real-world consequences seen most recently by the fact that the Indian ‘Delta’ variant of the virus has forced the UK to delay further unlocking by a month.
Yet despite 11 billion shots being needed, the most the G7 could commit was 1 billion. As former UK Prime Minister, Gordon Brown, explained “we need to do for the world what Britain has done for itself: to construct a virtuous circle, starting with guaranteed G7 funding that underwrites the pooled purchasing of vaccines, which in turn generates new manufacturing capacity on every continent”. But perhaps we shouldn’t be surprised that in the new era of global competition that the G7 has set out its stall around, it is not the answer to all the world’s problems but just a significant piece in a jigsaw that is made up of many others. The central question remains whether China accepts the jigsaw analogy and whether they and the G7 are able to collaborate constructively around its rules and processes. Communique
by: James Denselow levant
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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