Droughts may affect more than 75% of world’s population by 2050
June 18, 2022, 6:37 am

Droughts may affect more than 75% of world’s population by 2050

Millions in California facing water restrictions as state battles 3-year drought (Photo: Pixabay)

The UN said Friday (June 17) as World Day to Combat Desertification and Drought is observed that droughts may affect more than three-quarters of the world’s population by 2050.

The day that is annually observed June 17 since 1995, focuses on changing public attitudes toward the leading driver of desertification and land degradation, the Anadolu Agency reported..

This year's theme, "Rising up from drought together," highlights the need for early action to avoid disastrous results for humanity and the environment.

Drought is a rising trend globally due to global warming and vanishing water resources, according to data compiled by Anadolu Agency from scientific findings and reports by international institutions.

Through August to December 2021, 62 elephants have died in Kenya due to drought. Kenya Wildlife Service (KWS) lacks sufficient resources to put up water pans in the drought-affected areas (File photo: Pixabay)

Since 2000, the number and duration of droughts have risen 29%, according to a World Meteorological Organization (WMO) report in 2021.

Additionally, one in four children are expected to live in drought-hit regions by 2040, according to UNICEF.

Africa suffers most

A total of 11.7 million people were killed because of drought-related reasons between 1900 and 2019, while Africa suffers more than any other continent with 134 droughts in the last two decades.

UN: Famine threatens drought-devastated parts of Horn of Africa

Europe has seen 45 droughts in the last decade. The cost for Europe has exceeded $27 billion, with 15% of the continental land and 17% of the population affected.

In the US, damage caused by drought only to agricultural products has reached $250 billion in the last century.

The most deaths occurred in Asia.

Drought, which is the most frequent natural disaster affecting humans worldwide, after floods, has reduced the gross domestic product in India by 2% to 5%. It has reduced agricultural production by 18% in Australia since 2000.

UN spokesman: Horn of Africa drought affects 18 mln people

Meanwhile, Somalia, Zimbabwe, Djibouti, Mauritania and South Africa are among the countries with the highest drought risk.

Source: aa

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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.