Egypt cancels contracts for 240,000 T of stranded Ukrainian wheat
July 28, 2022, 10:35 am

Egypt cancels contracts for 240,000 T of stranded Ukrainian wheat

Egypt-Pyramids

Egypt recently canceled contracts for 240,000 tons of Ukrainian wheat that were booked by its state grains buyer for February and March but never loaded due to Russia’s invasion of Ukraine, the i24 news reported, citing Reuters.

In May, Reuters reported that about 300,000 tons of wheat bought by Egypt from Ukraine was stranded there, with one cargo stuck in port and four others still to be loaded.

As it is typically the world’s largest wheat importer, Egypt depended heavily on shipments of Black Sea wheat that were disrupted by the war.

It since sought to diversify wheat supplies, buying more than a million tons in July through tenders and direct purchases in an effort to boost its strategic reserves.

With a rapidly growing population of just over 102 million people, Egypt has suffered successive economic shocks from Covid and the war in Ukraine.

Egypt, typically the world’s largest wheat importer, depended heavily on shipments of Black Sea wheat that were disrupted by the war - Photo. Pixabay

The International Monetary Fund (IMF) said earlier this week that the North African country needed to make “decisive progress” on fiscal and structural reform, as Cairo seeks a new round of support from the fund.

In an evaluation of a $5.2 billion stand-by agreement with Egypt in 2020, the IMF noted the nation’s “remaining vulnerability from a high public debt burden and large gross financing requirements.”

Russia and Ukraine ink a deal to resume shipping Ukrainian grain

On Tuesday (July 26), Egypt’s presidency said it would add one million families to a social safety net program that provides cash transfers, bringing the total number of beneficiaries to more than 20 million, the report said.

It added, the “Solidarity and Dignity” program began in 2015 with World Bank funding – payments to families start at $18.50 per month and are conditional on children's school attendance.

It noted that President Abdel Fattah al-Sisi added that nine million “needy” families would also receive separate, exceptional aid over six months.

Source: i24news

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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.