Egyptian-French underwater mission in Alexandria uncovers remains of military vessel and funerary complex
July 20, 2021, 5:41 am

Egyptian-French underwater mission in Alexandria uncovers remains of military vessel and funerary complex

cultural relic unearthed during an underwater archaeological mission in the coastal city of Alexandria

The Xinhuanet reported according to a statement by Egypt's Ministry of Tourism and Antiquities on Monday, the Egyptian-French underwater mission in the coastal city of Alexandria in Egypt has uncovered remains of a military vessel and a funerary complex.

Mostafa Waziri, secretary-general of the Supreme Council of Antiquities (SCA) said: "The Ptolemaic-era military ship was discovered in the submerged city of Thonis-Heracleion, which sunk as the famed Amun temple collapsed during a cataclysmic earthquake happened in the second century B.C.".

"When the earthquake happened, the ship was supposed to land in the canal along the south face of the temple and was covered by huge blocs of the falling temple," Waziri said, adding the temple blocks have kept the ship remains nailed down to the bottom of the deep canal.

Ayman Ashmawy, head of Egyptian Antiquities Sector at the Ministry of Tourism and Antiquities said: "The mission used a cutting-edge prototype sub-bottom profiler electronic equipment to detect the ship nearly five meters under hard clay mingled with vestiges of the temple."

The discovery proved significant in that the finds of fast ships of that era remain extremely rare, especially when the Hellenistic ships of this type were completely unknown before this discovery, said Ashmawy.

Ehab Fahmy, head of the Central Department of Underwater Antiquities said: "The ship also carried features of ancient Egyptian type of construction."

The longboat was flat-bottomed and had a flat keel, which constitutes quite advantageous features for the navigation on the Nile and within the Delta, according to Fahmy.

Some typical ancient Egyptian shipbuilding features, together with the evidence for wood reuse, indicate that the ship was built in Egypt, he added.

In another part of the Heracleion city, remains of a large Greek funerary area that dated back to the 4th century B.C. were discovered alongside the north-east entrance canal, Fahmy said.

"The discovery proved the presence of the Greek merchants in Heracleion. They controlled the entrance to Egypt at the mouth of the Canopic branch of the Nile," he said, adding that these merchants were allowed to live in Heracleion during the late Pharaonic dynasties and built their own sanctuaries close to the Amun temple.

According to the ministry statement, Heracleion used to be the largest port of Egypt on the Mediterranean Sea for many centuries before the foundation of Alexandria in 331 B.C. by Alexander the Great.

Source: xinhuanet
Image source: Ministry of Tourism and Antiquities-xinhuanet

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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.