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Europe’s Test of Resilience

The Coronavirus is being described as a ‘challenge of a century’, a once in several generations test of the world’s resilience in response to a crisis. There is a stark contrast in how citizens of different countries have responded to date. Europe’s
The initial response in China was typified by the incredibly level of central State power on display. The shutting down of cities with millions of people, the rapid construction of hospitals, all the events in January that seem like a lifetime ago were a reflection of the character of the Chinese state and its people. In more negative terms so was the secretary and lack of transparency that led to medics becoming whistleblowers and perhaps delayed the world’s awareness as to what was happening.
In Iran the response beggared belief. In recent months the tight US-led sanctions have triggered a series of blunders from Tehran, from shooting down a passenger plane to having a Deputy Health Minister give a press conference in February in which he downplayed the seriousness of the virus, whilst appearing in obvious fever at the time.
The European response has cascaded following events in Italy. Governments have transitioned from issuing public health advice around washing hands to closing borders and ordering people to stay at home. The public’s response, certainly in the UK, has been mixed. This is an interesting test of the resilience of a society that has not suffered any domestic conflict or crisis on the scale of the Coronavirus in decades. Europe’s
Negatives took the form of panicked shopping. Very quickly supplies of hand gel and toilet roll ran low perhaps exacerbated by media and social media stories highlighting the shortages. Modern communications meant that scenes of empty shelves have been shared prolifically as have the few incidents of people even fighting over these once basic items.
Fighting a virus has its unique challenges but the philosophical side of the battle is almost between the way of life in the globalised developed world and the virus’s attempt to undermine it. Airplanes are grounded, supply chains stopped, sporting events that have a global supporter base are postponed. Suddenly people are having to look to their close vicinity to imagine potential physical quarantine for an unknown period of time.
More positive responses have circled around a realisation that this virus has the potential to decimate the elderly population and those with underlying health conditions. New networks have emerged across all technological platforms offering support an assistance to those who cannot afford to come face to face with the virus itself.
The UK’s approach has been far less draconian than Italy and France at this stage, explained away as reflecting where we are in the trajectory of the pandemic. It means that whilst some people are angry with the state for not providing more clear direction, others have the mandate to find their own solutions for the communities around them. Europe’s
Restaurants that have had their clientele advised not to attend their business have put out pleas for deliveries or for gift vouchers that can secure their long term future. The United Kingdom, from where I write, feels like a submarine preparing for the dive that will inevitable come into more harsher restrictions of movement and contact. We’re now doing everything we can to ensure that we can protect what is valued for when the worst has passed.
The ripple effect of a global economy that is entering a period of ‘de-growth’ but perhaps a longer chapter of ‘de globalisation’ is hard to predict. How many jobs will be lost? What sectors of the economy will die off? Is it even possible to imagine a return to a status quo that existed before Coronavirus or has too much changed too quickly.
In the shadow of the Coronavirus crisis and without much fanfare the date of the ninth anniversary of the Syrian conflict was marked in March. The counterpoint of some of the short term panic of Europeans who are completely alien to crisis, with the stoicism of so many Syrians that have endured so much is always striking. Europe’s
Covid-19 is also an important reminder of the butterfly effect of interlinked events and the impossibility of putting your head in the sand hoping that they won’t impact on you. Perhaps if Coronavirus forces those in safe, developed countries to reassess how lucky they are to have what they have, it could lead them to reassess their thinking towards those in countries like Syria who’ve lost so much. From resilience comes empathy and from empathy comes action. 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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