James Denselow

The geopolitical rivalry between France and the UK goes back deep into history. Yet in recent times the two countries have been allied in the World Wars and partners in the most ambitious political union that Europe has ever seen. This can all be tracked back to the “Entente Cordiale” which comprised a series of agreements signed on the 8th of April 1904 between the two countries which saw a significant improvement in Anglo-French relations. Today, Brexit and the rise of more nationalist agendas has reinforced the pursuit of a narrower self interest from both Paris and London, one whose consequences are myriad but generally counterproductive.

The Aukus deal which brough the US, the UK and Australia into a closer strategic orbit, did so at the expense of an apoplectic France who lost a submarine contract and responded by withdrawing Ambassadors and cancelling events in the diplomatic equivalent of a full-on marital row. Interestingly Britain received the least of Paris’s anger as officials explained that they expected such actions from an increasingly unfriendly ally. Following the Aukus fallout the US has not only looked to rebuild ties with France, an opportunity Paris is looking to exploit to secure concessions around a strengthened European role in NATO, but Washington has also pushed for the UK to build bridges with France.

The UK’s approach to Europe and France seems to be currently dominated by the reverberations from Brexit and now the Covid crisis. Despite British Prime Minister Boris Johnson being elected on the promise to ‘get Brexit done’, the continued complexities especially around the status of Northern Ireland has meant that a trade war between the EU and the UK remains a genuine possibility. France and Germany fear that the EU's Northern Ireland compromise Protocol plan could threaten Single Market and Paris and Berlin are spearheading a group calling for plans to prepare counter-measures in case the latest Brexit talks fail.

Meanwhile the issue of illegal migration across the English Channel has become emblematic of the poor state of UK-French relations. The context to this very visible challenge that is becoming regular front page news in the UK, is of course a global displacement crisis with the numbers of people forced from their homes at a post-World War Two record. Small boats carrying people fleeing war or rushing towards a better future are increasingly making their way to the British coast. More than 17,000 migrants have arrived so far this year – more than double the number of crossings in 2020.

Preventing the crossings when these boats are at sea is difficult, expensive and dangerous. So much so that UK Border Force staff who enact Home Secretary’s Priti Patel’s plans to “push back” migrant boats in the Channel could be given immunity from conviction if a refugee dies, officials have confirmed. If you can’t stop the flow of illegal migration at sea then it is best done in France and the UK agreed a deal with Paris worth £54m to support their policing and prevention of boats going into the water. Yet the souring of relations has turned this issue into a political football with London accusing Paris of turning a blind eye to the issue and Paris claiming that the promised support hasn’t been forthcoming.

French Interior Minister, Gerald Darmanin, has accused London of shirking their commitments claiming that “there is not a euro that has been paid by the British government following the deal - more or less - that we negotiated with Priti Patel. The English are people of honour, so I am certain that it is an accounting delay”.

Darmanin’s diplomacy is not being matched by his President Macron who is also furious as to the small number of fishing licenses being granted to the French fleet following Brexit. Supposedly a two-week deadline has been set by Paris for London to move on this and yet another flashpoint has been added to the growing amount of political kindling. Yet another upcoming issue is around the UK’s organisation of the upcoming Glasgow Cop26 conference. French officials have been critical of the UK signing trade deals with countries like Australia that haven’t taken into account the Paris climate change agreement.

Trade wars, military divisions and an absence of a joint political project currently typifies the souring of relations between Paris and London. Yet there is an obvious argument that all these issues could be flipped into areas of cooperation given the right level and type of political leadership. Whilst Macron and Johnson both remain in power however, it’s hard to see how the trajectory of relations will change.

by: James Denselow

James Denselow,

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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.