Gibraltar is officially a UK city after 180 years late
August 29, 2022, 4:43 pm

Gibraltar is officially a UK city after 180 years late

Gibraltar is a city and British Overseas Territory located at the southern tip of the Iberian Peninsula - Photo. Pixabay

Gibraltar can officially call itself a UK city, 180 years after it was first granted the status by Queen Victoria, the BBC reported.

Gibraltar is a city and British Overseas Territory located at the southern tip of the Iberian Peninsula.

First settled by the Moors in the Middle Ages and later ruled by Spain, the outpost was ceded to the British in 1713.

The British overseas territory had bid to become a city earlier this year as part of the Queen's Platinum Jubilee.

But when researchers looked through the National Archives, they found it had already been recognised as one in 1842.

The Rock has now had its status reaffirmed - Boris Johnson described it as a "huge accolade" celebrating its "rich history and dynamism".

A Jubilee competition saw 39 places apply to become cities and eight of them, including Doncaster, Bangor, and Dunfermline, ultimately granted the status.

Gibraltar can officially call itself a UK city, 180 years after it was first granted the status by Queen Victoria - Photo. Pixabay

City status is often associated with having a cathedral, university, or large population, but there are no set rules for it being granted - it's awarded by the monarch on advice of ministers.

It brings little in the way of material benefits, although it can often provide a boost to communities by putting them on the map and is normally a source of pride for residents.

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The government said Gibraltar had been omitted from official lists after being originally given the title by Queen Victoria, but it is not clear how this happened.

An updated record of the 81 places named as cities has now been published.

Gibraltar is one of only five outside the UK to be recognised. Hamilton in Bermuda, Jamestown in Saint Helena, and Douglas on the Isle of Man were already on the list, while Stanley in the Falklands Islands was among those named for the Jubilee this year.

Southend in Essex was also granted city status earlier this year following the murder of David Amess MP, who had represented the Southend West constituency since 1997 and had long campaigned on the issue.

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Cabinet Office Minister Kit Malthouse said: "The cities in this list are incredibly rich with history and culture, and the local people of those areas are rightly very proud to see their city's significance put to paper.

"I'm hopeful people based in these places, particularly the new cities, can reap the benefits of their home's increased global standing and that it will attract more inward investment for local businesses."

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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.