Kyiv Adheres to NATO Alliance Despite Military Challenges
Military and political developments indicate the possibility of a changing Ukrainian landscape with approaching U.S. elections and rising Russian military influence
December 1, 2024, 7:05 pm

Kyiv Adheres to NATO Alliance Despite Military Challenges

الناتو \ تعبيرية \ متداول

Ukrainian President Volodymyr Zelenskyy, after nearly three years of Russian military operations, reviewed the importance of his country joining NATO, considering it "necessary for Ukraine's survival".

Zelenskyy stated after talks with EU officials in Kyiv today, Sunday, that "his country's invitation to join NATO is necessary for its survival." He said: "We are working at all levels to strengthen Ukraine's position and the entire Euro-Atlantic family".

He explained that the opportunity still exists for Washington to convince hesitant Europeans of the necessity to invite Kyiv to join the military alliance.

He emphasized that any invitation to join NATO must include all Ukrainian territories, noting that the alliance's defensive umbrella would not cover occupied areas while the conflict continues.

The Ukrainian President has appeared in recent days more accepting of the idea of patience before reclaiming Russian-controlled regions, which constitute approximately one-fifth of the country's area, provided security is ensured for the remaining territories and fighting stops.

Ukrainian authorities have so far ruled out surrendering their territories in exchange for peace, while Russian President Vladimir Putin demands Ukrainian forces withdraw from additional areas, rejecting Kyiv's NATO membership.

Moscow extends its influence over about 18% of internationally recognized Ukrainian territory, including the Crimean Peninsula, which it acquired in 2014.

The regions of Donetsk, Kherson, Luhansk, and Zaporizhzhia are under Russian control, although not completely secured, and Russian forces have recorded unprecedented field advances in recent weeks since early 2022.

The conflict has intensified recently with increased attacks on Kyiv-controlled territories, and Putin threatening to target decision-making centers in the Ukrainian capital with the hypersonic "Oreshnik" missile.

Speculation has increased about the possibility of a ceasefire or peaceful settlement following Donald Trump's victory in the U.S. presidential elections early this month. The elected Republican president denounced American aid to Kyiv, pledging to end the conflict within hours, without explaining how to achieve this.

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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.