Saudi Arabia to triple size of its rail network
January 13, 2022, 7:09 am

Saudi Arabia to triple size of its rail network

Railway track/Pixabay

The Arab News reported that the Saudi Arabia’s investment minister said on Wednesday, the country plans to more than triple the size of its rail network with 8,000 kilometers of new track.

Khalid Al-Falih told the Future Minerals Forum in Riyadh: “New rail will criss-cross the Kingdom and add to the network we already have.”

There are currently about 3,650 km of track on the Saudi rail network, on three lines.

The 2,750 km North-South line runs from Riyadh to the border with Jordan, and has feeder lines to mineral mining operations in the north of the Kingdom.

The Riyadh-Dammam stretches 450 km from the capital to the east coast, and the new 450 km Haramain high-speed line connects the holy cities of Makkah and Madinah via King Abdulaziz International Airport in Jeddah and King Abdullah Economic City to the north.

Al-Falih also said his ministry was working on a new investment law that would address the needs of both domestic and international investors.

The law would be enacted this year, “hopefully soon,” Al-Falih said, and would add to other regulatory and judicial reforms introduced by the Kingdom.

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Saudi Arabia said last year it would give foreign companies until the end of 2023 to set up headquarters in the Kingdom or risk losing out on government contracts. In October it said it had licensed 44 international companies to set up regional headquarters in Riyadh.

The Future Minerals Forum is a special event bringing together ministers, organizations and mining leaders from more than 30 countries.

Hosted by the Saudi Ministry of Industry and Mineral Resources, is aimed at highlighting the role of mining in Saudi Vision 2030, after the government identified it as the third pillar of the Kingdom’s economy.

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Energy Minister Prince Abdulaziz bin Salman, told the forum that the transition away from fossil fuels to clean power was complicated, and the world needed to be flexible to avoid sacrificing energy security.

Energy transition needed to be thought through carefully, Prince Abdulaziz said. “It may end up be- ing a leap into the future, unfor- tunately an unknown future. We should not forfeit energy security for the sake of a publicity stunt.”

Prince Abdulaziz also said the Kingdom would be manufacturing and developing uranium.

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“Let me be very specific about it, we do have a huge amount of uranium resources that we would like to exploit and we will be doing it in the most transparent way, we will be bringing in partners.”

He said Saudi Arabia would be publishing its energy strategy soon, and it was well-placed to become the cheapest producer of “green” hydrogen.

Source: arabnews

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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.