Saudi Arabia’s next chapter
March 10, 2020, 7:37 am

Lulu Amin

Over the past few years, Saudi Arabia has envisioned and defined its future and wisely adapted itself to an evolving global climate and differing demands on the world stage. Since opening its borders to tourism last year, new developments have engulfed the kingdom in the realms of art, fashion, sport and business. You might agree that now is an exciting time in and for Saudi Arabia. An understanding and appreciation of these developments is necessary at a time when the kingdom is working on great change within. Saudi Arabia

The social reforms focused on women have certainly propelled this atmosphere of change. The World Bank’s “Women, Business and Law” report recently ranked Saudi Arabia as a top reformer in this regard. Reforms include the lifting of the ban on women driving in 2018, granting women access into football stadiums and plans to relax the male guardianship system. Saudi Arabia

The reforms have inspired confidence and encouraged women’s access into employment and entrepreneurship.

Saudi Arabia’s hosting of various international sports, fashion and art events whilst simultaneously its willingness to offer an insight into its own culture by inviting tourists to explore the country, demonstrates a desire to understand others and be understood by others. Desert X, for instance, an art exhibition organised collaboratively with the Royal Commission of AlUla, is home to several fascinating art installations by both Middle Eastern and American artists.

One of the impressive designs located there is a large sculpture of an ankle bracelet similar to the kind worn by Bedouin women, sandwiched between rocks, and created by artist Sherin Guirguis. Saudi Arabia

Opening up an interesting global dialogue, many of the artworks address some of the most fascinating aspects of Saudi culture. The voices of individual Saudis, expressed through art for instance, should be acknowledged because there is much to learn from them and their contributions to the world stage are highly valuable. Saudi Arabia

Saudi Arabia’s most ambitious development project is the futuristic Neom city in the north-west, designed to help the kingdom to diversify its economy. With 40% of the world’s population able to reach the site in under 4 hours, it is situated in an enviable location. A part of Vision 2030 and worth approximately $500 billion, the project includes plans for sports and entertainment venues, as well as glow-in-the-dark beaches and a giant artificial moon.

The environmentally conscious project has been developed with a great focus on sustainability and at its core is the relationship between people and nature. The project identifies some of its objectives as “habitat restoration” and “species recovery programs”, taking into consideration its unique and diverse landscape which includes a desert region, a coastline and snow-capped mountains.

The project will also take advantage of the local climate to harness solar and wind energy and develop renewable energy projects.

These reforms and the recent stories of progress and development should be applauded, rather than compared to Western ideas of modernity, as that dispels the appetite for change. Saudi Arabia is carving a unique path and making a remarkable transformation whilst retaining the natural beauty of its landscape and culture and it deserves all praise for this mammoth task. Levant

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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.