Shanghai Cooperation Summit and messages of new world order
September 21, 2022, 2:41 pm

Shanghai Cooperation Summit and messages of new world order

Saad Al Hamid

The Shanghai Cooperation Organization was established in 1996 out of five state members; China, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. In 2001, India, Pakistan, Brazil and Uzbekistan joined it. A charter for the organisation was adopted in 2002. Azerbaijan, Turnkey and Armenia joined it and finally Iran at the summit which was held two days ago in Uzbekistan.

The organisation is a place where its members cooperate politically economically and in terms of security. It is not an alliance like NATO, but it may compete with other Western organisations in one way or another. The members face challenges & security risks and enhance commercial, economic, cultural and educational integration. As well, They face climate changes, support peace, security and stability and combat extremism, terrorism and organised crime. The final statement of the last summit confirmed this. However, the current international events had cast a shadow over the principles of the organisation, especially since some of its members are under US sanctions in addition to the repercussions of the geopolitical and geo-economic conflict between Washington, Russia and China in the China Sea, the Mediterranean Sea and Crimea. Perhaps the Russian-Ukrainian war and its repercussions in terms of providing unprecedented military support to Ukraine from Washington and European countries and the

unprecedented economic pressures that affected all Russian economic aspects, including Russian oil tightened the noose around Russia militarily and economically as Ukraine progressed on the ground and made a big difference in the Russian-Ukrainian war, the thing that made Russian President Vladimir Putin tries to establish greater strategic relations in Asia to reduce these pressures. On the other hand, the USA angers China with its support for Taiwan's independence through the numerous visits of US officials to Taiwan, the last of which was the visit of US House Speaker Nancy Pelosi, which Beijing considered interference in China's internal affairs, the thing that created greater harmony and coordination between Russia and China, which was clear in China's support for Russia's position in its war against Ukraine and its recent military exercises with China. In addition, this summit comes ahead of the

scheduled meeting of the Chinese Communist Party, which may enhance the opportunity for Chinese President Jinping to be elected for another term. The accession of Tehran, which is also under US sanctions and has strategic relations with Russia and China, helps to form a united front against Washington, especially in light of the negotiations to revive the Iranian nuclear deal, the exchange of accusations between Washington, the West and Tehran that Iran is not honest about restoring the nuclear programme, the fears of the deterioration of the health condition of Leader Khamenei and its impact on the Iranian regime in the future. All of these made the summit

important and the messages sent by the Russian and Chinese presidents about the necessity of a new, balanced world order that ends any hegemony over the world order and enhances the role of the organisation to create a balance for a different world order. The accession of Turkey was very important because Turkey is a geographical meeting point

between the East and the West and it achieves more progress in many fields including economy, security, energy, agriculture and tourism, the thing that also enhances the strength of the organization. "The world order that was established after WWII has lost its ability to solve crises," said the Turkish President.

This may mean that Turkey implicitly agrees with the need for the existence of a new multi-polar world order. Will the Shanghai Organisation succeed in forming a really different world order?

By: Saad al-Hamid

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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.