James Denselow

A new year brings with new predictions of the geopolitics of the world ahead. Will the Ukrainian border go from tense to war? Will China’s ambitions towards Taiwan become more assertive? Will the Iran nuclear deal find a new lease of life, or could it disintegrate with consequences from a region wracked by protracted conflict?

Yet all these perhaps traditional questions of war and peace pale in comparison when it comes to the climate emergency and the existential question as to whether the Earth will be able to sustain human life in the near or medium future. The major COP 26 Summit towards the end of last year was viewed as a partial success in that the international community is treating climate change far more seriously than it ever has but many worry that it is still not enough.

In the shadow of the big picture questions as to whether States can go carbon-neutral or change the ways their economies and societies function in order to be more sustainable, is the question as to whether the climate imperative can breathe new life into more longstanding issues of human disputes. Could, for instance, 2022 be the year in which the concept of ‘eco diplomacy’ establishes itself? The notion of eco diplomacy is simple, it contrasts the climate threat with the seemingly less seismic challenges of our time and uses cooperation in the fight against global warming and resource shortages as the basis of peacebuilding and a host of other initiatives.

The group EcoPeace Middle East, for example, is made up of Jordanian, Palestinian and Israeli environmentalists working together to protect water resources in their region. They advocated for a recent deal that saw solar farms built in Jordan that can supply Israel and Palestine electricity in exchange for water. In doing so they didn’t only make progress in addressing an environmental challenge, but they also created a community of practice and interdependence that could become a channel for wider efforts at diplomacy.

Conflict is in and of itself a driver of climate change. Not only does it destroy infrastructure and make notions of renewable energy completely unrealistic, but it creates situations in which planning for the long term is practically impossible as most people with any form of power or influence are focused on the conflict itself. Unsurprisingly, seven of the ten countries most vulnerable to climate change already host United Nations peacekeeping or special political missions.

Diplomacy in conflicts like Syria and Yemen has taken a reputational battering. In Syria over ten years of war and a multitude of international summits has yet to bring the conflict to a close, instead more localised and regional agreements have reduced violence or frozen issues instead of attempting to resolve them fully. UN peace envoys have found themselves repeatedly cut off at the knees by the parties to the conflict, continually having to reduce expectations or the scale of their ambitions.

Meanwhile North-eastern Syria is experiencing its worst drought in nearly 70 years, with rising temperatures and erratic weather exacerbated by continued political tensions and questions as to the future levels of autonomy of the region. Large parts of contested territory in Syria were previously known as the ‘breadbasket’ of the country, yet the violently fluctuating status of these vitally important areas mean that ensuring their long-term viability is at question.

Few could argue that new diplomatic initiatives are worth trying in Syria following the general failure of the traditional peace-making toolkit. Supporting grassroots, locally legitimate initiatives that cross conflict lines but are very focused on addressing climate issues; could find that they not only have positive results for the immediate geography of the country but could also result in their being new formats of Syrians who are able to cooperate on issues despite the legacy of the last decade.

Attempts at Eco Diplomacy should be recognised and celebrated as headline news as initiatives take root across the globe, with honest assessments as to what worked and what didn’t. In the near-term participants from a successful scheme could bring their experience on delegations to those parts of the world trying it for the first time, thus building a virtuous and reinforcing circle of practical action to issues that too many dismiss flippantly as intractable.

BY: James Denselow

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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.