UAE President arrives in France to strengthen ties and focus on energy
July 18, 2022, 7:12 am

UAE President arrives in France to strengthen ties and focus on energy

heikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi . (AFP)

United Arab Emirates President Sheikh Mohamed bin Zayed Al-Nahyan landed in Paris Sunday (July 17), on his first overseas state visit and with energy and transport deals on the agenda, the Alarabiya Engliish reported, citing the AFP.

It said that the Emirati President is due to meet his French counterpart Emmanuel Macron on Monday (July 18) at the Elysee Palace.

The UAE president's visit comes after Joe Biden's first Middle East tour as president, including a visit to Saudi Arabia at a time when Western powers remain desperate for both Riyadh and the UAE to increase oil output to tame elevated energy prices stemming from Russia's invasion of Ukraine.

A key facet of the trip is likely to be the unveiling of “guarantees given by the UAE on quantities of hydrocarbon supplies to France”, a presidential advisor at the Elysee told AFP, referring to diesel supplies.

Dominated by hydrocarbons, UAE exports to France in 2019 reached 1.5 billion euros, much of it refined petroleum products, but the Emirates does not currently supply diesel to the country.

French President Emmanuel Macron welcomes a guest at the Elysee Palace in Paris, France, May 16, 2022. REUTERS/Benoit Tessier

The Elysee source added that France is seeking “to diversify its sources of supply in the context of the conflict in Ukraine.”

MOUs and contracts are also expected to be signed in the transport and waste treatment sectors during the three-day visit.

Relations between the two countries have grown considerably in recent years. The UAE is home to the only foreign branch of the Louvre museum, and in December it signed a record 14-billion-euro contract for 80 Rafale warplanes, according to the report.

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It said that the UAE is home to the largest French and Francophone expatriate community in the Gulf region.

The UAE's de facto ruler for years, Sheikh Mohamed, also known as MBZ, took office in May following the death of his half-brother, the long-ailing Sheikh Khalifa.

The visit to France “has of course a very symbolic dimension and illustrates... Macron and MBZ's good personal relations,” said Anne Gadel, a member of the North Africa Middle East Observatory at the Fondation Jean Jaures in Paris.

She added: “This trip will be marked by energy issues in a context where European countries are worried about growing inflation driven by high energy prices.”

Both European powers and the US have sought to press Gulf countries into upping oil output.

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In opting for France -- rather than the US -- as his first foreign destination as president, the UAE's Sheikh Mohamed could be sending “a signal... to the US... meaning: we are not in a hurry to respond to the US' demands at all costs,” Gadel said.

The UAE has been a strategic partner to Washington for decades, but has in recent months asserted its independence, abstaining from a February UN Security Council vote on a US-Albanian draft resolution condemning Russia's invasion of Ukraine.

It is worthy to note that on Saturday (July 16), President Joe Biden invited his Emirati counterpart to visit the US.

Source: alarabiyaenglish

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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.