What is the chance of creating a multipolar world order?!
April 1, 2023, 4:28 pm

What is the chance of creating a multipolar world order?!

Kamal Alzghoul

Multipolar world order does not come with a conventional war or with a proxy war like in Ukraine. Multipolar world order must come as a result of the military action surprise that will be caused by one of the great powers, and although we are in the midst of some proxy wars, we are still in the preliminary stage of creating a real international clash.

No doubt, using tactical nuclear weapons has become a controversial issue, but the great powers calculate the policy differently, putting in their mind their shared interests. Many indicators should measure the material superiority of a unipolar world like the strength of the economy and its resources, military might, and technological capabilities.

The economic factor is the most important element that comes to mind when we think about any global clash. The high price of gas and oil, the unemployment rate, the lack of supply chains in the world, and the high rate of the national debt, all may lead to a global clash.

The second factor for competitors that may participate in forming a new world order is the ability to build up arms and fabricate weapons. Productivity and confidence in new weapons are essential factors that may let great powers calculate issues very well which may end up with a bipolar world order and remove the illusion of a multipolar world.

The third factor, which may pave the road for one power to lead the world, is the element of surprise. For instance, In World War II, the nuclear shock in Nagasaki and Hiroshima drew the features of the actual world order which inaugurated the Cold War, and as a result of that, the United States of America came to the fore followed by the Soviet Union.

The means that led to forming the world order after World War II was through consensus on interests between the two competing powers, namely U.S. and Russia, against a third pole, which was Germany, and that created a bipolar world, but what is happening now, is emerging a margin for a fragile polar alliance between Russia and China against a third strong pole, which is the United States. The fragility of the Sino-Russian alliance will take traditional bipolar Russia and America together again, through which China may be neutralized. Suppose China miscalculates the consequences of an alliance with Russia. In that case, it will be the beginning of its collapse, because Russia considers an alliance with China a temporary interest as well as it affects Russia’s geopolitical influence in the region.

In conclusion, a multipolar World order does not serve the Russian or American interests alike, and returning to a bipolar world order is the ideal solution for Russia and U.S. Therefore, neutralizing China through negotiations between U.S. and Russia is a demand for both countries to demarcate their international interests’ borders.

On the other hand, if a new world order is not built on negotiations between two great powers (U.S. & Russia) to neutralize the third power, which is China, through an armament surprise and Russian-U.S. sharing of interests, for sure, a multipolar world order will arise in which the opportunities for proxy wars multiply, and a confused international competition intensifies, and escalation among great powers may arise rapidly. In the end, if we have a multipolar world order with geopolitical fluctuations, then we will live in a cruel and confusing divided world. Until now, we live in the illusion of multipolar world order and to let that happen, we need to calculate the realistic indicators to decide about the multipolar world . Generally speaking, the card for creating a multipolar world is in the hands of Russia, and it depends on the strength and seriousness of the Sino-Russian alliance as well as on the solidarity of regional countries around this idea.

BY: Dr Kamal Alzghoul

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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.