Australia to welcome tourists after nearly two years of sealing borders
February 21, 2022, 8:26 am

Australia to welcome tourists after nearly two years of sealing borders

Australia -Melbourne city-Flinders street station/Pixabay

The Asharq Al-Awsat reported, Australia will welcome international tourists on Monday after nearly two years of sealing its borders, relying on high COVID-19 vaccination rates to live with the pandemic as infections decline.

"The wait is over," Prime Minister Scott Morrison told a Sunday briefing at the Melbourne International Airport.

Australia's opening to tourists is the clearest example yet of the government's shift from a strict zero-COVID approach to living with the virus and vaccinating the public to minimize deaths and severe illness.

According to the report, most of the country's 2.7 million coronavirus infections have occurred since the Omicron variant emerged in late November. But with one of the world's highest vaccination rates - more than 94% of people aged 16 and over are double-dosed - there have been just under 5,000 deaths, a fraction of the rates seen in many other developed countries.

On Sunday, the country recorded more than 16,600 coronavirus cases, before all areas had reported, and at least 33 deaths, mainly in the three most populous states of New South Wales, Victoria and Queensland.

People enjoying time in Queensland's Australia (File photo: Pixabay)

Whether travelers will flock back to the island continent, dubbed "fortress Australia" for its strict border controls, remains to be seen. The government hopes to boost a pre-pandemic growth sector - real tourism gross domestic product expanded 3.4% in 2018-2019, compared with overall GDP growth of 1.9%.

Australia to reopen borders to vaccinated travelers, ending two years of travel ban

Australia has been gradually reopening since November, first allowing Australians to travel in and out, then admitting international students and some workers. From Monday, leisure travelers and more business travelers may enter.

Steve Hughes, head of HSBC's commercial banking in Australia, said: "The reopening reinforces Australia's credentials as an open economy and will allow companies with international interests to more easily conduct business."

"We expect that mid-sized firms which have reached the limits of their domestic growth will have renewed confidence to consider offshore expansion."

Australia reports record high of Covid deaths, hospitals under stress

It should be noted that fully vaccinated tourists will not need to quarantine, but those not double-dosed will require a travel exemption to enter the country and will be subject to state and territory quarantine requirements.

Source: aawsat

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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.