Boris Johnson arrives in UAE, Saudi Arabia to press for more oil
March 16, 2022, 2:54 pm

Boris Johnson arrives in UAE, Saudi Arabia to press for more oil

Today the Prime Minister is visiting the UAE and Saudi Arabia for talks on energy, regional security and international diplomacy as part of the UK’s work to galvanise global action on the invasion of Ukraine (File photo: UK Prime Minister Twitter page)

The Arab News reported, British Prime Minister Boris Johnson arrived in the Gulf on Wednesday for meetings in the United Arab Emirates and Saudi Arabia aimed at easing skyrocketing gasoline prices, as the West grapples with economic headwinds from Russia’s war in Ukraine.

The report said that Johnson will be seeking greater investments in the UK’s renewable energy transition and ways to secure more oil to lessen British dependence on Russian energy supplies.

His visit, though, is also about pressing these two major OPEC producers to pump more oil, which would have an immediate impact on Brent Crude prices that nearly touched $140 a barrel in trading last week. Prices have eased to around $100 in recent days, in large part due to new pandemic lockdowns in China.

Johnson told reporters in Abu Dhabi ahead of his meeting with Crown Prince Mohammed bin Zayed, Russian President Vladmir Putin’s decision to invade Ukraine is “causing global uncertainty and a spike in the price of oil."

He added: “Everybody can see the effect of the increase in gas prices that’s coming through."

We face a new reality, which we have to confront together with our allies.

I'm visiting Saudi Arabia and the United Arab Emirates, who are key partners in ensuring regional security and stabilising global energy markets after Russia’s unprecedented, brutal and illegal invasion. https://t.co/ILNwWHnEtm
— Boris Johnson (@BorisJohnson) March 16, 2022

He said, because of Europe’s reliance on Russian oil and gas, Putin has been “been able to blackmail the West to hold Western economies to ransom."

Johnson added: “We need independence."

Biden ordered a US ban on Russian oil imports after the war, and cautioned that Americans will feel pain, too — at the gas pump. Yet, he declared, “Defending freedom is going to cost.”

Boris Johnson visits Saudi Arabia and the UAE in pursuit of additional oil flows

The COVID-19 pandemic pushed demand for oil down, with Brent Crude prices averaging around $42 a barrel in 2020 before climbing to $70 last year on the back of a deal by major oil producers to drastically curb production.

The deal, led by Saudi Arabia and Russia, calls for gradually increasing production levels each month as economies recover, but it did not account for the impact of the war in Ukraine, launched by Russia three weeks ago.

The UAE’s energy minister as recently as last week said the country is “committed to the OPEC+ agreement and its existing monthly production adjustment mechanism.”

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The Biden administration dispatched two officials last month to Riyadh to talk about a range of issues — chief among them global energy supplies.

In a call with Biden prior to the visit, King Salman doubled down on “the importance of maintaining the agreement” that is in place between OPEC producers and Russia, according to a Saudi readout of the call.

Johnson said in Abu Dhabi: “The reason for coming here is that it’s not just that they’ve got oil. They’re also some of the biggest investors here, in the Gulf, in UK renewables."

Source: arabnews

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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.