The Government of Sharjah honours the entities that participated and supported its pavilion during GITEX Global 2023
November 9, 2023, 3:08 pm

The Government of Sharjah honours the entities that participated and supported its pavilion during GITEX Global 2023

Sharjah, 09 November 2023: The Higher Committee of the Sharjah Government Pavilion at GITEX Global 2023 recognised participating entities, supporting bodies, and media departments and institutions during an honouring ceremony in the presence of H.E Sheikh Saud bin Sultan Al Qasimi, Chairman of the Higher Committee of the Sharjah Government Pavilion at GITEX Global 2023, H.E Sheikh Khalid bin Ahmed Al Qasimi, Director General of the Department of e-Government in Sharjah, H.E Engineer Khaled bin Butti Al Muhairi, chairman of the Department of Housing, H.E Engineer Hamad Juma Al Shamsi, Head of the Department of Town Planning and Survey, H.E Abdullah Khalifa Al Sabousi, Head of the Department of Islamic Affairs in Sharjah, H.E Tariq Saeed Allay. Director General, Sharjah Government Media Bureau, H.E Issa Abbas Hussein, Director General of the Sharjah Archaeology Authority, H.E Abdullah Khalaf Al Hosani, Secretary-General of the Holy Quran Academy in Sharjah, H.E Engineer Abdul Rahman Al Naqbi, Director of Kalba Municipality, H.E Salem Ali Al Ghaithi, the Director of the Sharjah Broadcasting Authority, and H.E Abdullah Al Kaabi, the Executive Director of the Ajman Government's Media Office.

In his opening address at the ceremony, Sheikh Saud bin Sultan Al Qasimi, Director of the Sharjah Digital Office said: “Sustainable development is a journey that the Emirate of Sharjah has wholeheartedly embraced and made significant advancements in, aligning with the visionary leadership of His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah; we are steadfast in our commitment to advancing this journey.”

Concluding his speech, he underscored that collaboration, integration, and coordination are the catalysts for ongoing growth and development. He encouraged everyone to persevere in working together as a team, guided by a common vision and shared goals for the future, in which the Emirate of Sharjah will shine as a beacon of innovation and leadership, shaping our sustainable digital future.

The ceremony recognised outstanding achievements in three categories: the top-performing entity was awarded to the Sharjah Finance Department, the second-place honour went to the Sharjah Commerce & Tourism Development Authority, and the best project accolade was earned by the Holy Quran Academy in Sharjah. Furthermore, the Sharjah City Municipality received the highest audience rating.

Eleven participating entities at the Sharjah Government Pavilion as well as organising, media, and ceremony committees were recognised. Additionally, special acknowledgement was given to media entities, social media influencers, and workshop presenters who played pivotal roles in the success of the Sharjah Government’s exhibition.

The participating entities include the Holy Quran Academy in Sharjah, the Department of Agriculture & Livestock, the Sharjah City Municipality, the Sharjah Housing Department, Kalba City Municipality, the Department of Town Planning and Survey, the Sharjah Archaeology Authority, the Sharjah Commerce and Tourism Development Authority, Sharjah Finance Department, the Sharjah Cyber Security Center, and Sharjah Islamic Affairs.

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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.