UAE announces $3 bln investment in Iraq following PM al-Kadhimi visit
April 5, 2021, 9:40 am

UAE announces $3 bln investment in Iraq following PM al-Kadhimi visit

Iraqi PM meets Abu Dhabi Crown Prince. (WAM)

The United Arab Emirates announced a $3 billion investment in Iraq in a fresh bid to strengthen economic and investment relations between the two nations, according to a statement on Sunday released by Emirates News Agency.

The statement added that investments will target new prospects of partnerships between the two countries, while accelerating socio-economic and developmental growth in support of the people of Iraq.

The announcement came during Iraq's Prime Minister Mustafa al-Kadhimi’s visit to the UAE where he met with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

The statement added that al-Kadhimi thanked the UAE for its medical support that was sent to help Iraq and its people face the health crisis.

“The two sides agreed to grow economic cooperation and accelerate trade and investment exchanges, urging their businessmen to exchange visits. They also agreed on establishing the Iraqi-UAE Business Council and to streamline all the measures in the service of the two nations and their peoples,” the statement added.

WAM added that Iraq commended the UAE's initiative to renovate Al Hadba Minaret, the Great Mosque of al-Nuri, and a number of churches.

The two sides also doubled down on the importance of strengthening security and defense cooperation by sharing intelligence in the fight against terrorism. They also agreed to propel energy cooperation, particularly in the field of clean energy.

At the end of his visit, the Iraqi premier thanked the UAE, its leadership, government, and people for the warm welcome and hospitality he received during the visit.

Al-Kadhimi’s visit comes as part of efforts by Iraq to improve bilateral ties with countries in the region.

Last week, the prime minister traveled to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman to discuss relations between the two countries.

Saudi Arabia and Iraq announced the establishment of a joint fund, with capital estimated at $3 billion, as a contribution from the Kingdom to promote investment in Iraq’s economic fields.

The joint fund will be for the “benefit of the Saudi Arabian and Iraqi economies, with the participation of the private sector from both sides,” the statement added.

source: Rawad Taha

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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.