Antony Blinken to meet UAE leader in Morocco to strengthen relations
March 29, 2022, 10:52 am

Antony Blinken to meet UAE leader in Morocco to strengthen relations

Antony Blinken/Facebook page

The Swiss Info reported, citing Reuters, U.S. Secretary of State Antony Blinken will meet the de facto ruler of the United Arab Emirates in Morocco on Tuesday in a bid to ease disagreements over oil, Iran and the Ukraine crisis.

On his visit, Blinken will also have talks with Moroccan and Algerian officials after a period of heightened regional tension surrounding the dispute over Western Sahara.

Blinken's trip is aimed at shoring up ties with Arab allies that have chafed at what they see as declining U.S. commitment to security in their region.

Unusually for a Middle East tour, the U.S. secretary of state did not stop in Gulf monarchies that are among Washington's longest-standing partners.

However, Blinken is expected to meet Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al Nahyan on Tuesday to stress the importance of both the UAE and Saudi Arabia to Washington.

UAE's Sheikh Mohamed bin Zayed Al Nahyan meets Saudi Arabia’s Crown Prince Mohammed bin Salman. (SPA)

U.S. officials said that they will discuss the Yemen war, Iran, global energy markets and the UAE's rapprochement with Syrian President Bashar al-Assad.

The United States says it remains deeply invested in the region, even though its long-term focus is on China and its attention now is on the Ukraine crisis.

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Washington wants its Arab allies to take a stronger stance against Russia by voting with the United States in the United Nations, joining Western sanctions or even sending security assistance to Ukraine.

The UAE abstained in a U.N. security council vote on Ukraine last month and Morocco did not show up for a general assembly vote. The UAE and Saudi Arabia both have increasingly important energy ties with Russia.

Gulf states have for years been frustrated at what they see as U.S. inaction in confronting Iran's role in the region, but their concerns have grown since Joe Biden became president.

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They are worried about the impact of a potential new nuclear deal with Iran and annoyed that Washington has ended its support for their war in Yemen, put new conditions on weapons sales to Gulf states and criticised their human rights records.

Blinken is expected to reassure Sheikh Mohammed on Washington's commitment to stopping Iran obtaining a nuclear weapon amid a series of missile attacks by the Tehran-backed Houthi group in Yemen.

He may also seek to overcome Gulf resistance to a U.S. request to raise oil output to tame rampant crude prices that have aggravated high inflation rates globally.

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Before Blinken's visit, the State Department said it viewed Morocco's plan for autonomy in Western Sahara as serious, credible and realistic and "one potential approach" to meet the aspirations of the people of the disputed territory.

U.S. recognition of Morocco's sovereignty over Western Sahara in late 2020, as part of a deal that also included Rabat boosting ties with Israel, angered Algeria, which supports the territory's Polisario Front independence movement.

Source: swissinfo

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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.