James Denselow

It is a famous phrase within the study of geopolitics that “when it comes to the business of international relations, there are only permanent interests and no permanent friendships”. US President Biden’s visit to Saudi Arabia is a reminder of the primacy of these interests over the waxing and waning of individuals who may lead a country at a time.

The narrative is a simple one. Biden predictably campaigned for the Presidency as the ‘anti-Trump’ and looked to set himself at the other end of the policy scale to his predecessor. Trump attempted to kill the Iran deal and saw Saudi-US relations as a priority, the Kingdom saw his first ever visit abroad. In 2018 Trump’s White House released a statement on “"Standing with Saudi Arabia" which spoke to the $450 billion that Saudi had agreed to invest in the US.

Biden has looked to restore the Iran deal and in incredible bombastic terms threatened to turn Saudi Arabia into a ‘pariah’, which must have Riyadh nervous as well as angry to what the new President intended. Yet whilst relations between the US and Saudi have cooled since Biden’s election, especially around issues of arms sales, the President’s visit this month is likely an attempt at a corrective towards a more traditional close alliance.

Indeed, the two countries have been allies for almost a hundred years although there deeper strategic partnership can be traced back to 1945. It has been an enduring relationship as a well as one that receives in the large bipartisan support, which is an increasingly rare phenomenon in Washington.

That Saudi Arabia is the world’s second biggest producer of oil at a time of a global energy crisis has surely focused the minds of Biden and his foreign policy team. There was even an attempt by Washington to see if a new relationship with Venezuela could be found to open more oil supplies in light of the sanctions arrayed against Russia following their invasion of Ukraine.

The headlines around this week’s trip to Saudi Arabia capture relations “on the mend” or a “return to realism”. The United States and Saudi Arabia agreed on the importance of stopping Iran from "acquiring a nuclear weapon", during the visit according to a joint statement carried by the Saudi state news agency (SPA) The rapprochement was hugely helped by the continuing truce in Yemen

Meanwhile, the image of President Biden fist pumping Saudi Crown Prince Mohammed bin Salman will be the single moment captured by history from the visit. This simple human gesture would have likely taken months to choreography between diplomats from either country but may reverberate into the months and years ahead. It formed the pinnacle below which the agreed joint statement lived in which the US was unequivocal in supporting “Saudi Arabia’s security and territorial defense, and facilitating the Kingdom’s ability to obtain necessary capabilities to defend its people and territory against external threats”.

Less notice in coverage of a summit that was focused on Biden’s meetings with the Saudi leaderships, was the U.S.-brokered deal between Israel, Egypt and Saudi Arabia under which a small U.S.-led international peacekeeping contingent would quit the strategic island of Tiran, control of which was ceded to Riyadh by Cairo in 2017.

Now all eyes are on the August 3 OPEC+ meeting and weather the alliance will increase output and help ease the energy and inflationary crises that many parts of the world are enduring. Current inflation in the US is the highest in 40 -years, yet rather than any immediate decision coming out of the Biden summit, if the Saudis and the UAE want to raise output, they will do it via OPEC+. Yet at the summit the United States and Saudi Arabia did express their commitment to ensuring the stability of global energy markets. The two countries agreed to consult regularly on global energy markets in the short and long term and work together as strategic partners in climate and energy transition.

In the post invasion of Ukraine world, the balance of global power into a sharper focus between the US alliance, the Russia/China alliance and those who seek to be allies of both has changed the priorities and intentions of many world leaders. Yet it is crucial to remember that Biden’s Saudi reset is back to the historic norm, not away from it.

BY: James Denselow

The least worst of the worst next Tory prime minister UAE President arrives in France to strengthen ties and focus on energy

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.