China might escort ships in Gulf under U.S. proposal - envoy
August 6, 2019, 2:55 pm

China might escort ships in Gulf under U.S. proposal - envoy

Oil tankers pass through the Strait of Hormuz

China might escort Chinese commercial vessels in Gulf waters under a U.S. proposal for a maritime coalition to secure oil shipping lanes following attacks on tankers, its envoy to the United Arab Emirates said on Tuesday.

“If there happens to be a very unsafe situation we will consider having our navy escort our commercial vessels,” Ambassador Ni Jian told Reuters in Abu Dhabi.

“We are studying the U.S. proposal on Gulf escort arrangements,” China’s embassy later said in a text message.

Washington is lobbying other nations to join a maritime security coalition at a time of heightened tensions with Iran, which the United States has blamed for explosive blasts on tankers near the Strait of Hormuz, a charge Tehran denies.

President Donald Trump said in a June 24 tweet that China, Japan and other countries “should be protecting their own ships” in the Gulf region, where the U.S. Navy’s Fifth Fleet is based in Bahrain.

It was not clear if Washington had made an official request to Beijing, which has had to tread softly in the Middle East due to its close energy ties with both Iran and Saudi Arabia.

The United States has struggled to gain support for the coalition from European and Asian allies, who fear it would further stoke tensions with Iran.

So far only Britain has officially said it would join the mission to protect merchant ships after Iran seized a British-flagged vessel.

Tension has mounted since Trump last year quit a 2015 nuclear pact under which Iran agreed to curtail its atomic programme in return for relief from economic sanctions crippling its economy.

France, Britain and Germany, which with Russia and China are party to the agreement, have tried to rescue the deal and reduce tensions.

China has traditionally played a small role in Middle East conflicts or diplomacy despite its reliance on regional oil, but has increased its profile under President Xi Jinping.

“We have the position that all disputes should be sorted by peaceful means and by political discussions, not ... military actions,” Ambassador Ni said.

Iran says securing the Strait, the world’s most important oil artery, should be left to Tehran and other regional countries.

The UAE and Saudi Arabia, who support U.S. policy against regional foe Iran, have called on the international community to safeguard maritime trade and security of global oil supplies.

Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan met President Xi during a visit to Beijing last month during which the two sides signed a military and defence cooperation deal.

The ambassador said the agreement could lead to cooperation on tackling terrorism and intelligence sharing, adding that further discussions would take place.

China, which has a military base in Djibouti, has participated in regional escort missions in the Gulf of Aden and off the Somali coast as part of a United Nations Security Council anti-piracy mandate.

Reuters.

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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.