Delegation of Lebanese officials visits Syrian capital to discuss importing gas
September 4, 2021, 6:14 am

Delegation of Lebanese officials visits Syrian capital to discuss importing gas

Omaween square

The Alarabiya reported, Lebanese officials are set to visit Damascus Saturday to discuss plans to import gas through wartorn Syria’s territory in what would mark the first official diplomatic visit during the 10-year-old conflict.

According to the Alarabiya, Syria’s information ministry said in an invite sent to journalists that the delegation includes Finance Minister Ghazi Wazni, Energy Minister Raymond Ghajar, General Security agency chief Abbas Ibrahim and Zeina Akar, who holds the posts of defense minister, foreign minister and deputy premier.

The information ministry added, they will be greeted at the Syrian side of the border at 10:30am (0730 GMT) by Syrian foreign minister Faisal Mekdad.

The Alarabiya mentioned that a source at Lebanon’s energy ministry said the two sides will discuss plans to import natural gas via Jordan and Syria to ease Lebanon’s energy crisis.

flags-Syria and Lebanon

According to the source, the aim is to revive a 2009 agreement that allowed Lebanon to import gas from Egypt through Syria.

The Alarabiya noted, Lebanon has maintained diplomatic ties with Syria but it adopted a so-called policy of dissociation from the conflict since it started in 2011, which put a dampener on official dealings.

It should be noted that Lebanese security officials and politicians have made several visits to Syria in recent years, but almost exclusively in a personal capacity or on behalf of political parties that support President Bashar al-Assad’s government.

Read more: Lebanon deports Reuters correspondent after questioning him on arrival at Beirut airport

The current visit comes after the Lebanese presidency last month said that Washington has agreed to help Lebanon secure electricity and natural gas from Jordan and Egypt through Syrian territory.

This implies that the US is willing to waive Western sanctions which prohibit any official transactions with the Syrian government and which have hampered previous attempts by Lebanon to source gas from Egypt.

Lebanon, a country of more than six million people, is grappling with an economic crisis branded by the World Bank as one of the planet’s worst in modern times.

Source: alarabiya

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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.