Dalia Ziada

With a few logical calculations, we can easily conclude that the international community is making a losing bet on what the next presidential and parliamentary elections can contribute to Libya’s future. The odds of pushing Libya back into the hell of civil war, as a result of disputes over elections results, is more likely in light of extreme internal divisions and external interventions, that rely on heavy-armed militia and foreign mercenaries. Needless to mention the shockingly abrupt resignation of Jan Kubis, at such a critical time, from his positions as the United Nation’s Secretary-General's Special Envoy and head of the UN Support Mission in Libya (UNSMIL).

There is no guarantee that either side of the political conflict in Libya will peacefully accept the voting results without initiating a dispute that may eventually escalate into violence. Iraq is one of the most recent examples on how politically biased militias can turn a country’s democratic practice into a piece of hell. In that sense, there is no guarantee that these elections will not defy the main goal of the political process, which is bringing long-term security and stability to Libya.

Last week, the High National Elections Commission (HNEC) of Libya announced that 98 people, including two women, have already applied to compete in the presidential elections, on December 24th. The huge number of applicants is the result of a flawed and elastic Elections Law that allows almost any person, above 40 years-old, to run for the presidential seat, regardless of their political experience.

From the positive and somehow rosé perspective, the huge number of applicants is an indication that the Libyan people are eager to practice democracy, regardless of the political and economic miseries they have lived through in the past six years. However, from the negative and more realistic perspective, this is a serious alarm on the extreme divisions among active politicians inside Libya. In other words, the type of candidates and their affiliations show that Libya political divisions extend deeper than the apparent conflict between eastern and western factions, to sub-conflicts among each group.

Only 25 applications were rejected by HNEC, on a first round of clarifying applicant lists. Among the rejected applications is that of Saif Al-Islam Gaddafi, who enjoys great popularity among southern tribes. Gaddafi’s exclusion means that the presidential elections will boil down to a fierce competition between Abdel Hamid Dbeibeh, the Prime Minister of the Government of National Unity (GNU), and Khalifa Haftar, the Commander of the Libyan National Army (LNA) in Benghazi. In that sense, there are only a handful number of possible scenarios that may come out of the Libyan elections. Unfortunately, none of them seems to be ideal, and the biggest winner in all of them is Haftar, either he landslides the majority of votes or not.

In best case scenario, these elections could create a system of governance similar to the current one under the interim Government of National Unity. In other words, there will be a president and a government ruling from Tripoli, with limited or no control over the eastern territories, which will continue to remain under Haftar’s strong grip. The scenario of hiring Haftar a Minister of Defense under the future government is still unrealistic, especially if Dbeibeh wins the elections and becomes the president. As a result, Haftar will mobilize the eastern militia, under his control, to shake the security and stability of the new government and thus expose the country to a new civil war.

In worst case scenario, Haftar could actually collects the votes of eastern and southern tribes and thus win the presidential seat. As soon as this happens, Haftar will immediately dissolve the military command in Tripoli and take revenge at his long-time political opponents in western territories. This will further increase the political polarization among militia in Tripoli and turn the country into a space of war, once again. The Tripoli militia leaders have already threatened to ignite violent conflict, when Haftar announced that he is running for elections. Now, you may imagine what they would do if he becomes the president.

The UN Security Council promised, on its monthly session on Libya in November, that those who try to obstruct the elections will be punished. Well! It is not clear what type of punishment that is, and if the UNSC has the power to actually punish any party inside Libya. However, the international community should not pull its hands out of Libya as soon as the elections are convened. The international community needs to prepare Libya to what may happen after the elections, especially in regards to the fifty shades of Haftar’s potential.

BY: Dalia Ziada

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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.