French Ambassador urges Lebanese President to implement Jeddah Agreement
December 8, 2021, 5:50 am

French Ambassador urges Lebanese President to implement Jeddah Agreement

Emmanuel Macron-France President/Emmanuel Macron official Facebook page

The Arab News reported as stated by the media office of the Lebanese presidency that on Tuesday, at the request of President Emmanuel Macron, French Ambassador to Lebanon Anne Griot briefed Lebanese President Michel Aoun on Macron’s Gulf tour, especially his visit to the Kingdom of Saudi Arabia which “expressed its commitment to helping Lebanon, pointing out the need to implement the commitments that have been undertaken."

During the meeting, Griot stressed that “Saudi Arabia and the Gulf countries are ready to undertake the required steps, and that for its part, Lebanon should undertake what is required from it and prove its credibility in its commitment to reforms, especially the structural reforms that require new work tools to confront the deep crisis.”

Lebanon-Armenian street/Pixabay

The meeting held last Saturday in Jeddah between Crown Prince Mohammed bin Salman and Macron saw the issuing of a statement concerning Lebanon, in which the pair stressed the “need (for) the Lebanese government to undertake comprehensive reforms.”

The two sides also stressed the “need to limit possession of arms to legitimate state institutions,” and that “Lebanon should not serve as a base for terrorist acts that destabilize the security and stability of the region, or a base for drug trafficking,” further stressing “the importance of strengthening the role of the Lebanese Army in maintaining the security and stability of Lebanon.”

The pair had made a joint phone call during the meeting with Lebanese Prime Minister Najib Mikati.

During her talks with Aoun, Griot stressed the importance placed by the international community and France in the legislative, municipal, and presidential elections due next year.

In response to the Saudi-French statement, on behalf of Hezbollah, former minister Mohammed Fneish said on Tuesday that the group “will not … substitute the symbol of our dignity and freedom with bare essentials of living conditions.

He added: “The attempts to make us relinquish the resistance and its arms in return of resolving the economic crisis is something unacceptable to us."

Cabinet sessions have been suspended since Oct. 12 over Hezbollah’s stubbornness over the investigation into the Port of Beirut explosion. Judicial investigator Tariq Bitar is accused by the group of being biased against it, according to its chief, Hassan Nasrallah.

On Tuesday, the Civil Court of Appeal of Beirut, headed by Judge Randa Harrouq, rejected a lawsuit submitted by former minister Youssef Fenianos against Bitar “for lack of qualitative jurisdiction.”

Harrouq decided to “fine the plaintiff an amount of 800,000 Lebanese pounds ($530) and inform Judge Bitar of the content of the decision, which entails that he continues his investigations related to the file of the Port of Beirut explosion.”

A judicial source told Arab News that the defendants have exhausted all the steps that could be undertaken at the Court of Appeal, and that they might resort to the Court of Cassation to obstruct the interrogation of 4 former ministers in addition to former Prime Minister Hassan Diab.

Bitar has not yet undertaken any indictments despite the fact that nearly 16 months have passed since the disaster.

According to another judicial source, Bitar has rejected all attempts to remove the brief from him and to refer the ministers and the prime minister to a court that would be formed by Parliament to try presidents and ministers, a request made by Hezbollah and the Amal Movement.

Source: arabnews

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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.