How will Bennett differ from Bibi?
June 21, 2021, 8:01 am

Ian Black

Israel’s new government, led by Naftali Bennett, a former settler leader, had its first cabinet meeting on June 20, three months since the country went to the polls for the fourth time in less than two years. Binyamin “Bibi” Netanyahu, after 12 years in office and the country’s longest-serving prime minister, is finally no longer in power. But how much difference will this change make?

On domestic issues, potentially quite a lot. Bennett’s unwieldy coalition includes an unprecedently wide range of participants, from his own ultra-nationalist Yamina movement through secular and leftist parties such as Meretz to an Arab Islamist party - the first time in history that a party representing Israel’s Palestinian community has taken part in any government.

That could have an impact in terms of achieving greater equality between the Jewish majority and the 21% Arab minority, especially since the rioting that took place in mixed cities like Lod, Ramle and Haifa triggered by the recent escalation between Israel and Hamas in the Gaza Strip which left 256 Palestinians, including 66 children, and 13 Israelis dead – the worst outbreak of violence since 2014, and a bleak reminder of the long-term unsustainability of the status quo.

Bennett is religiously observant himself, but his new government may also reduce the influence of the ultra-Orthodox parties that benefitted from Netanyahu’s long rule, especially if, as planned, he hands over to his alternate prime minister and foreign minister, Yair Lapid, leader of Shinui (Change) after two years. Lapid is a former TV presenter who embodies Israeli secularism and its hostility to religious communities - especially in the light of their non-observance of Covid pandemic restrictions.

The Bennett-Lapid coalition breaks a political deadlock that has resulted in four snap elections since 2019. During that time, Netanyahu, who is famous for his political skills, managed to keep his rivals bickering and divided while he clung to power, even after he was indicted in three criminal corruption cases on charges he denies.

Netanyahu has been in office for so long that – after last Sunday’s confidence vote dethroned him – he unthinkingly returned to a Knesset seat reserved for the prime minister. After being discreetly prompted by an MP from his own Likud party, he moved to a seat designated for the opposition. And he has still not evacuated his official residence in Balfour Street in West Jerusalem, the scene of mass demonstrations against him in recent times.

It is hard to overstate the significance of Bibi’s defeat. “The political establishment in Israel is embarking on a new path, after two and a half years of irresponsibly drifting from one election to the next, after 12 years in which one person drew all the political oxygen from the room,” wrote Nahum Barnea, the star columnist for the country’s leading Hebrew daily, Yediot Aharonot, last week.

According to coalition agreements with eight separate partners, the Bennett-Lapid “government of change” is to focus mainly on economic and social issues, for example passing a state budget and building new hospitals in the wake of pandemic pressures.

Another key question is how Bennett will respond to pressure from the administration of Joe Biden, which greeted his victory but seems determined to downplay expectations of any breakthrough on Israel-Palestine and to reduce the US commitment to dealing with the Middle East in general, while focusing on reviving the 2015 nuclear deal with Iran. Yet another is how Netanyahu will behave as the leader of the opposition: the assumption is that he will act, as ever, in an entirely self-serving way.

Last week’s planned march by far-right Jewish nationalists through Palestinian neighbourhoods of East Jerusalem was Bennett’s first challenge in the wake of last month’s Gaza 11-day flare-up. The march was re-routed to avoid provocation but the participants still shouted “Death to Arabs”. In response incendiary balloons targeting southern Israel were launched from Gaza and Israel carried out airstrikes on the Gaza Strip, although no casualties were reported this time and its blockade eased slightly.

Little change is likely on that front but these underlying issues are simply not going to go away. Palestinian expectations of the Israeli government were unsurprisingly low. As Mohammed Shtayyeh, prime minister of the Palestinian Authority (PA), declared: “We do not see this new government as any less bad than the previous one, and we condemn the announcements of the new prime minister in support of Israeli settlements”. It is hard to argue with his statement that “the new government has no future if it does not take into consideration the future of the Palestinian people and their legitimate rights.” Hamas, of course, is even more hostile.

Lapid will want to renew relations and cooperation with the PA, but he may face opposition from Bennett, who is unlikely to proceed with the unilateral annexation that Netanyahu, backed by Donald Trump, supported. Nothing much is expected to happen on the central, indeed existential, issue of relations between Israel and the Palestinians. In the words of Daniel Seidemann, a well-known Jerusalem peace activist: “Israel will end occupation, or occupation will be the end of us.” levant

by: IAN BLACK

IAN BLACK

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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.