Lebanese parliament re-elects Nabih Berri for seventh term as speaker
May 31, 2022, 1:07 pm

Lebanese parliament re-elects Nabih Berri for seventh term as speaker

Lebanese Speaker of the Parliament Nabih Berri gestures as he arrives to attend a meeting with Lebanese political leaders to present the plan aimed at steering the country out of a financial crisis, at the presidential palace in Baabda, Lebanon May 6, 2020. (Reuters)

Tha Arabnews reported, citing Reuters, Lebanon’s new legislature narrowly elected veteran politician Nabih Berri for a seventh term as speaker of parliament in its first session on Tuesday (May 31).

Berri, 84, won 65 votes in the 128-member parliament, where the role of speaker is reserved for a Shiite Muslim under the sectarian political system.

It was the slimmest majority ever won by Berri, reflecting the make-up of a new parliament in which the Iran-backed armed Shiite movement Hezbollah and its allies lost the majority they won in 2018.

Tuesday’s session was the first since the new parliament was elected on May 15, in the first vote since Lebanon’s economic collapse and the devastating Beirut port explosion of 2020.

Berri, who leads the Shiite Amal Movement, has held the role of speaker since 1992 and is a close ally of Hezbollah.

Doctors and hospitals in Lebanon go on two-day general strike

Around a dozen opposition newcomers took their seats for the first time in the more fragmented chamber, after an expectedly strong breakthrough by reform-minded candidates into a system long dominated by the same sectarian groups.

Opponents of Hezbollah including the Saudi-aligned Lebanese Forces — a Christian faction — gained seats.

With parliament split into several camps, none of which have a majority, analysts have warned of the prospect of political paralysis that could further delay the reforms needed to drag Lebanon out of economic disaster.

Hezbollah and allies lose majority in Lebanon’s parliament

Some of the votes cast in the secret ballot for speaker carried messages echoing grievances against a sectarian elite that has steered Lebanon into its worst instability since the 1975-90 civil war. “Justice for the Beirut blast,” read one.

Source: arabnews

Sergei Lavrov to meet with ministers of Gulf countries in Riyadh UK Home Office cancels flight to deport Kurdish asylum seekers to Iraq

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.