Lebanon... War Losses Exceed $8 Billion and 40,000 Homes Destroyed
Lebanon faces unprecedented economic and humanitarian challenges due to direct and indirect war damage, requiring urgent international support
November 5, 2024, 6:32 pm

Lebanon... War Losses Exceed $8 Billion and 40,000 Homes Destroyed

الدمار في لبنان \ تعبيرية \ متداولة

Military confrontations intensified on the Lebanese front, where Hezbollah began targeting Israeli strategic facilities, announcing a hit on "an explosives factory near the coastal city of Haifa with a barrage of specialized missiles".

Hezbollah declared attacking "Maale Golani barracks (Hermon Brigade 810 headquarters) with a barrage of specialized missiles."

Israeli fighter jets carried out a violent attack on the Jiyeh area targeting a residential unit, while other raids hit various areas across the country, causing casualties.

Lebanese health institutions revealed that the casualty toll has risen to more than three thousand people, mostly since the end of September, with today's losses reaching five deaths near the city of Baalbek in the Bekaa Valley.

Clashes escalated between Hezbollah and the Israeli army seeking to advance towards the vicinity of Maroun al-Ras and Bint Jbeil, coinciding with attacks on the Israeli Meron Air Base in Upper Galilee and the Sasa settlement.

Al-Arabiya and Al-Hadath correspondent reported the destruction of an entire neighborhood in the town of Shahabiya in southern Lebanon due to Israeli raids, while shelling hit the villages of Arabsalim, Arzoun, Al-Kharayeb, and Kafrtebnit.

The "National News Agency" published a report about Israeli infantry and vehicle movements in the heights of Shebaa Farms and Kfarchouba hills, being targeted by missiles.

The Israeli army disclosed intercepting a drone coming from the east over the Dead Sea area, in addition to aerial targets launched from Lebanon and Syria.

The Israeli raid on the Damascus vicinity resulted in the death and injury of 7 Hezbollah militants in the Sayyida Zainab area, where a training camp for Hezbollah fighters operating with Syrian regime forces is located.

Lebanese official statistics showed the complete destruction of more than 40,000 residential units in 37 southern towns, while 22,000 homes were partially damaged and 120,000 slightly affected.

Initial estimates for the cost of housing reconstruction reached about $4.2 billion, while indirect economic losses were estimated at about $4 billion, with economic activity declining by 50%.

Confrontations continue in the southern border regions since October 8, 2023, following Israel's declaration of war on Gaza and Hezbollah's announcement of support for the strip.

Levant-Agencies

Military Control Map Changes in Favor of Sudanese Armed Forces Explosives via Express Mail.. Poland Claims to Uncover Russian Sabotage Cell

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.