Putin praises Saudi-Russian relations, condemns Aramco attacks, in interview
October 13, 2019, 7:41 am

Putin praises Saudi-Russian relations, condemns Aramco attacks, in interview

Russian President Vladimir Putin condemned the Saudi Aramco attacks in an interview with Al Arabiya. (Supplied)

Russian President Vladimir Putin praised Saudi-Russian relations and condemned the Saudi Aramco attacks in a wide-ranging interview with Al Arabiya broadcast on Sunday ahead of his visit to the Kingdom.

“We consider Saudi Arabia a friendly nation. I have very good relations with both the King and the Crown Prince ,” Putin told Al Arabiya’s correspondent Mohammed Tomaihi.

“We have been making good headway practically in all fields,” he added, referring to progress in Saudi-Russian ties and joint economic projects.

Putin also condemned the attacks on Saudi Aramco oil facilities and suggested that seizing tankers and attacking oil infrastructure would not undermine positive Saudi-Russian relations.

“If anyone thinks that seizing tankers and attacking oil infrastructure can in any way affect cooperation between Russia and our Arab friends, Saudi Arabia and the UAE, that they can undermine or break down our cooperation with OPEC+, then they are profoundly wrong,” said Putin, addressing a question on regional security.

“On the contrary, we will forge ever closer ties because our main goal is to stabilize global energy markets,” he added, saying that Russia remained committed to the initiatives of the OPEC+ group of oil producers driven by Saudi Arabia’s Crown Prince Mohammed bin Salman.

Putin’s interview came ahead of his visit to Saudi Arabia on Monday.

He will be meeting King Salman and the Saudi Arabian Crown Prince, the Kremlin’s top foreign policy aide Yury Ushakov told journalists on Thursday.

Saudi-Russian relations

Putin described his visit to the Kingdom as the return trip to King Salman’s “historic” visit to Moscow in 2017 and praised the upward trajectory of Saudi-Russian relations, citing a number of joint economic projects under development.

“Our Direct Investment Fund and the Public Investment Fund (PIF) of Saudi Arabia have jointly established a $10 billion platform. $2 billion have already been invested. Work is underway on other projects, and some promising and interesting projects have already been implemented.”

The PIF is Saudi Arabia’s sovereign wealth fund and its largest vehicle of investment.

Putin also said that Sibur Holding, Russia’s largest petrochemicals company, was exploring the possibility of building a petrochemical facility in Saudi Arabia with investments of more than $1 billion.

Putin went on to praise bilateral relations in defense and military cooperation, as well as regional cooperation.

“We are fostering a partnership in the trust-based, sensitive area of military and defense cooperation,” said Putin.

“I am confident that my visit will help to build up the momentum both in developing bilateral relations and enhancing cooperation in international organizations,” he added.

Aramco attacks and oil price

Putin condemned the attacks on Saudi Aramco facilities in September.

“We condemn any such actions, end of story. This is the official position … regardless of who stood behind the incident,” said Putin.

However, he reiterated that Russia would not point the finger at any one nation, despite the international community widely blaming Iran for the attacks.

When pressed by Al Arabiya’s Tomaihi on how Russia, with its sophisticated intelligence apparatus and relations with Iran, could not know who was behind the Aramco attacks, Putin responded by insisting Russia did not know the perpetrator of the attacks.

Putin also said that he had discussed the incident with Crown Prince Mohammed bin Salman, and Moscow was “ready to share anything that might be necessary, everything we have for a thorough investigation.”

Saudi Arabia invited international investigators to visit the site of the attacks in Abqaiq and Hijrat Khurais in September. Countries including the US, UK, France, and Germany attributed the attacks to Iran after the visit.

Putin added to Al Arabiya’s Tomaihi that the attacks had only a minimal impact on the price of oil.

“If someone may have wanted to deal a blow to the oil market, they failed. There were indeed some fluctuations in prices, but I do not think it was anything too serious, even though the initial response was quite strong,” said Putin.

“We need to respond to any attempt to destabilize the market. Russia will certainly continue working with Saudi Arabia and other partners and friends in the Arab world to counter any attempts to wreak havoc in the market,” he added.

Syria and regional cooperation

Putin also praised Saudi Arabia’s role in formulating a political settlement in Syria.

“I would like to emphasize the positive role Saudi Arabia has played in resolving the Syrian crisis … without Saudi Arabia’s contribution towards a Syrian settlement, it would have been impossible to achieve a positive trend,” said Putin, who thanked King Salman and Crown Prince Mohammed bin Salman for their “constructive approach.”

While Russia was close to Iran and Turkey, Putin acknowledged, the progress made in Syria required cooperation with Saudi Arabia and the UAE, he said.

Russia is a close ally of Syrian President Bashar al-Assad and has supported his regime during the war in Syria.

Putin was also asked about Russia’s role in the Arabian Gulf. While he said that Moscow maintains “very friendly relations with all the countries in the region, including Iran and the Arab states, such as Saudi Arabia and the UAE,” he downplayed its role as a mediator between Iran and the rest of the region.

The wide-ranging interview also discussed the Iran nuclear deal, US President Donald Trump, US-Russia relations, and the Israeli-Palestinian peace process.

Putin is set to arrive in Saudi Arabia on Monday, before traveling to the UAE on Tuesday.

source:By Tommy Hilton

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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.