Saudi Arabia’s former oil minister Ahmed Zaki Yamani dies at 90
February 23, 2021, 11:44 am

Saudi Arabia’s former oil minister Ahmed Zaki Yamani dies at 90

Ahmed Zaki Yamani was born in Mecca in 1930. (File photo: AFP)

Saudi Arabia’s former oil minister, Ahmed Zaki Yamani, has died at the age of 90 on Tuesday in London, UK, according to Okaz Newspaper. oil minister

The former minister will be buried in his hometown, the holy city of Mecca in Saudi Arabia, Okaz added.

Okaz is a Saudi Arabian daily newspaper.

Yamani helped Saudi Arabia command a dominating presence in the Organization of the Petroleum Exporting Countries (OPEC) from its birth. The Kingdom remains a heavyweight in the group even today and its decisions ripple through the oil industry, affecting prices from the barrel down to the gasoline pump.

“To the global oil industry, to politicians and senior civil servants, to journalists and to the world at large, Yamani became the representative, and indeed the symbol, of the new age of oil,” author Daniel Yergin wrote in his seminal book on the oil industry “The Prize.”

A picture taken 02 February 1974 in Tokyo, shows the oil minister of Saudi Arabia, Ahmed Zaki Yamani. (AFP)

Yamani became oil minister in 1962 and would lead the ministry until 1986. He served a crucial role in the nascent oil cartel OPEC as producers around the world began to try to dictate prices to the world market previously dominated by the economic policies of Western nations.

Yamani was the first Saudi representative on OPEC’s board of governors in 1961.

When the US, under President Richard Nixon, moved to support Israel in the 1973 Mideast War, Arab producers in OPEC agreed to cut their supply by 5 percent a month.

When Nixon continued his support, the decision gave birth to what would become known as the “oil weapon” — a total embargo on the US and other countries. oil minister

Prices in the US would rise by 40 percent, leading to gasoline shortages and long lines at the pump. Oil prices globally would quadruple, leading to the wealth now seen across the Gulf Arab states today.

In December 1975, Yamani found himself among those taken hostage at OPEC headquarters in Vienna, an attack that killed three people and saw 11 seized. The attack ended up seeing all the pro-Palestinian militants and those held hostage released.

Afterward, Yamani described Carlos, a Venezuelan whose real name is Ilich Ramirez Sanchez, as a “ruthless terrorist who operates with cold-blooded, surgical precision.” From that moment on, Yamani traveled with an entourage of bodyguards everywhere he went.

Yamani also oversaw what would become the full nationalization of the Arabian American Oil Co. after the 1973 oil crisis. Today, it’s better known as the Saudi Arabian Oil Co., or Aramco, a major employer for the kingdom and its main source of revenue.

In 1986, Saudi King Fahd relieved Yamani of his duties.

Yamani was born in Mecca in 1930. His father and grandfather were religious teachers and Islamic lawyers. He ultimately studied at New York University and Harvard. Twice married, he is survived by multiple children and grandchildren. oil minister

source: Reem Krimly

Image source: AFP

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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.