Strengthening Russian-Iranian Cooperation After the Assassination of Ismail Haniyeh
August 6, 2024, 12:38 am

Russia/Iran

Strengthening Russian-Iranian Cooperation After the Assassination of Ismail Haniyeh

Russian news agency Interfax reported that Sergei Shoigu, the Secretary of the Russian Security Council, arrived in the Iranian capital, Tehran, on Monday for talks with senior Iranian leaders, including President Masoud Pezeshkian.

Interfax mentioned that Shoigu, who was previously the Defense Minister before being transferred to the Security Council in May, would also meet with the head of Iran's National Security and the Chief of the General Staff. Moscow has been working to strengthen its ties with Tehran since the beginning of the Russian invasion of Ukraine and is preparing to sign a comprehensive cooperation agreement with Iran.

In related news, Reuters reported in February that Iran had supplied Russia with a significant number of surface-to-surface ballistic missiles. The United States confirmed in June that Russia was bolstering its defense cooperation with Iran, having received hundreds of attack drones used to bomb Ukraine, although Moscow denied this.

On Friday, Russia joined Iran in condemning the assassination of Ismail Haniyeh, noting the "serious consequences of this act." In this context, an Iranian foreign ministry spokesperson stated on Monday that Tehran does not seek to escalate tensions in the region but believes that punishing Israel is necessary to prevent further instability, following the assassination of Ismail Haniyeh, the head of Hamas's political bureau, in Tehran last week.

Iranian Foreign Ministry spokesperson Nasser Kanaani emphasized that Iran aims to establish stability in the region, but this cannot be achieved without punishing the aggressor and deterring Israel from further adventures. Kanaani urged the United States to stop supporting Israel, pointing out that the international community has failed in its duty to protect regional stability and should support "punishing the aggressor."

The Commander of the Iranian Revolutionary Guard, Hossein Salami, asserted on Monday that Israel "will be punished at the appropriate time." Salami stated that Israel would receive a "crushing response" for the assassination of Haniyeh early Wednesday during his visit to Tehran.

During a speech at a ceremony honoring journalists at the University of the Revolution, Salami said that Israel "assassinated a striving man who was demanding the rights of his people." He noted that Israel "miscalculated by assassinating Haniyeh and will receive a crushing response," adding, "We are facing various events, and they are increasing. There was a time when the powers decided to create events, but today the situation has changed."

These Iranian statements come after the assassination of Hamas's political bureau chief, Ismail Haniyeh, in Tehran in an operation also attributed to Israel. Iran and its allies have vowed to retaliate for this assassination, along with the killing of Hezbollah leader Fouad Shukr in a strike in southern Beirut last week.

The Group of Seven (G7) called for restraint and de-escalation in the Middle East on Monday, saying that recent events "threaten to ignite a broader conflict in the region." The group stated: "We urge all parties once again to refrain from engaging in the current destructive cycle of retaliatory violence, de-escalate tensions, and move constructively towards de-escalation."

Levant News

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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.