US-Iranian Talks in Muscat Achieve Tangible Progress
The choice of diplomacy as a path for dealing with the Iranian nuclear file comes at a time when Tehran faces increasing pressure due to the declining influence of its proxies in the region and growin
April 12, 2025, 10:18 pm

US-Iranian Talks in Muscat Achieve Tangible Progress

أمريكا وإيران \ تعبيرية \ متداول

The White House administration described the talks that brought together representatives from Washington and Tehran on Saturday in the Sultanate of Oman as a "step forward" in resolving disputes between the two countries.

The White House explained in a statement that US Special Envoy Steve Witkoff met with Iranian Foreign Minister Abbas Araghchi in Muscat, and held discussions described as "highly positive and constructive."

The statement added, "Special Envoy Witkoff confirmed to Araghchi that he received instructions from President Trump to address differences between the two countries through dialogue and diplomacy if possible," noting the complexity of the issues at hand and the importance of direct communication as a positive step toward achieving a result that serves the interests of both parties.

The statement indicated that the two sides agreed to hold a new round of talks next Saturday, April 19, in the Sultanate of Oman at the same level of representation.

US Envoy Witkoff tweeted on the "X" platform after the meeting: "We had a very positive and constructive conversation," confirming his return to the United States after the talks concluded.

For his part, Iranian Foreign Minister Abbas Araghchi stated that Tehran and Washington are "very close" to reaching an agreement on the basis for future negotiations, adding in a statement to state television: "In the meeting (today), I believe we have greatly approached the basis for negotiations, and if we can finalize (this) in the next meeting, we will have made significant progress."

Araghchi explained through his Telegram channel that the delegations held a brief direct meeting after emerging from indirect talks that lasted more than two and a half hours with Omani mediation, indicating that "the talks were conducted in a constructive and positive atmosphere."

The Iranian Foreign Ministry confirmed in a statement that "the negotiations mediated by the Sultanate of Oman were held in a constructive atmosphere and on the basis of mutual respect," while the Tasnim agency quoted a member of the Iranian delegation describing the talks as "generally successful and conducted in a positive atmosphere."

These talks, the first between Iran and the current Trump administration, come under pressured circumstances for Tehran after the weakening of its main allies Hamas and Hezbollah following the wars waged by Israel in Gaza and Lebanon, in addition to continued US strikes against the Iranian-backed Houthis, with American hints at a military option if the diplomatic path fails.

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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.