What Can Biden Offer to the New Middle East?
July 10, 2022, 9:06 am

What Can Biden Offer to the New Middle East?

Dalia Ziada

In anticipation for the first visit of the United States President, Joseph Biden, to the Middle East, in mid-July, the meetings between the leaders of the Arab countries have not stopped. All similar visits by former American presidents to the Middle East were important. Each of them marked fundamental changes in the political and economic agendas of the region, that eventually echoed into the global policies of western countries, including the United States itself. In that sense, the Arab leaders want to make sure that their regional and individual priorities will not be disregarded, while Biden is giving the priority to handling the consequences of the war in eastern Europe.

According to an official statement by the White House, Biden is finally making his first visit to the region, as president, on 13-16 July. It took him two years in office, and a threat as huge as the Russian invasion of Ukraine, to realize how important the Middle East for the success of his administration. The drastic shift in Biden’s stance towards the Middle East, from cold and distant to warm and open, is clearly a desperate attempt to redeem the lost popularity of his administration and his Democratic Party.

The American president’s schedule tells that his first stop will be in Israel, where he will meet with Israeli and Palestinian officials. Yet, it is highly unlikely that President Biden can actually make a difference in the frozen peace process between Israel and the Palestinians. The trauma of Biden administration’s slow response to the latest episode of war in Gaza, last year, is still unforgotten and unforgiven by many parties in the region. In addition, the political instability in the Israeli governmental structure is hindering any potential role that the United States can play to attract more Arab countries to normalize relations with Israel. Ironically, Biden’s Republican predecessor, President Trump, was much successful in that regard.

Actually, Trump was even more successful in communication with the leaders of the Gulf. The main part of Biden’s visit to the region will be happening in Jeddah, where he will attend a regional summit coined as ‘GCC+3 Summit.’ The summit is organized and hosted by Saudi Arabia, and will be attended by the leaders of all the six countries of the Gulf Cooperation Council (GCC), in addition to the heads of Egypt, Iraq, and Jordan.

The particular significance of Biden’s visit to Saudi Arabia, next week, is that, for the first time, the United States is trying to catch the train of regional change that is moving forward without its consent and despite its will, at a time when the western world is overwhelmed by the consequences of the war in Ukraine. What is even more interesting is that the driver of the new Middle East train is Saudi Arabia, the United States’ oldest ally in the Arab Gulf region, which President Biden unjustifiably labeled as an adversary to please his voters from the extreme leftists.

Therefore, Biden’s top goal of his prospected visit to the region should be to win the Middle East leaders on his side, so he can benefit from what they can offer to solve the current world troubles, especially the soaring economic crisis. To achieve that, Biden needs to follow Trump’s recipe if he wants to succeed with Gulf leaders. The pragmatic approach of the Trump Administration, which relied on ‘personal diplomacy’ was the perfect political language that the Middle East leaders could understand and respond to.

The current cluster of health, economic, and security crises, on the global stage, is causing an effect similar to that of the World Wars, in terms with its huge influence on changing the balance of power in the world. It is still in the hands of the Biden Administration to keep the United States on the top as the most powerful country, or simply leave the court open for eastern rivals – Russia and China – to emerge as the new superpowers of the newly emerging world. The policy that the Biden Administration is going to adopt towards the Middle East, in the next half of his first term, is the determining factor in this world game of chess.

BY: Dalia Ziada

UK Defence Secretary Ben Wallace rules out bid to replace Boris Johnson Bashar al-Assad visits Aleppo which he destroyed and displaced

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.