When Biden decided to return to Riyadh
July 23, 2022, 7:38 pm

Saad Al Hamid

Saudi-American relations have always been strong and based on mutual respect and common interests since the establishment of the KSA in 1933.

In this regard, we have to remember the Quincy Pact between King Abdulaziz and US President Franklin Roosevelt, which was the starting stone for establishing the US-Saudi strategic relations and strong partnerships. Many wait for the outcomes of the US President's first visit to the ME (Middle East), especially since it comes in these hard times the world goes through. During this visit, a summit will be held between the GCC countries, Egypt, Iraq and Jordan. Several US sources and media outlets implied Washington wants to establish strategic security alliances and new partnerships with the region to confront the Iranian threat represented by Iran's nuclear programme & ballistic missile programme and discuss how to develop effective security and military strategies and agreements to confront Iran's militias in the region and to deter the growing Iranian threats.

The visit will discuss the consequences of the Russian-Ukrainian war and its repercussions on energy, food prices, the rise in fuel prices, the fight against terrorism and the security of waterways. The US President began his visit to Israel by giving reassurances to it about the future of the nuclear deal with Tehran and by talking about how to strengthen strategic alliances between the two countries & bilateral relations, and how to lay foundations for agreements that guarantee Israel's security against Iranian threats.

Some observers believe the USA wants to get Israel involved in a phased strategic alliance with the region's countries to confront the threats of Iran and wants to normalize relations between Riyadh and Israel, which is unlikely to happen because Riyadh's positions were very clear about the Palestinian cause and the importance of finding a solution to it based on the Arab Peace Initiative, the two-state solution and the establishment of a state for the Palestinians which its capital will be East Jerusalem. Many Saudi officials like Prince Faisal bin Farhan, stressed this.

Biden implied that now there are difficulties in finding radical solutions to the Palestinian cause because of the current political difficulties facing the Israeli government and its division because the opposition led by Netanyahu wants to topple it and make its MPs defect. Therefore, Biden did not give any promises other than wishes to achieve the desired peace between the Palestinians and Israelis, and he could not even discuss the calls to stop settlements, but rather focused on the Iranian file during his meeting with Israeli officials who share the same concerns of the region's countries about the Iranian nuclear threat. Perhaps Biden wants to correct the course of relations due to the urgent economic crises of inflation, high fuel prices inside the US and the decline of the president's popularity, according to the recent opinion polls of the American CMBC network, to 37% because of his internal policies and the shortage of energy supplies, because of the Russian-Ukrainian war, which began to threaten Europe with winter approaching because Russia cut off gas supplies to many of these countries and there are economic sanctions on its oil.

Consequently, the US sees the GCC states, with their huge capacities and a solid economic base, will have an important role to help reduce oil prices and provide alternative sources of energy for Europe in case the Russian-Ukrainian war continues. As well, the Biden administration has to reshape the policy it has pursued against its strategic ally, Riyadh, like the previous statements issued by Biden or his Democratic Party against the Kingdom's leadership, halting arms deal, withdrawing the Patriot batteries and the removal of the Houthis from the lists of terrorism, which encouraged them to explicitly violate international law repeatedly and target the Kingdom and its energy sources, waterways and vital & civil facilities.

The results of those political policies were very negative on the strength and durability of the bilateral relations, and I think what Mr Biden wants is to restore those relations with Riyadh and the GCC to restore the region's countries' & Israel's trust and give them bigger reassurances in case a nuclear deal with Tehran was made and to ensure that deal (in case it happened) will not be at the expense of the upcoming strategic security alliances and treaties that, from his point of view, correspond to the concerns of the countries of the region, and serve Washington's interests and its carefulness not to cause other conflicts between Israel and Tehran or the region's countries and Tehran because this will aggravate the current struggle between Washington, Russia and China for more political, economic and military influence and hegemony, whether in the South China Sea in the east or the Black Sea in the west or even in the world which is witnessing the birth of new poles.

This may also be reflected in energy and oil prices in a way that threatens Washington's interests, especially at this critical time in which the Biden administration still faces problems, and which has also cast a shadow over the upcoming US midterm elections. What is happening in the Russian-Ukrainian war now is one of the outcomes of that competition through which Russia succeeded in creating divisions in Europe and putting pressure on Washington and Europe as well. I and many observers think Russia and China succeeded to some extent in exploiting the Biden administration's weaknesses, the void left by Washington in the ME and consolidating its (US) partnerships effectively with the region's countries. Many observers believe Biden has to make concessions to the region's countries to make them trust the US administration again.

By Saad Abdullah al-Hamid

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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.