Ammunition aid policy and its impact on the American role in the world.
December 7, 2023, 11:20 am

Ammunition aid policy and its impact on the American role in the world.

Kamal Alzghoul

After October 7, the United States sent smart munitions to Israel, which was a hasty and ill-considered decision. It grants weapons patents to Israel, and thus Israel becomes a heavy burden on the shoulders of American taxpayers because Israel, without any effort, took the “deadly weapon” from the United States which weakened the American strategy in the world. The evidence for this is that President Biden has returned to negotiations with China, and this step is considered a first step towards recognizing the rise of China and the ability to curb it. On the other hand, Israel acted in the war on Gaza like the United States when the latter used the nuclear bomb in Nagasaki and Hiroshima during World War II. Israeli Defense Minister Yoav Galant stated that the Israeli Air Force can reach anywhere in the Middle East. It seems that Israel is freely using American weapons to form a new order in the Middle East! So we have to look at the other side of the matter, it means that it reduces the American role as a superpower!

The war on Gaza in this brutal manner may impact the American economy and take it to the bottom, and Israel may share the secret of American weapons with other regional friends. As a result, this could cause other great powers to unite against American interests. Sending weapons to Israel, at the expense of other allies, could divide the world in the short and long term because Israel is killing Palestinians in the name of American policy. Although Ukraine received a lot of ammunition, it lost many battles on the ground. During the US intervention in the Middle East, President Putin is preparing a winter attack on Ukraine to seize more territory. The breach in the Pacific Ocean may also create an opportunity for China to regain control of Taiwan. In general, Israel began to shape American policy based on its interests and not based on American interests. Ammunition aid to Israel affected American democracy, its economy, and its values. It has certainly brought down American principles to the bottom, despite Congress's opposition to sending weapons to Israel. During his two terms as president, President Obama halted the peace process in the region and turned a blind eye to China's global rise. In that political gap, President Obama gave Israel time, rather than weapons, to destroy the peace process by building thousands of settlements in the West Bank. President Joe Biden is repeating the same policy differently, supporting Israel for killing American democracy and Palestinian civilians. The Democrats' policy will certainly help China rise further and compete with the United States globally, and the coming days may tell us that story. I can say that the United States is trying to curb small resistance groups in the Middle East, but it is neglecting the rise of other powers in the world which is considered an indication of a turning point towards shaping a new world order .

By Dr. Kamal Alzghoul

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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.