James Denselow

Weeks after President Biden accelerated the US withdrawal from Afghanistan, this month President Joe Biden and Iraqi Prime Minister Mustafa al-Kadhimi announced their agreement to end the United States military’s combat mission in Iraq by the end of the year. After more than 18 years, the role of US forces will shift to training and advising the Iraqi military to defend itself.

“Our role in Iraq will be to be available, to continue to train, to assist, to help and to deal with ISIS as it arises, but we’re not going to be, by the end of the year, in a combat mission” Biden told reporters as he and Kadhimi met. Mr Kadhimi responded: "Today our relationship is stronger than ever. Our co-operation is for the economy, the environment, health, education, culture and more." He has insisted no foreign combat troops are needed in Iraq.

A strategic pattern is emerging around Biden’s foreign policy and the desire to seemingly tie up loose ends and long-term military adventures. Much of the Iraq shift is symbolic. There are currently only 2,500 US troops in Iraq down from a peak of 168,000 in 2007. Yet let us not forget that the US has ended combat operations in Iraq before, back in 2011 before the rise and rise of ISIS forced them to take a far more assertive stance in the country.

In Afghanistan the Taliban’s offensive and spiralling rates of violence gives a narrative of the US ending a forever war under fire, whereas in Iraq the US is ending combat operations but keeping a larger presence of troops for future eventualities. By having a high profile ‘end’ to the US missions in Afghanistan and now Iraq allows the Biden administration several political wins.

Firstly, he is the President who didn’t ‘surge’ or sustain unpopular wars but moved quickly in his first term to end them. This gives him the license to use the military more assertively elsewhere, for example around the Asia pivot that President Obama pursued. There is no longer a strategic anchor or competitor for priority and focus in Washington.

Secondly although the US will still have its largest global embassy in Baghdad, its presence in Iraq will surely cease to attract the hostile actions they have around other components of geopolitics. Rockets, mortars and large-scale protests have been fuelled by the infringements of sovereignty felt by Iraqis to a foreign army conducting combat missions in their country, soon to me no more. These incidents often cost very little to organise but steadily haemorrhage the US public image as actors in the country.

What is more as the Biden administration has taken a less belligerent policy approach to Iran, the idea that Iraq would become a violent arena for Washington-Tehran tensions is less of a reality than it was. Again, President Biden has proved able to both reposition US interests and clear the way for greater focus on more urgent priorities than sustaining wars started decades ago.

One outstanding question will be whether this announcement gives more space for ISIS or ISIS-like groups to gain in ascendancy in parts of Iraq and whether the US has the license, permission and capabilities to conduct ‘over the horizon’ strikes against targets in the country from the start of next year. The more overt switch from costly occupations and nation building exercises to maintaining a counter terrorism presence is by no means cost free as events in Pakistan in particular have shown in the past.

Of course, the US repositioning itself in Iraq doesn’t guarantee a predictable and positive near-term future for the Iraqi body politic. The Government in Baghdad has been struggling to keep a handle on Covid, ensuring that the public infrastructure is fit for purpose whilst keeping all parts of a fractured body-politic together ahead of election in October. Observers will be keeping a close eye both on levels of violence and crucially voter turnout for Parliamentary elections scheduled to be held on 10 October that will decide the 328 members of the Council of Representatives who will in turn elect the Iraqi President and Prime Minister.

by: James Denselow

James Denselow,

James Denselow

Russia refuses France’s unwillingness to recognize Sputnik V coronavirus vaccine Huge blast rocks Germany’s western city of Leverkusen

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.