Israel’s main parties begin talks on coalition government
September 24, 2019, 9:45 am

Israel’s main parties begin talks on coalition government

A unity deal between the parties with a rotating leadership is seen as perhaps the only way out of the gridlock. (File photo AFP)

Israel’s two largest parties met Tuesday to discuss the possibility of forming a unity government, in a long-shot effort to solve the political paralysis that has emerged from last week’s deadlocked national elections.

The meeting between party representatives comes a day after Blue and White leader Benny Gantz and Prime Minister Benjamin Netanyahu of the rival Likud party held their first working meeting since the vote. Israeli President Reuven Rivlin brought them together in hopes of breaking an impasse that could send the nation into months of political limbo and potentially force a third election in less than a year.

“We took a significant step this evening, and now the main challenge is building a direct channel of communication out of trust between the two sides,” Rivlin told the two rivals. “People expect you to find a solution and to prevent further elections, even if it comes at a personal and even ideological cost.”

Israel’s president is responsible for choosing a candidate for prime minister after national elections. That task is usually a formality, but it is far more complicated this time since neither of the top two candidates can build a stable parliamentary majority on his own.

Rivlin summoned Gantz and Netanyahu for another summit Wednesday before making his decision. No breakthrough is expected, and it is unclear which way Rivlin is leaning.

Gantz’s centrist Blue and White came in first in the elections, with 33 seats, trailed by Netanyahu’s Likud with 31. With smaller allied parties, a total of 55 lawmakers have thrown their support behind Netanyahu, against 54 for Gantz, leaving both men short of the required 61-seat majority.

A unity deal between the large parties, with a rotating leadership, is seen as perhaps the only way out of the gridlock. That’s what Avigdor Lieberman, the kingmaker leader of the ultranationalist Yisrael Beitenu, party is insisting upon. Lieberman, who controls eight seats, has refused to endorse either candidate and is demanding they join him in a broad, secular unity government that excludes the ultra-Orthodox parties - Netanyahu’s long-time partners. A former aide and ally of Netanyahu, Lieberman forced the Sept. 17 repeat vote by refusing to join Netanyahu’s coalition and robbing him of his parliamentary majority.

Both Netanyahu and Gantz have expressed theoretical support for a unity deal between their parties but have deep disagreements over its agenda and who should lead it.

Gantz insists he should go first and has vowed not to partner with Likud so long as Netanyahu is at the helm, citing the prime minister’s legal predicament. Israel’s attorney general has recommended charging Netanyahu with a series of corruption-related charges and is expected to make a final decision following a hearing with the prime minister early next month.

Netanyahu, seeking protection from prosecution, believes he should remain as prime minister and has signed a deal with his smaller allies, including ultra-Orthodox parties, to negotiate as a “bloc,” further signaling that there was more jockeying than real negotiating involved in the latest developments.

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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.