James Denseiow

It is often said about change that it happens slowly at first and then all at once. Lebanon for so much of the last decade, has been in the shadow of more dramatic events in the region. The Arab Spring, the war in Syria, the rise of ISIS and Saudi-Iranian tensions have dominated the international news agenda whilst Lebanon’s more longstanding, intractable and complex political issues have metastasised in the shadows.

Today it is hard to see much more news happening in Lebanon at once. Growing regional tensions between Israel and Hezbollah threaten the country with major conflict, corrupt and incompetent governance is the most likely explanation for a explosion damaging half of the capital city Beirut, a billion dollar trial concludes into the killing of former Prime Minister Rafik Hariri and this week the country’s caretaker Health Minister warned that hospitals are reaching maximum capacity.

The World Health Organization has said that more than half of 55 healthcare facilities evaluated by the agency were “non-functional”, three major hospitals were out of operation and another three were running at well below normal capacity. Few politicians around the world have as hard a job as caretaker health minister Hamad Hassan. Hassan has warned that the country is ‘on the brink’ and urged the Government to impose a new two-week lockdown to stem the spread of the virus.

The country reported a one-day record of 456 new infections on Monday, bringing the total number of infections to 9,337, including 105 deaths since the start of the outbreak in February. Lebanon’s worst peacetime disaster has made the difficult art of governing during a fast moving and deadly pandemic that is constantly posing new challenges. Hassan admitted this conundrum that never before has trust been so low in the State at a time in which listening to their Covid policies are more important than ever. “Our ability to control behaviour in the face of the virus is more limited,” the new minister said.

A government that is unable to govern is likely to be overwhelmed by a virus that has forced far more organised and resourced countries to their knees. Just as the infection rate has an exponential capacity, so seemingly have anti-government protests. Protests have the twin impact of putting large numbers of people in close proximity, good for the virus, and also making it harder to run the logistics of the public health response, bad for the people.

Any further locking down would have to somehow account for the tens of thousands of people who’ve been displaced or made permanently homeless by the explosion at the Port of Beirut. A huge relief effort is needed that combines dealing with the twin urgencies of Covid and the blast recovery, all done against the backdrop of a political system in crisis and a corrupt and how nosediving financial system.

Added to this volatile mix is the UN court giving its final verdict on the 2005 assassination of former Lebanese Prime Minster Rafik al-Hariri. 15 years and $1bn dollars later the verdict has set out how ‘compelling circumstantial evidence’ is the closest that we will ever come to knowing the what and the why of the killing, but it adds to tensions at an incredibly sensitive moment in the country’s history.

The challenge for Lebanon is immense. At this crossroads of a political, health and financial crisis leadership is what’s needed to chart the country out of choppy waters. The resignation of the technocratic government in the wake of the Port blast changes nothing substantive as to the underlying challenges of the country’s body politic and the key question remains whether the country’s elites double down on protecting the status quo or embrace some form of new direction.

What and how this happens remains unclear and will most likely be decided away from the transparency and scrutiny of formal political institutions, to the detriment of the Lebanese peoples search for accountability. What makes the equation even more complex is the question as to how much regional influence is or can be exerted over these same elites regarding this question of political revolution or evolution. However, with the status quo so clearly untenable things may have to change just to preserve a status quo and the one guarantee is that 2020 will be a historic year for the country

by : jamse danselow

UAE-Israel Deal Should be Welcomed 2020: The Year of the Four Crises

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.