Reading the repercussions of the US elections
November 7, 2024, 11:41 am

Reading the repercussions of the US elections

باسل كويفي

In his electoral campaigns, the elected American President Donald Trump focused on and emphasized "America First." The 47th president turned the elections into a red hurricane that hit America. He faced trials, legal pursuits, and assassination attempts, yet achieved these historic victories for himself and his party, becoming the president of the greatest power in the world with full powers and minimal legislative constraints, having won the popular vote and the votes of the "Electoral College," as well as most of the justices in the Supreme Court and the majority of the House and Senate for the Republican Party.

Consequently, Trump may become a fully empowered leader able to declare wars, send troops, impose international sanctions, and appoint cabinet members and security and military leaders of his choice. The question arises: what next?

The Gaza and Lebanon wars, the Middle East facing challenges of reconstruction and dangers from arms races and the crisis of militias and armed factions scattered in certain regions worldwide, the war in Ukraine, tensions in the South China Sea, and the Iranian nuclear file. What are the implications of the Republicans' "triple hegemony" on American policy both domestically and internationally?

Trump's friends and foes alike, such as Netanyahu, Orban, Zelensky, and Macron, all rushed to congratulate him, describing it as a "historic return." Congratulatory messages were also sent by the King of Saudi Arabia, Crown Prince Mohammed bin Salman, the President of the United Arab Emirates, the Egyptian President, the Emir of Kuwait, and the Iraqi Prime Minister, who affirmed Iraq's unwavering commitment to enhancing bilateral relations and that this new phase should deepen cooperation in various fields to contribute to sustainable development.

Netanyahu’s dismissal of his Defense Minister Gallant a day before the American elections, while retaining the Chief of Staff, indicates that the political rift is the reason for the dismissal. Therefore, the political trajectory of the Zionist entity may be one of extreme right-wing extremism, which could keep the region on the brink of a volcano.

In Trump's electoral program that supports peace and the cessation of wars, will we witness the start of a return to stability in the region in the near and medium term, where his bet is on supporting the American economy through significant changes in global trade and energy interests, considering himself a dealmaker to mitigate conflict zones and halt the bleeding of military and financial aid that has impacted the global economy?

In my opinion, regarding the Palestinian issue, Trump does not hide his support for Israel, but he will have to push for a two-state solution based on a just principle and positive cooperation with regional countries.

The Ukrainian war will conclude based on the principle of settlements, through which the republics that joined Russia will be granted the right to self-determination.

Relations between America and Russia will develop slowly as a reflection of the policies that the new American administration will implement. Europe and China will face further pressures on their economies backed by Trump's slogan "America First."

The options in Syria are numerous, and implementing Resolution 2254 with a Syrian flavor may be the beginning, along with a consensus with Turkey on a timeline for withdrawing from Syrian territories to normalize relations based on mutual interests, along with administrative decentralization in areas they withdraw from and in northeastern Syria, which is controlled by the Autonomous Administration. Trump is expected to redeploy or withdraw his forces from Syria based on the security agreement with Iraq and regional agreements.

Amid all these changes, it seems that the contours of the Middle East are on a hotplate, requiring us to begin determining the direction and renewing our approaches. A transparent national dialogue based on a roadmap and constitutional principles could provide a safer exit for our future, encompassing its three pillars (political, economic, and social) with the participation of all Syrians without exception, except for extremist armed organizations, to develop visions that contribute to and enhance national unity and preserve our Syria amid the changes sweeping the region and the world.

We must restore the voices of the wise, the rational, and creativity in light of the loss of ideologies and the differences in terms of nationalism, ethnicity, sects, and identities, to surpass the feeling that resembles waiting in a train or airport station.

There is hope and a suitable opportunity to uplift the Syrian capabilities and competencies that address issues and restore confidence in rebuilding Syria and its recovery and relationships with countries of the world through political flexibility that realizes mutual interests, sovereignty, stability, security, and peace for the elevation of the Syrian people, and the peoples of the region and the world.

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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.