The Return of President Trump - Thorny Issues and Big Dreams
November 17, 2024, 8:38 am

The Return of President Trump - Thorny Issues and Big Dreams

عبد الوهاب أحمد

Four years ago, as Donald Trump departed the White House amidst chaos and the anger of his supporters in Congress protesting the election results and his loss, he declared that he would not "surrender" and would return to the presidency of America once again. The newly elected president, Donald Trump, has succeeded in his bet to return to the White House after what he describes as a "historic" victory over his Democratic opponent, Kamala Harris. The Republican president, who "dislikes pointless wars" but excels in the art of "diplomacy through phone calls in closed rooms," may induce significant transformations in the trajectory of many unresolved global issues in Europe, the Middle East, and elsewhere.

In Israel, the majority of the populace and Prime Minister Benjamin Netanyahu view Trump's return to the presidency positively and confidently. They recall his decision to move the U.S. embassy to Jerusalem after recognizing it as the capital of Israel, as well as his acknowledgment of the Golan Heights as Israeli territory despite international resolutions affirming Syrian ownership. Netanyahu hopes that the new occupant of the White House will be more generous than his predecessor, Joe Biden, in providing political and diplomatic support against Iran and its proxies, achieving significant military and strategic gains that establish a new reality in the region, one that is difficult to negotiate regarding Palestinians, Arabs, and internationally.

Conversely, Iran has not paid "great attention" to Trump's return, as stated by its officials. However, some observers assert that the elected president will exert significant pressure on Tehran to compel concessions, particularly regarding its nuclear program and the militias it supports in the region. This calls for the Iranian leadership to open up and show sufficient flexibility in dealing with the new U.S. administration, especially while the country suffers from suffocating internal political and economic pressures due to imposed sanctions. This became evident in the statements of Iranian leaders, led by President Masoud Beizikian, to avoid "provoking" the new American administration while being cautious of any detrimental internal reactions, especially as Iran loses its regional leverage and grapples with a war against Israel.

For Turkey, the Republican victory and Trump’s election bring renewed "hope" for its ambitions, as President Recep Tayyip Erdoğan warmly welcomed the triumph of his "close friend" in the elections, expressing optimism for a better future in relations and fruitful coordination that serves the interests of both countries. This is especially true regarding terrorism issues (referring specifically to Turkey's concerns about the PKK and the Gülen movement), trade exchange, and military support. However, the complexities of the international and regional landscapes and the escalating frequency of conflicts may render this "optimism" misplaced compared to Trump’s first presidential term. During that previous term, he granted Turkey a green light in 2019 for military intervention in border areas like Ras al-Ayn and Tal Abyad, only to suddenly withdraw his forces and later threaten to impose sanctions on Turkey if it did not comply with the terms of the agreement.

Turkey, through statements from several of its officials, has begun to rearticulate its "concerns" about the ongoing U.S. support for the SDF and what it represents as a "threat to its national security," by waving its plan to "complete the safe zone along its southern border with Syria," as President Erdoğan remarked a few days ago. However, this Turkish ambition may clash with the U.S. desire to end conflicts in the region or with a "trade-off" in the Russian-Ukrainian file under American conditions in exchange for broader "delegation" for Russian maneuvers in the Syrian file coordinated with Israel and the Gulf states to pressure the Syrian regime to change its behavior and move away from the "axis of resistance" led by Iran, pushing it toward the "Arab moderation" axis with Arab-Gulf support in exchange for benefits concerning the regime's leadership and support for the "early recovery" project advocated by the UN special envoy Mr. Geir Pedersen, alongside Arab engagement with Bashar al-Assad and the provision of aid for reconstruction as an entry point towards a comprehensive political solution in accordance with Resolution 2254 and its implications concerning the political process in the Geneva track. Perhaps Turkey also recognizes this, which explains the repeated calls from its president and his readiness to meet with Bashar al-Assad to resolve the ongoing differences between them.

The hope remains for the Syrian people and the national Syrian opposition forces regarding the extent of the breakthrough that the new administration's directions may achieve in the wall of the "stalled" political process led by the United Nations to end the suffering of the Syrian people and realize their legitimate rights in a safe, stable, and democratic Syria governed by a constitution that preserves the rights of all its components.

**By Abdul Wahab Ahmed**

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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.