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The untold intentions of Arab leaders meeting in Alamein

Much confusion and controversy have been surrounding the meeting of a number of Arab leaders, in Egypt’s Mediterranean city of Alamein, last week. Although this is not the first gathering of leaders of Egypt, Jordan, Iraq, Bahrain, and the United Arab Emirates (UAE), most observers found difficulty in explaining its motives.
The lack of a joint concluding statement, the vagueness of the agenda items, and the generalizing language of the official media statements of each state, about the meeting, amplified the mystery. However, a deeper look with an expert eye can give a clue about the untold intentions of this specific assembly by these particular leaders.
The New Alamein, the city that hosted the meeting of the five Arab leaders on August 23rd, is slowly but surely becoming Egypt’s summer Capital City.
Earlier this month, New Alamein hosted the swearing in of new ministers by the Egyptian president. In parallel to their traditional offices in Cairo, all senior officials in Egypt, starting from the president of the state and the ministerial cabinet, have got parallel offices in New Alamein. That is perhaps why it was selected as the venue for the Arab leaders’ meeting, rather than the traditional meeting spots in Cairo or even the Red Sea city of Sharm Elsheikh.
The United Arab Emirates is the largest foreign investor in real-estate projects at the New Alamein city, which the Egyptian President, Abdel Fattah El-Sisi, started building in 2018. In the past few years, the city has been marketed to investors as being the new version of Dubai on the shores of the Mediterranean. That prompted some Arab opposition media to claim that it is the choice of the UAE president, Mohammed Bin Zayed, to host the meeting there.
This claim is supported by the fact that Bin Zayed arrived to the summit venue, two days earlier, and joined El-Sisi in receiving and welcoming the other three leaders. The protocol-defying scene made the situation appear as an event hosted by the UAE president – rather than the Egyptian president.
In this regard, it is important to notice that this is the first time Sheikh Mohammed Bin Zayed participates in a regional summit in his capacity as the new UAE president. By leading this consultative meeting, Bin Zayed emphasized his country’s influential role in the region that extends beyond the Gulf towards Egypt, Jordan, and Iraq.
After the meeting, UAE president tweeted that he found the meeting “productive” and pledged that his country will “continue to coordinate with its Arab neighbors to promote stability, development and prosperity in the region.” Before he takes presidency, Sheikh Mohammed Bin Zayed has always been an active participant in the economic talks between Egypt, Jordan, and Iraq, in the past years. The three countries have been working together on two ambitious projects – the New Levant trading road, and the electric connection project that is meant to supply Egyptian electricity surplus to Iraq via Jordan.
Although the Iraqi Prime Minister, Mustafa Al-Kadhimi, had to quit the meeting before it even starts, to deal with an emergency political turmoil in Baghdad, his participation gave an assuring message that his country’s joint projects with Egypt and Jordan are still on course. The same perspective could be applied to the goals of the leaders of Jordan and Egypt from Alamein meeting.
The presence of the wealthy Gulf countries of UAE and Bahrain in this meeting is an assuring message to the Egyptian and the Jordanian people that the Gulf countries will continue to support their states’ leaderships throughout the grinding economic crisis. UAE, Bahrain, Saudi Arabia, and Qatar have already provided tens of billions of dollars, in the past few months, to enhance the Egyptian economy.
The absence of Saudi Arabia from attending the meeting in Alamein has surprisingly raised question marks in western media. That is, perhaps, because Arab media initially described the gathering as an “Arab Summit,” while the official statements of the participating states described it as a “brotherly consultative meeting, aiming to enhance joint Arab action.”
In fact, this is not the first time the five Arab leaders of Egypt, Iraq, Jordan, UAE, and Bahrain hold a meeting without including Saudi Arabia. That was the case when the mentioned leaders met in the spring of 2021 to launch the New Levant trade road, and once again in May of this year to announce the Industrial Partnership Initiative between Egypt, Jordan, UAE, and Bahrain.
Nevertheless, Saudi Arabia is a genuine partner to all the mentioned five countries on a myriad of political initiatives and economic projects that have changed the face of the Middle East in the past decade. A few kilometers away from Alamein meeting, at Egypt’s Mohamed Naguib military base, the special forces personnel from Saudi Arabia’s army were participating in the joint military exercise, “Hercules 2022,” alongside troops from Egypt, UAE, Greece, Cyprus, and the United States.
Given the many uncertainties that are defining the world we are living in today, regional coordination between Arab leaders, on all levels, is more important than ever.
BY: Dalia Ziada
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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