UAE-Israel Deal Should be Welcomed
August 14, 2020, 6:13 am

James Denseiow

Whilst it cannot claim to be the ‘deal of the century’ that President Trump promised in bringing about a peaceful solution to the Palestinian-Israeli conflict, the agreement between the UAE and Israel to normalise relations is both historic and a step in the right direction for a region that often appears to take so many steps in the wrong one.

It is the first peace treaty signed in decades between an Arab nation and Israel, with the last enacted with Jordan in 1994 and the first treaty ever to be signed between Israel and a Gulf Arab nation. In many respects, however, it is not great surprise as the UAE and Israel had economic and strategic ties before. So, it cannot be put in the same ‘historic’ category as Nixon going to China or Sadat going to Jerusalem.

Nevertheless, it is a piece of good political news after a long stretch of only bad news. The UAE gets bragging rights for halting Israeli annexation of the West Bank. The Israeli government gets an escape ramp from the election promises around annexation that were so widely condemned around the world whilst insuring itself by saying the halt on the move is ‘temporary’. Presumably the UAE would reserve the right to cancel the deal if a future annexation were to occur which could guarantee the UAE as guardian of this central plank of regional diplomacy. Trump is of course a past master at withdrawing from deals and should be aware of this scenario although his primary interest was to score a rare foreign policy ‘win’ ahead of the upcoming election.

Arguably the US and Israel needed this good news more than the UAE that comes out of the announcement with closer strategic ties to the US than ever before. What’s more the UAE, unlike the US and Israel, stressed that they were merely "setting a roadmap towards establishing a bilateral relationship". The UAE ambassador to the US stated that the agreement "is a significant advance for the region and for diplomacy." The nuance from the UAE side is somewhat in contrast to the rhetoric from the US, with Secretary of State Pompeo talking of a “shared regional vision of an economically integrated region” and a “promise for a better day for the entire region”.

All sides may be overusing the term ‘historic’ – Trump described his vision that now “the ice has been broken” more similar deals could occur – which is not hugely likely especially as the US ends into a lame duck period of politics before the November election. U.A.E. Ambassador to the U.S. Youssef Otaiba described the deal as “a significant advance in Arab-Israeli relations that lowers tensions and creates new energy for positive change across the region.” Anwar Gargash, the U.A.E.’s minister of state for foreign affairs, told reporters that Washington’s involvement provided assurances of Israel’s commitment to suspending annexation, but said it was ultimately up to the Israelis and Palestinians to reach a final settlement.

“The U.A.E. today is really using its gravitas, it’s using its promise of a relationship to try really to unscrew a time bomb that is threatening a two-state solution,” Mr. Gargash said. “The region does need bold and imaginative steps.” If annexation was to kill the 2-state solution, averting it simply puts it back in the status-quo pre-ante of a process in a coma and creeping annexation through settlement construction and other ‘facts on the ground’.

Then comes the tantalising prospect of the ‘bold and imaginative steps’ coming next. At present the response from the Palestinian leadership has been largely negative. The will have its work cut out to bring them around but the prospect of another format of bringing together the two sides in talks shouldn’t be ruled out. If that is overly ambitious then what is not is early work by the UAE to leverage their heightened influence to tackle some of the outstanding issues faced by the Palestinians, whether that is the dire humanitarian situation in Gaza or the state of livelihoods for Palestinians in the West Bank.

Much of focus in the next period may be on airlines flying directly between the countries and embassies opening, however the new deal also outlines plans for cooperation between Israel and the UAE in combatting the coronavirus pandemic, including working together on treatment and vaccine development. It is vital that the Palestinians enjoy the benefits of this cooperation in regard to tackling COVID as evidence that the deal can be a positive catalyst for them too.

by : jamse danselow

Lebanon: A Constitutional Settlement? Lebanon’s Reckoning

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.