Unilateral Israeli steps to annex West Bank land will endanger US support: Envoy
February 9, 2020, 9:46 am

Unilateral Israeli steps to annex West Bank land will endanger US support: Envoy

Unilateral Israeli steps to annex West Bank land would endanger US support for such plans, US Ambassador to Israel David Friedman said on Sunday.

Israeli Prime Minister Benjamin Netanyahu said on Saturday Israel had begun drawing up maps for annexing land in the West Bank, which Palestinians seek for a state, in accordance with US President Donald Trump’s proposed peace plan.

“President Trump’s Vision for Peace is the product of more than three years of close consultations among the President, PM Netanyahu and their respective senior staff,” Friedman said on Twitter.

“Israel is subject to the completion (of) a mapping process by a joint Israeli-American committee. Any unilateral action in advance of the completion of the committee process endangers the Plan & American recognition,” Friedman said.

Although Trump’s plan envisages a two-state solution with Israel and a future Palestinian state living alongside each other, it includes strict conditions that the Palestinians have rejected out of hand.

The blueprint gives Israel much of what it has long sought, including US recognition of settlements and Israeli sovereignty over the Jordan Valley.

Running for re-election in a March 2 ballot, Netanyahu has been under pressure from settler leaders, and members of his right-wing cabinet with whom he is competing for votes, to move ahead with annexations before the election, despite White House pressure to hold off.

“The (US) recognition is the main thing and we don’t want to endanger that,” Netanyahu told his cabinet on Sunday.

On Saturday, Netanyahu told an election campaign rally that the annexed area would include all Israeli settlements and the Jordan Valley - territory Israel has kept under military occupation since its capture in the 1967 Middle East war but which Palestinians want in a future state.

Right after Trump presented the plan on Jan. 28, Netanyahu signaled his government would begin extending Israeli sovereignty to the settlements and the Jordan Valley within days. But on Saturday Netanyahu appeared to row back.

“We’ve been waiting since 1967 and some people are making a big deal out of a few weeks,” Netanyahu said at the rally.

Most countries consider Israeli settlements on land captured in war to be a violation of international law. Trump has changed US policy to withdraw such objections and the prospect of Israeli annexations have drawn widespread condemnation.

Palestinians say the settlements make a future state unviable. Israel cites security needs as well as biblical and historical ties to the land on which they are built.

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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.