Algeria: Bensalah Resigns as Head of National Council
January 5, 2020, 11:51 am

Algeria: Bensalah Resigns as Head of National Council

Algerian President Abdelmadjid Tebboune received the resignation of Abdelkader Bensalah from the presidency of the Council of the Nation, the country's upper house of parliament, announced the Algerian presidency in a statement.

The statement published by the state news agency said that Tebboune received a letter from Bensalah informing him of his desire to end his mandate as the head of the Council of the Nation.

President Tebboune responded to Bensalah thanking him for his dedication and selflessness in the service of the parliament, the Algerian State, and the people.

“History will undoubtedly remember that you have always been the right person for the situation each time the country has called on you.”

Sources close to Bensalah told Asharq Al-Awsat that his resignation is purely for health reasons after he underwent chemotherapy over the past few months.

Bensalah, 78, is described as a “servant of the system”, as a metaphor for his discipline that distinguished his course in Algeria since the 1970s, especially during its war against terrorism in the 1990s.

After the dissolution of parliament and the resignation of the late President Chadli Bendjedid at the beginning of 1992, the army formed an alternative structure for the elected parliament, the “Transitional National Council”, appointing Bensalah as its president.

Bensalah chaired the first pluralist parliament, after returning to the electoral track in 1997, and in 2002 former President Abdelaziz Bouteflika chose him as the head of the National Assembly, from the president’s constitutional quota.

He remained loyal to Bouteflika, even after 2013 when the former president became ill, and performed tasks on his behalf at home and abroad. He also faced strong opposition demanding the dismissal of Bouteflika.

Bensalah remained at the former president’s side until the moment he resigned (April 2, 2019) under pressure from the street, where he appeared with him as he presented his resignation to the former chairman of Algeria's Constitutional Council, Tayeb Belaiz.

Bensalah resigned from his position as Speaker of National Assembly after Bouteflika stepped down, to later lead a transitional period of three months in accordance with the constitution, until the election of a new president.

After that period, Salah Goudjil succeeded Bensalah as Acting President of the council. He was unable to organize presidential elections on July 4 due to the lack of candidates.

At the beginning of the popular movement, millions of protesters on the street demanded Bensalah step down from power because he reminded them of Bouteflika's reign, which was symbolized by corruption and mismanagement.

However, late army chief General Ahmed Gaid Salah insisted on him and assigned him as head of state until the elections of December 12.

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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.