Biden Returns to the Middle East
May 31, 2021, 1:49 pm

Dalia Ziada

Since the victory of Joseph Biden with the American Presidential Elections, in November 2020, the Middle East has fallen into an endless cycle of uncertainties about the future of US foreign policy in the Middle East. That is not only because the Democrat Biden is the complete opposite of the Republican Trump. But, also, because the Middle East has drastically changed, especially on the inter-state relations and the geopolitical level, since the era of Obama Administration, which coincided with the Arab Spring that brought the entire region upside down.

In fact, most regimes in the Middle East, including non-Arab countries like Israel and Turkey, had been praying that Donald Trump could have remained in power for another term. The pragmatic approach of the Trump Administration, which relied on ‘personal diplomacy’ was the perfect political language to interact with and influence the decisions of Middle East leaders. This proximate, non-institutional, communication between Trump and the leaders of the region, created a better off situation for all Middle East countries, while cornered Iran, the biggest enemy of the region, in a tough spot.

The Middle East uncertainties towards Biden Administration were magnified by the fact that during his electoral campaign, Biden was largely vague about his prospected foreign policy in the Middle East. When asked about the Middle East, he only repeated some nostalgic phrases from the Obama era about adopting a new approach towards the Islamic world. He was mainly pre-occupied by China and the economic threat it represents to the long-term position of the United States as the most politically, economically, and militarily powerful country in the world.

It was clear to all observers that the Middle East is not the top priority for the new US Administration of President Biden, unlike the case with almost all his predecessors. On his first few months in office, President Biden divorced himself from the headaches and troubles of the Middle East. Even, he decided to review all the decisions President Trump has made in favor of some Arab Gulf countries, including the crucial arms sales deals to Saudi Arabia and the United Arab Emirates. Then, everyone got surprised by the decisions paving the way for US withdrawal from the Middle East. That was particularly highlighted by Biden Administration’s decision to withdraw US troops from Iraq and Afghanistan.

On the positive side of the issue, this indifference shown by the Biden Administration towards the Middle East, in the first few months of his term, played an obvious role in accelerating the process of reshuffling the regional coalitions and alliances. Conflicts among Arab Gulf countries turned into an Arab Gulf reconciliation, and the severe rift between Egypt and Turkey is now being fixed. However, on the negative side, the Biden’s uncaring approach towards the Middle East was about to bring the region back into hell, after the eruption of the violent conflict between Hamas and Israel, in early May.

The Biden Administration received a lot of criticism from observers, worldwide, for showing a lethargic response to the recent episode of war between Tel Aviv and Hamas. Rather than appropriately intervening to control the fight, the US intervened, not only for once but for three times, to block an Israel-binding ceasefire resolution by the United Nations Security Council. Only after Egypt successfully mediated a ceasefire between Israel and Hamas, after eleven days of missile attacks and the death of hundreds of innocent civilians, the Biden Administration decided to intervene.

In the past week, President Biden contacted the Egyptian President Abdel Fattah El-Sisi twice. The first call between the two presidents took place immediately after the successful ceasefire between Israel and Hamas, on May 21st. Biden applauded Egypt’s efforts on brokering the ceasefire and the two leaders agreed to remain in close contact on co-managing strategic regional issues, in the future. The second call between El-Sisi and Biden took place, three days later, and was immediately followed by a very important Middle East tour for the US Secretary of State Antony Blinken, who visited Israel, the Palestinian Authority, Egypt, and Jordan.

It is clear that the Biden Administration has, finally, realized that it did a mistake by putting the Middle East as a second priority on its foreign policy agenda. In other words, the decision to suddenly withdraw from the Middle East, after decades of heavy political and military involvement, or even the decision to shrink the US role in managing and mediating in the many plights of the Middle East, have been proved to be impractical and non-applicable decisions. Yet, the Biden Administration needs to redesign its new foreign policy in the Middle East based on the new realities and the new alliances that are currently governing the region.

BY: Dalia Ziada

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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.