Ian Black

In mid-July, after an unusually turbulent few months at home, King Abdullah II of Jordan flew to Washington to meet Joe Biden – in the Democratic president’s first encounter with an Arab leader since his inauguration in January. Biden praised the Hashemite monarch as a “loyal and decent friend” in a tough neighborhood. “You have always been there, and we will always be there for Jordan,” he added.

In terms of US-Jordanian relations, and in the wider context of the Middle East, this was quite a big deal. A royal source described the meeting as “a reaffirmation of the uniquely close relationship between the White House and Jordan” that had prevailed with every president until Donald Trump, adding: “the king had no one behind him the last four years.”

Abdullah was sidelined by Biden’s Republican predecessor, who he saw as undermining any chance for a peace agreement between Israelis and Palestinians with his controversial 2017 declaration of Jerusalem as Israel's capital. The king also chafed at Trump’s pursuit of the Abraham Accords, with Bahrain and the United Arab Emirates, that normalized relations with Israel but ignored the Palestinians - and were followed by Sudan and Morocco.

Abdullah, for his part, praised Biden for “setting the standard” internationally in the battle against the Covid pandemic. The US delivered 500,000 vaccines to Jordan days ahead of their meeting. But it is not just about fighting coronavirus: the king was lobbying senior US officials for an extension of a five-year $6.4 billion aid package that ends next year to help shore up his country’s struggling economy, with high levels of unemployment among women and youth.

Biden is preoccupied by the pandemic and by the inexorable rise of China, and is considered unlikely to have much appetite for Israeli-Palestinian peace-making. But Middle Eastern circumstances appear to have persuaded him to signal renewed support for Abdullah, who in his 22 years in power, has been viewed by successive presidents as both a moderate and reliable ally in the Arab world.

Jordan’s king urged Biden to back Iraqi Prime Minister Mustafa al-Kadhimi and to withdraw US combat troops but continue military training, intelligence support and other aid in the broader context of Iran’s influence over its immediate neighbour. Abdullah revealed in a later interview with CNN that his own country has been attacked by drones with an “Iranian signature” in the past year.

Abdullah also tried to persuade the US to join a task force to help stabilize Syria, following its disastrous civil war, which has seen Bashar al-Assad remain in power. The approach he is advocating would bring together the US, Russia, Israel, Jordan and other countries to agree on a “road map” for restoring Syrian sovereignty and unity.

In addition, a defence agreement signed in March between Amman and Washington served their mutual interests by allowing the US to move in forces, aircraft and vehicles in the country – from both Iraq and north-eastern Syria. It raised eyebrows in the Jordanian majlis, which the government ignored.

Abdullah and his Palestinian wife, Queen Rania, spent three weeks travelling around America; the royal couple had a good reason for wanting a holiday. Protests peaked in mid-March when several patients died in a government hospital due to negligent handling of the oxygen supply. In April Prince Hamzah, the king’s half-brother and popular with Bedouin tribes, was placed under house arrest.

And then on, July 12, just a week before the Biden meeting, a state security court sentenced two former officials, Bassem Awadallah and Sharif Hassan bin Zaid, a businessman and distant cousin of the king. Awadallah is a former chief of the royal court and served as the Jordanian finance minister and is a close associate of Saudi Crown Prince Muhammad bin Salman.

This refocused attention on a low-key but longstanding Saudi effort to include Riyadh in the administration of Jerusalem’s Haram al-Sharif, Islam’s third-holiest site. Abdullah has described protection of the Muslim shrine as a “red line.” Jordan rejected the Saudis’ demand to release Awadallah into their custody, a move that was reportedly supported by Biden and CIA Director William Burns.

In the same interview with CNN, Abdullah also confirmed that he had met secretly with the new Israeli prime minister Naftali Bennett this month and defence minister Benny Gantz after the formation of Israel’s new coalition government. The king clearly wanted to improve relations with the US by signalling that he was willing to be more friendly to Israel than during Binyamin Netanyahu’s time when Jordan cut off Israeli access to two farming enclaves leased as part of their 1994 peace treaty.

Earlier this year tensions escalated after Amman delayed a plane that was slated to bring Netanyahu to the UAE, ostensibly in response to Jordan’s Crown Prince Hussein – Abdullah’s son and heir - cancelling a trip to the al-Aqsa mosque due to disagreements over security arrangements. Netanyahu then attempted to shut down Israeli airspace to Jordanian flights in revenge.

In a changing Middle East, relations between Biden and Abdullah are clearly becoming more important – and to both sides.

by: IAN BLACK

IAN BLACK

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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.