James Denseiow

When President-elect Biden becomes President Biden later this month much of the world will give a sigh of relief. However, whilst it is a traditional part of the yoyo of US politics that a new President adopts a new set of foreign policy priorities that distinguish themselves from their predecessor, President Biden should look to build on Trump’s successes abroad through a lens of a recommitment to multilateralism and the institutions that the US has traditionally championed.

This may at first seem like a counterintuitive argument. After all Biden has described Trump as the ‘most incompetent’ President in US history. Such attacks may be dismissed in normal times as part of the rough and tumble of an election campaign, yet Trump exits stage left with memories of the storming of the US Capitol fresh in the minds of the world and to a level of derision and disgrace not seen since the Nixon Presidency collapsed in on itself.

Nobody though, would describe Trump’s foreign policy as particularly strategic. It seemed guided by several principles; one that multilateral bodies like the UN and NATO were ripping the US off, secondly that he could be the singular peace maker in intractable conflicts in Korea or the Middle East, and a desire to pull US troops back from across the world in an effort to save money.

Whilst few can say they will miss these values – wrapped up in the ‘America First’ central Tump platform – leaving the White House, Biden should assess where Trump has left US geopolitics before radically pivoting away just for the sake of it.

For example, Trump’s normalisation of relations between the UAE and Israel could still act as a strategic catalyst for a renewed effort to address the more central conflict between Israel and Palestine. Whilst Trump was unable to bring an end to the North-South Korea conflict, he avoided a ‘hot’ way at a sensitive time and there is hope that the engagement efforts he did partake in may have some legacy.

In Afghanistan peace talks continue and there is a clearer sense than ever as to the US looking to depart. Relations with Iran have seldom been worse but could all the pressure from the Trump term lead to Tehran being willing to engage with better intentions in a renewed look at the nuclear deal. Saudi-Qatar ties have normalised just as Biden hopes to enter the White House too.

Syria is a harder equation to predict. It was hard to know whether Trump wanted US troops in the Northeast of the country out or in to protect strategic oil supplies and support their Kurdish allies. 2020 was the least violent year of the Syrian conflict to date as it barrels towards its tenth anniversary. Yet the prospect of a major offensive in northwest Idlib hangs over the situation and instability in the country’s neighbours, particularly Lebanon are situations to look at closely over the coming months.

America’s Syria policy may find itself in the thrall of future US-Russia relations which are perhaps the most likely to shift in the Biden era. Trump was of course notoriously quiet when it came to criticising Putin and the continued revelations about the SolarWinds hack have given Biden the license to pursue a more belligerent approach to Moscow, that may manifest as ever in the deserts of Syria where Russian and US troops face off. Interestingly Ukraine and the actions of his son, Hunter Biden, proved a controversy during the election so it remains unclear if Biden will look to exercise political capital in that unresolved conflict.

Yemen, the world’s worst humanitarian crisis, may find itself in a better place if Biden is able to bolster peace efforts although Trump’s parting designation of the Houthis as a ‘foreign terrorist entity’ may prove quite the speed bump. The Covid-sparked threat of mass famine across Yemen and several African countries could provide the stage for a reenergised multilateral effort to unite as opposed to side-line global efforts or withdraw the US from them.

We will see the US re-join the WHO, re-join the Paris Accords – if they are able to and look to provide leadership and resource to address what President-elect Biden set out as the four simultaneous crisis of our time; climate change, Covid, a global recession and race relations following the rise of the Black Lives Matter movement. He has an inbox like no other President in modern history, but he should be wary of throwing all of the Trump policies, both domestic and foreign, in the bin at once.

by: James Denselow

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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.