Former PM Hariri in key meetings over Lebanon’s parliamentary elections
January 22, 2022, 4:14 am

Former PM Hariri in key meetings over Lebanon’s parliamentary elections

Saad Hariri-Lebanese former Prime Minister/Facebook

The Arab News reported that just four people have submitted their candidacies for Lebanon’s parliamentary elections planned for May since the nomination process opened on Jan. 10.

The next house of representatives will elect a new president in October, five months after the parliamentary elections.

Some 250,000 Lebanese expats have registered abroad to vote in the upcoming elections to choose 128 MPs.

Only one-third of them registered for the previous elections, reflecting enthusiasm for change.

Zeina Helou, an expert in local affairs, told Arab News that those who submitted their candidacies belonged to the opposition.

Helou said there was a delay in the process because opposition figures had been questioning the possibility of parliamentary elections going ahead.

There were further delays due to the electoral law requiring candidates to join electoral lists to qualify as a contestant.

Candidates are also required to deposit LBP30 million ($19,800), which is far higher than the LBP8 million deposit for previous parliamentary elections.

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Helou said that things might take shape when registration of the candidates’ lists begins, with the deadline set between Mar. 16 and April 4.

Amid the low candidacy numbers, the ruling political forces were still studying the possibility of maintaining their electoral allies, with several alliances broken up as a result of the political crisis.

The mystery surrounding the position of former Prime Minister Saad Hariri, who returned to Beirut on Thursday morning, has increased their frustration.

He left Lebanon last June following his refusal to form a government.

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Hariri met with the members of his bloc, with reports indicating that he will not nominate himself for the upcoming elections, leaving his bloc’s MPs the choice to participate or not.

Former MP and Vice-President of the Future Movement Mustapha Allouch told Arab News: “So far, we haven’t been informed of Hariri’s decision and all the other matters affiliated to that decision.”

Allouch said Hariri was holding several meetings and the picture might be clearer next week.

The political rumor mill has suggested that Hariri’s political allies, led by Parliament Speaker Nabih Berri and Leader of the Progressive Socialist Party Walid Jumblatt, will seek to convince him to run for elections or to let the Future Movement participate, as their absence will leave a void on the Sunni scene.

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There are mounting fears regarding Sunni representation as influential figures are reluctant to run for elections. Former Prime Minister Tammam Salam announced on Thursday that he was unwilling to run for parliament. Nazih Njeim, a member of the Future Movement, revealed that a number of the party’s MPs will not run for elections if Hariri does not put himself forward.

He said: “When the Sunni component is not doing well, this reflects badly on the country.”

Public affairs expert Dr. Walid Fakhreddin said: “Hariri’s decision not to run for elections seems to be settled, knowing that he partly bears responsibility for the collapse of the country and specifically for the settlement that brought about Michel Aoun as the president.”

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He added that other political forces in power were also hit at the core.

“The Free Patriotic Movement is destroyed at the grassroots level, and at the internal level, there will be fights between rivals of the same party on the same seat. The Progressive Socialist Party will re-nominate its deputies.”

He said: “We can also say while the popularity of Hezbollah and the Amal Movement was affected in some districts, it is no longer impossible to break it in other districts.

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“We will witness a confrontation between the ruling class and the opposition.

“The ruling parties will fight each other, and the opposition may have more than a list in a few districts.”

Source: arabnews

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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.