Kuwait PM: Iran should build trust in Gulf region and respect sovereignty
September 25, 2021, 9:43 am

Kuwait PM: Iran should build trust in Gulf region and respect sovereignty

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Th Arab News reported, the prime minister of Kuwait has called on Iran to take serious steps to build trust and start a serious dialogue in the Gulf region based on respect for the sovereignty of neighboring nations and non-interference.

He said nations in the region must seek to protect maritime commerce and the free movement of goods and ships in the Arabian Gulf.

Speaking during the 76th session of the UN General Assembly in New York, Sheikh Sabah Khaled Al-Hamad Al-Sabah said such steps will contribute to reducing tension in the region and building ties between the Gulf nations based on cooperation and mutual respect.

He said: “Such measures will reflect the desire of the people of the region to live in a safe, secure and prosperous condition.”

Alluding to the current tussle between Iran and the international community over its nuclear program, Al-Sabah said that the weakness of the anti-nuclear proliferation regime represented a “existential threat to the region.”

The Arab News said that inn 2015, during the presidency of Barack Obama, Iran signed a nuclear agreement deal with the US, European countries, Russia and China.

It mentioned, the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), placed restrictions on the Iranian nuclear program in exchange for sanctions relief.

In 2018 President Donald Trump withdrew the US from the agreement, claiming that the deal was not strict enough to limit Iran’s nuclear ambitions. Iran is currently engaged with the US in talks over its nuclear program.

Al-Sabah called for the elimination of weapons of mass destruction from the region and called on Iran to make the region a nuclear-free zone.

On the issue of Yemen, which affects all nations of the Gulf region, including Kuwait, he praised Saudi Arabia’s efforts to end the conflict in Yemen, reiterating Kuwait’s call on all parties to negotiate an end to the civil war.

He said a resolution of the conflict should be based on the Gulf initiative, a reconciliation conference between Yemeni groups and the relevant UN Security Council resolutions.

He condemned the Houthi group for targeting Saudi territories with drone and missile attacks.

He said: “We condemned all the attacks committed against the territories of Saudi Arabia."

Yemen has been in a state of conflict since 2014, when the Houthi group took control of most of northern Yemen, including the capital, Sanaa.

In 2015 a Saudi-led Arab coalition intervened to restore the legitimate government of President Abd-Rabbu Mansour Hadi.

Al-Sabah stressed Kuwait's support for the Palestinian people and said his country stands behind the Palestinians in seeking the end of the Israeli occupation and the establishment of an independent Palestine in the West Bank and Gaza, with East Jerusalem as its capital.

He said his country rejected Israeli policies of building illegal settlements, confiscating land and besieging Gaza.

He also expressed his support for efforts to bring a peaceful resolution to the conflicts in Syria and Libya and to bring security and stability to both countries.

Referring to Kuwait’s success in vaccinating 72 percent of citizens and residents, Al-Sabah said COVID-19 must have been confronted by all nations of the world through cooperation to make different kinds of vaccines and making them available to all countries of the world.

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.