Lebanese army clashes with supporters of Hezbollah, Amal in Beirut
December 17, 2019, 11:26 am

Lebanese army clashes with supporters of Hezbollah, Amal in Beirut

Riot police officers walk as smoke rises from tear gas, during anti government protests in Beirut on December 15, 2019. (Reuters)

Lebanese troops lobbed tear gas on Tuesday to disperse supporters of Shiite groups Hezbollah and Amal who tried to storm a square in Beirut in response to a video that purportedly offended Shiite figures, witnesses and media reports said.

Hundreds of youths on motorcycles waving their party and religious flags gathered in downtown Beirut chanting “Shiites, Shiites” and setting fire to tires. They hurled stones and fireworks at security forces standing nearby, witnesses said.

Ignoring calls for restraint by politicians, the youths tried to break a security cordon to storm the square where demonstrators have set up tents as part of an anti-government protest that has been going on for weeks.

In the vicinity of the area close to a main road that links the capital’s eastern and western sections, scores of youths had burnt tires, smashed office buildings and torched several cars, live coverage by local television stations showed.

The protesters camped in the square have been targeted by Shiite groups in the past angered by chants against their political leaders, although Tuesday’s violence was of an overtly sectarian nature.

The video, which inflamed passions in a country where sectarian divisions run deep, was purportedly made by an expatriate Lebanese Sunni from the northern city of Tripoli and released on social media.

In the predominately Sunni populated city of Saida in southern Lebanon, groups of masked youths stormed into a main square where they set ablaze several tents set up by demonstrators who have camped for weeks, local television stations said.

Lebanon has been gripped by a historic wave of protests since October 17 leading to the resignation of Saad al-Hariri as prime minister, amid anger at the government’s failure to address the country’s worst economic crisis since the 1975-1990 civil war.

More than seven weeks since Hariri quit, politicians have been unable to agree on a new administration despite the deepening financial crisis.

The impasse took a violent turn at the weekend when Beirut was clouded in tear gas as security forces clashed with protesters who blame the ruling elite for corruption and bad governance. Dozens were wounded.

source: Reuters

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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.