Lebanon Begins Session to Elect a New President After More Than Two Years
January 9, 2025, 11:02 am

Lebanon Begins Session to Elect a New President After More Than Two Years

جوزيف عون

The Lebanese Parliament opened a session dedicated to the election of the country's president on Thursday, following more than two years of vacancy in the presidential office. This session is expected to result in the election of Army Commander General Joseph Aoun, who is considered the frontrunner for the position.

The session began on time after a quorum was reached, attended by French presidential envoy Jean-Yves Le Drian, Saudi envoy Prince Yazid bin Mohammed bin Fahd Al Farhan, as well as ambassadors from the quintet committee overseeing the presidential file and a group of diplomats.

Although not all obstacles have been overcome yet, particularly in awaiting the stance of the Shiite duo and the Free Patriotic Movement, other parliamentary blocs have shown a consensus to support the election of General Joseph Aoun as the new president during this session.

In the recent hours, meetings and consultations among political forces have intensified in an attempt to reach an agreement on General Aoun, who enjoys backing from several regional and international countries, even as the possibility of surprises remains open.

The election session, which started at 11:00 AM Beirut time (9:00 GMT), coincides with the aftermath of a devastating war that has weakened Hezbollah, one of the key players on the Lebanese scene, as well as the fall of Bashar al-Assad’s regime in neighboring Syria.

In the hours leading up to the session, significant support for Army Commander General Joseph Aoun became apparent, with numerous Lebanese politicians expressing their endorsement for him.

Electing a new president after the successive crises Lebanon has faced since 2019 could indicate the beginning of a phase of relative stability. However, the incoming president faces major challenges, primarily the reconstruction efforts following the recent war that devastated parts of southern and eastern Lebanon, as well as the southern suburbs of Beirut.

These challenges also include the implementation of a ceasefire agreement, which entails adherence to UN Security Council Resolution 1701 issued in 2006, calling for the disarmament of all armed groups in Lebanon except for legitimate forces and ensuring Hezbollah stays away from the borders.

Moreover, the current circumstances require urgent reforms to stimulate the Lebanese economy, which has suffered from an unprecedented collapse for more than five years.

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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.