Lebanon will not 'hand over' Hezbollah weapons at Gulf meeting, foreign minister says
January 29, 2022, 7:10 am

Lebanon will not 'hand over' Hezbollah weapons at Gulf meeting, foreign minister says

Hezbollah leader/Facebook page

The National Post reported citing Reuters, Lebanon’s foreign minister said he was not going “to hand over” Hezbollah’s weapons during a meeting this weekend with Gulf Arab counterparts that want Beirut to rein in the Iran-backed Lebanese Shi’ite group in exchange for improved ties.

In a nod to Gulf concerns, Lebanon will however say that the country will not be “a launchpad for activities that violate Arab countries,” according to sources familiar with a draft government letter responding to Gulf terms for improved ties.

Lebanon is due at the meeting in Kuwait on Saturday to deliver its response to the terms for thawing relations, which have suffered as the heavily armed Hezbollah has grown more powerful in Beirut and the region.

Lebanese Foreign Minister Abdallah Bou Habib told Al Jazeera: “I am not going (to Kuwait) to hand over Hezbollah’s weapons. I am not going to end Hezbollah’s existence, it is out of the question in Lebanon. We are going for dialog."

Hezbollah supports Iran in its regional struggle for influence with U.S.-allied Gulf Arab states, which say the group has aided the Iran-aligned Houthis who are fighting a Saudi-led coalition in Yemen.

Founded by Iran’s Revolutionary Guards in 1982, Hezbollah has a militia more powerful than Lebanon’s army and has backed pro-Iran allies in the region, including Syria.

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The group and its allies also exercise major sway over Lebanese state policy.

DISASSOCIATION

The terms delivered to Beirut on Jan. 22 by the Kuwaiti foreign minister include setting a time frame for implementing U.N. Security Council resolutions, among them Resolution 1559 which was adopted in 2004 and calls for the disarmament of non-state militias in Lebanon.

A draft of the government’s response seen by Reuters sidesteps the issue, expressing Lebanon’s respect for U.N. resolutions “to ensure civil peace and national stability.”

But it mentions no specific U.N. resolution or any steps to implement them.

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Bou Habib told Al Jazeera implementing resolution 1559, which would require Hezbollah’s disarmament, “will take time.”

The Gulf rift has added to the difficulties facing Lebanon as it struggles with a financial crisis that the World Bank has described as one of the sharpest depressions ever recorded.

Saudi Arabia and its fellow Gulf Arab monarchies once spent billions of dollars in aid in Lebanon before ties soured.

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Ties hit new lows last October when Saudi Arabia and several other Gulf states expelled Lebanese ambassadors in response to comments by a former Lebanese government minister criticizing the Saudi-led coalition fighting in Yemen.

The visit to Beirut last week by Kuwaiti Foreign Minister Sheikh Ahmad Nasser al-Mohammad al-Sabah was the first since the rift. He said Lebanon must not be a platform for hostile acts or words toward Gulf Arab states, and that members of the Gulf Cooperation Council (GCC) were sympathetic to the Lebanese people.

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In the draft letter, Lebanon commits “verbally and actually” to a policy of disassociation from regional conflicts – a policy adopted by successive governments even as Hezbollah has deployed fighters to Syria.

It also pledges to strengthen measures being taken by Lebanon in cooperation with other Arab states to prevent drug smuggling to Gulf Arab states.

Hezbollah’s adversaries accuse it of links to regional drugs trade – something it denies. The GCC in December called on Lebanon to tighten border controls and take measures to deter drug smuggling via exports into Saudi Arabia and other Gulf states.

Source: nationalpost

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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.