Ian Black

Mike Pompeo, the US secretary of state, attracted unusually intense media attention the other day when he paid a visit to an Israeli settlement in the occupied West Bank. And Psagot, near Ramallah, was not just an ordinary outpost, but home to a highly successful winery.

In dropping in on Psagot (by Israeli military helicopter), Pompeo was widely seen as continuing the controversial policies of his boss, President Donald Trump, whose four years in the White House have served the interests of the most right-wing government in Israel’s history, contributed to the marginalization of the Palestinians and accelerated the decline of a two-state solution.

Trump reversed years of US policy by recognizing Jerusalem as Israel’s capital, its annexation of the Golan Heights, by closing the Palestinian mission in Washington, and cutting off aid to UNRWA. His “deal of the century” approved Israel’s annexation of up to a third of the West Bank and paved the way for the Abraham Accords, which “normalized” relations with the UAE and Bahrain.

Pompeo’s was the first ever visit by a senior US official to an Israeli settlement, which are considered illegal under international law. Under Trump, that position has been undermined by the most powerful country on earth. The Psagot trip underlined just how difficult it will be for Joe Biden to repair the damage that his predecessor has done. It was widely described as symbolic or a “victory lap”.

Pompeo enjoyed tasting a red wine (a “refreshing” blend of shiraz, cabernet sauvignon and merlot) flatteringly named after him – a compliment after his statement last year that Israeli settlements were "not, per se, inconsistent with international law". Most countries still believe that they are.

But the very fact of his visit was the main point, and one clearly coordinated with the Twitterer-in-chief in the Oval Office to emphasize how much he has done for Binyamin Netanyahu. The dovish Peace Now organization called the trip “a last pathetic attempt to undermine the prospects for peace by normalizing the settlements.”

After meeting Netanyahu Pompeo also announced that the State Department would declare as anti-Semitic the Boycott, Divestment and Sanctions (BDS) movement, which campaigns for a global boycott of Israel over its policies towards the Palestinians. This move followed a longstanding Israeli government campaign to discredit BDS as fundamentally anti-Jewish. (BDS supporters insist they are protesting against Israeli policy, including the expanding presence of West Bank settlements, and seek to draw a distinction between being anti-Israeli and anti-Jewish.)

On the same theme Pompeo declared that the US would publish new guidelines for labelling settlement products as "Made in Israel" rather than "Made in the West Bank" – in contradiction to the direction the European Union has taken in recent years. The new State Department guidelines "ensure that country of origin markings for Israeli and Palestinian goods are consistent with our reality-based foreign policy approach," an official statement said.

Pompeo later flew north to the Golan Heights – also becoming the first US secretary of state to do so. That area was captured from Syria in 1967 and later annexed by Israel in a move not recognised by the UN and most of the international community. Trump also served Netanyahu’s interests by recognising that annexation in 2019. The secretary of state condemned what he disparagingly described as calls "in the salons in Europe and in the elite institutions in America" for Israel to return the Golan to Syria.

Netanyahu’s government is clearly encouraged by Trump’s persistent support – even if he is now considered a “lame-duck” president. It recently announced plans to build more than a thousand new homes in Givat Hamatos, a settlement between Jerusalem and the West Bank town of Bethlehem.

Palestinians understandably applauded Biden’s victory, but they are not convinced that he will significantly help their cause. The Democratic president-elect is expected to reverse Pompeo's declaration on settlements, but he has said he will not undo Trump's decision in 2017 to recognise Jerusalem as Israel's capital.

And pressure is already mounting on the Palestinian Authority to improve relations with the next US administration. Having suspended security and civilian coordination with Israel last May, President Mahmoud Abbas restored it shortly before Pompeo’s trip. PA officials have also let it be known that they are re-considering financial support to the families of prisoners held by Israel – dubbed by Israeli critics as “pay to slay.”

Personal ambition may well be another relevant factor: Pompeo is considering standing himself for the US presidency in 2024. During last week’s trip to Israel, he also visited the site of Jesus' baptism – a stop that was clearly designed to appeal to the Republicans' Christian evangelical supporters. A "Mike Pompeo 2024" T-shirt is already being sold on Amazon.

The world, along with many Americans, may well be celebrating the fact that Trump is finally on the way out and being replaced by Biden. But given the many challenges the Democrat is facing he is unlikely to prioritize the Middle East. And Trumpism – and the disruptive effect it has had on some of the globe’s most intractable conflicts – is not going to disappear any time soon.

IAN BLACK

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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.