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Morocco follows suit

On November 10,when Donald Trump announced – on Twitter of course – that Morocco had agreed to establish formal relations with Israel in return for US recognition of its claim to the Western Sahara, it was on the face of it yet another triumph for the most disruptive president in living memory – less than six weeks before he leaves the White House.
King Mohammed VI was clearly unable to resist the temptation to advance the international legitimacy of his rule over the former Spanish colony and celebrate a milestone moment in the decades-long struggle against the Sahrawi Polisario liberation movement, which has always been backed by neighboring Algeria.
In deciding to follow the United Arab Emirates, Bahrain and Sudan, the Moroccan monarch made a significant contribution to the erosion of traditional pan-Arab solidarity with the Palestinians, who remain as powerless to object to Rabat’s decision as they were in recent months with Abu Dhabi, Manama and Khartoum.
Mahmoud Abbas, the president of the Palestinian Authority, was notably restrained – possibly because of the role of King Mohammed in acting as the guardian of Jerusalem for Muslims. But the veteran official Hanan Ashrawi, whose resignation was announced last week, lambasted a deal she described as “between bribery and blackmail”.
The king reiterated his support for a two-state solution, but there was no disguising the fact that normalization with Israel has become the “new normal” across the Arab (and perhaps the Muslim) world. The most important country to watch is Saudi Arabia. If Riyadh decides to follow suit, others are sure to follow.
Under Trump, the US has become the first ever country to recognize Moroccan sovereignty over the disputed territory since 1975. Following the occupation, half the Sahrawi population fled to Algeria, where they have lived for 45 years in refugee camps in the middle of the desert. The deal comes less than a month after a nearly three-decade-old ceasefire ended. “The US believes that an independent Sahrawi State is not a realistic option for resolving the conflict and that genuine autonomy under Moroccan sovereignty is the only feasible solution,” the proclamation stated.
In the big picture, the Sahrawi cause is far less well-known internationally than the Palestinian issue. It is also less toxic and divisive. Still, Polisario’s Saharan Arab Democratic Republic is recognized by more than 80 countries. It is a full member of the African Union. The European Union disassociated itself from the US decision, as did the UN and Russia. The 1991 cease-fire included the promise of a referendum on independence, as demanded by Polisario, but it has never taken place, despite repeated UN-mediated talks on holding a vote.
It remains to be seen whether President-elect Joe Biden will try reverse his predecessor’s decision. It is clear that the Democrat would come under pressure by pro-Israel groups to avoid a situation in which Morocco could use this as an excuse to nullify their recognition of Israel. Trump’s many critics responded to the news by saying that he had legitimized two occupations.
Another reason for the lack of angry Palestinian reaction may that the Moroccan move was not that surprising. The kingdom’s links with Israel go back to the 1950’s, in part because of the large number of Moroccan Jews who emigrated to Israel in its early years. That continued with the cooperation of Rabat after the country’s independence in 1956. Mohammed VI has a senior Jewish adviser, as did his father Hassan II. About one million Israelis are from Morocco or descended from those who were, ensuring a deep interest in that country. Israeli tourists visit regularly – 45,000 in 2019 - though so far via third countries.
Israel’s Mossad secret service was also involved in the notorious assassination of the left-wing leader Mehdi Ben Barka in France in 1965. Clandestine connections with Morocco were vital in paving the way for the Egyptian president Anwar Sadat’s historic peace initiative in 1977. In 1986 King Hassan hosted the then Israeli prime minister Shimon Peres at his palace in the Atlas mountains, and there was security collaboration against al-Qaeda in the early 1990s. Yitzhak Rabin paid a similar visit after the Oslo Accords in 1993. Liaison offices between Israel and Morocco were established in 1994 but closed after the outbreak of the second Palestinian intifada in 2000, fitting a regional pattern. They will be reopened as part of this agreement. Direct flights will also now be permitted.
Still Polisario, like the PLO, is unlikely to disappear. “I think the status of Western Sahara is already determined by international law, so not by a tweet of a president who is already on his way out,” as one of the organisation’s representatives put it in response to the dramatic news from Washington. “So, the international law is clear and is set out in successive UN Security Council resolutions that were authored by the US itself, and that Western Sahara’s status will be determined by a referendum.” Whatever Trump claims, both conflicts – the Palestinians’ with Israel and the Sahrawis’ with Morocco – still need to be resolved.
IAN BLACK
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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