Ian Black

Among the many issues at stake in the US election in November is the future of Nato – the highly successful Atlantic Alliance that was founded at the start of the Cold War, saw the collapse of the Soviet Union as it ended, and for which Donald Trump has been a uniquely disruptive American president.

If Joe Biden, the Democratic candidate, fails to defeat the current occupant of the Oval Office, other leaders and former US defence officials fear that Trump will deliver on his - so far - private threat to withdraw from Nato and produce a stunning win for Russia’s Vladimir Putin.

"If I lose and he gets elected, you will remember the things that I said will turn out to be right… and that is, if he gets elected, there will be no Nato,” Biden said in June. Earlier he accused Trump of treating the alliance “like a protection racket.” He also released a viral video of several leaders appearing to chuckle at Trump, saying that the “world is laughing at the president.”

This election comes at a moment when America’s global dominance is fading even as it remains the pivotal power in shaping a new security order. It has added to uncertainty about the direction the US will take in the face of rising geopolitical competition and conflict.

Alarm was fuelled by the bombshell memoir published in June by John Bolton, the president’s hawkish former national security advisor, in which he described his boss as repeatedly saying he wanted to quit Nato. Bolton also warned last December, on the eve of the London summit celebrating the 29-member alliance’s 70^th birthday, that Trump could “go full isolationist.”

Over the last three years the Twitterer-in-chief has repeatedly boasted that he would get other allies to “pay their fair share” –showing ignorance of the principles behind national contributions, which are based on commitments to spend on their own military resources. He has also cast doubt on US commitment to its obligations under article 5 of Nato’s founding document, the Washington Treaty, under which an attack on one ally is considered an attack on all allies.

The most recent example of this fractured relationship was the sudden decision to withdraw 9,500 U.S. troops from Germany, a move that shocked Nato. Bolton’s successor as national security advisor, Robert O’Brien, justified that by citing Berlin’s lack of defence spending. “It is time … for all European nations to contribute their fair share in defending their homelands,” he wrote.

Another took place last autumn - removing US Special Forces from northern Syria after Trump consulted President Recep Tayip Erdogan by telephone. That left Kurdish forces exposed and caught Europeans off guard. It also made Emmanuel Macron, the French president, furious that Trump had not consulted allies, declare that Nato was “strategically brain-dead.” And Turkey itself, pursuing aggressive foreign and security policies, is another problem. Yet another issue was the collapse of the Intermediate-Range Nuclear Forces Treaty.

But there may be worse to come – and Nato has of course become part of the divisive character of this ugly battle for the White House: “Withdrawing from Nato would be nothing short of catastrophic and further highlights the historic importance of this election,” declared Senator Jeanne Shaheen, Democrat of New Hampshire and a senior member of the Foreign Relations Committee. “President Trump has undermined trans-Atlantic relations from day 1, and the only one reaping the benefits is Vladimir Putin. Speculation of a future withdrawal is in itself a victory for the Kremlin and beyond Putin’s wildest dreams.”

US opposition to the 2015 nuclear deal with Iran has also been an irritant in relations with Nato, as has the decision to kill the commander of the Revolutionary Guards Quds Force Qassem Suleimani in a drone strike in January. Trump’s recent announcement of the Abraham Accords – the normalisation agreements between Israel, the UAE and Bahrain – has done nothing to resolve the world’s most intractable conflict between Israel and the Palestinians. Whatever the spin, It was transactional rather than transformative.

In the wake of the Soleimani killing, Trump suggested to Jens Stoltenberg, the alliance’s Norwegian secretary-general, that Nato should expand its activities into the Middle East. “Nato, right, and then you have M-E, Middle East,” he told reporters excitedly, writing in the air with his fingers. “You call it Nato-ME. What a beautiful name. I'm good at names.”

If Trump were to defeat his democratic rival it would doubtless produce panic. Congress would oppose any plans to leave Nato, but even if that does not take place it will likely continue to erode confidence in US leadership – as well as signalling to authoritarians, including Russia, that this alliance is not what it once was.

“The greatest fear is what he would do in a second term. He would be more free from constraints,” an anonymous Nato diplomat said, adding that he was under pressure from his capital to assess what a second Trump term would mean for the alliance. “It is impossible to predict.” But its survival would clearly not be taken for granted.

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.