Nawaf Salam Begins Forming His New Lebanese Government
January 15, 2025, 1:20 pm

Nawaf Salam Begins Forming His New Lebanese Government

نواف سلام

Judge Nawaf Salam, tasked with forming the new Lebanese government, began today, Wednesday, non-binding parliamentary consultations for government formation, which will last for two days at the Parliament.

In this context, Salam is meeting with parliamentary blocs today, while tomorrow is reserved for independent deputies. He initiated the consultations with a meeting with Deputy Speaker Elias Bou Saab, as Speaker Nabih Berri was absent, expressing his dissatisfaction with this process, which confirmed that he and his parliamentary bloc (Development and Liberation) and the Hezbollah bloc (Loyalty to the Resistance) would not attend the meetings.

After the meeting, Bou Saab stated that "communication between Berri and Salam is ongoing," assuring that the phase is moving in the right direction to resolve the crisis. He also pointed out the need to clarify some matters, emphasizing that President Salam is open to all parties and has no intention of excluding anyone, but he bears the responsibility for change while maintaining balance.

On the other hand, Qassem Hashem, a member of the "Development and Liberation" parliamentary bloc, reported that the two blocs, "Development and Liberation" and "Loyalty to the Resistance," would not participate in the non-binding parliamentary consultations, clarifying that this does not mean a boycott of the government or the designated President Nawaf Salam. Hashem considered that "the position of the two blocs is a principled political stance to express objection to the agreed-upon imbalance regarding the assignment."

He added that "the boycott came based on a comprehensive assessment of previous developments, even though this type of consultation is not binding." He reaffirmed their principled objection but stressed their determination to work with all parties to extricate Lebanon from its crises and fulfill the aspirations of the Lebanese people.

It is noteworthy that after the government is formed, the President of the Republic issues a decree for the formation of the government in agreement with the Prime Minister. Nawaf Salam has confirmed in his statements that he is "not one who excludes others but rather one of unity and national partnership," calling for the need to extend the authority of the Lebanese state over all its territory and to build a productive economy that ensures job opportunities for future generations.

It is also mentioned that President General Joseph Aoun tasked Judge Nawaf Salam with forming a new government after the completion of the binding parliamentary consultations, where Salam received 84 votes out of 128 deputies.

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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.