No breakthrough with Qatar expected at GCC Summit
December 10, 2019, 10:33 am

No breakthrough with Qatar expected at GCC Summit

GCC foreign ministers pictured holding a preparatory meeting in Riyadh ahead of the summit. (SPA)

A summit of Gulf Cooperation Council heads of state to be held on Tuesday is not expected to produce a breakthrough in the stand-off with Qatar despite recent reports of exploratory talks, diplomatic sources and analysts said.

GCC foreign ministers held a preparatory meeting in Riyadh on Monday ahead of Tuesday’s summit, which is expected to focus on regional issues including maritime security, Iran’s interference in the region, the Palestinian-Israeli conflict, the Syrian crisis and the war in Yemen.

Saudi King Salman bin Abdulaziz extended an invitation to the leaders of the six-nation alliance, including Qatar’s Emir Sheikh Tamim bin Hamad al-Thani, last week. However, Sheikh Tamim traveled to Rwanda on Monday and is expected to be represented in Riyadh by Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani.

Held under the chairmanship of King Salman, the summit is also expected to see the attendance of Kuwaiti Emir Sheikh Sabah al-Ahmad al-Sabah and Bahrain’s King Hamad bin Isa Al Khalifa. Oman’s Sultan Qaboos is not expected to attend in person due to his undergoing medical checks in Belgium. The UAE’s Sheikh Khalifa bin Zayed was invited to attend.

The long-standing rift with Qatar broke into the open in June 2017, when Saudi Arabia, the UAE, Bahrain, and Egypt cut diplomatic and trade links with Doha, accusing the emirate of building close ties with Iran, befriending the outlawed terrorist group the Muslim Brotherhood, interfering in the internal affairs of the GCC states and funding militant groups across the region.

“We are not expecting this summit to resolve the dispute,” said one GCC diplomatic source, asking not to be named.

The allies have detailed several conditions for restoring relations including cutting ties with Iran, severing ties with terrorist groups and closing the Al Jazeera media house. Qatar has denied wrongdoing and has accused its neighbors of seeking to curtail its sovereignty.

In September, Saudi Arabia’s Minister of State for Foreign Affairs Adel al-Jubeir told the Council on Foreign Relations: “Qatar continues to fund extremists and terrorists and continues to involve itself in our internal affairs.”

Kuwait has been leading efforts within the GCC to engineer a reconciliation. There have been reports of exploratory talks between Qatar and Saudi Arabia in recent weeks, with some optimistic comments reported by Qatari officials.

This year’s summit comes amid heightened regional tensions following the September 14 attacks on two Saudi oil facilities and a spate of attacks on shipping in the Gulf, which have been widely blamed on Iran.

The GCC has supported Washington’s policy of “maximum pressure” on Iran through sanctions, and the region is at a heightened state of alert for further backlashes.

GCC member states Saudi Arabia, the UAE and Bahrain have all joined a US-led maritime security construct that aims to protect merchant ships and ensure freedom of maritime navigation and international trade.

The alliance also includes the United Kingdom and Australia. Its operation covers the Strait of Hormuz, Bab al-Mandab, the Sea of Oman and the Arabian Gulf.

GCC Secretary-General Abdullatif bin Rashid al-Zayani said during the preparatory meeting with foreign ministers on Monday that the summit reflects the GCC leaders’ desire to bolster relations and ensure the region’s security and stability.

SOURCE : Al Arabiya English

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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.