Palestine olive season this year set to be overshadowed by multiple challenges
October 14, 2021, 5:33 am

Palestine olive season this year set to be overshadowed by multiple challenges

Olive trees-Harvest/Pixabay

As it used to be a festive season, the olive harvest in the Palestinian territories this year looks set to be overshadowed by multiple challenges, such as falling production caused by cold weather, increased olive oil imports from abroad and sporadic attacks from Israeli settlers.

The Xinhua reported, farmers in the Gaza Strip and the West Bank have started the olive harvest season, which will last about 40 days.

According to the Palestinian Ministry of Agriculture in Gaza, about 4,000 hectares of land are planted with olive trees in the Palestinian coastal enclave.

The ministry's spokesman Adham El-Bassiouni told Xinhua that 2021 has witnessed a decline of 60 percent in the olive production because of the harsh climatic condition.

Ammar Hiji, whose father owns 25 hectares of land in the east of the Gaza Strip, also blamed part of the harvest failure on cold weather that harmed the olive trees.

The 29-year-old father of four, however, noted that the most prominent challenge facing the farmers in Gaza is that landowners are importing increased olive oil from abroad.

For Amer Fayez and many other farmers in the Gaza Strip, olive is a main source of livelihood.

Fayez told Xinhua that he used to spend 12 hours a day picking olives, and the olive harvest season starting October offers him an opportunity to earn 10 U.S. dollars per day.

The situation was no better in the cities and villages of the West Bank as Palestinian farmers there suffer almost daily aggression by Israeli settlers, which even has prompted the launch of a popular Palestinian campaign called Fazaa that aims at protecting farmers across 25 sites of the West Bank during their harvest season.

Supported by the Palestinian Ministry of Agriculture, the Committee against the Wall and Settlement in the Palestinian Authority, the campaign has attracted dozens of Palestinians, volunteers and owners of agricultural land.

Muhammad Khabisa, a 68-year-old farmer, has welcomed the campaign since he set his foot on his land for the first time in May, as the area has been under the Israeli army control.

Khabisa said as he climbed the stairs to pick olives: "My feeling is indescribable, especially when I saw young activists help me protect my land."

More than half a million Israeli settlers, along with 3.1 million Palestinians, live in the West Bank which was occupied by Israel in 1967. Confrontations between the two sides often turn into violent clashes.

Source: xinhua

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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.