Palestinian Reconciliation: Egypt’s Next Mission Impossible
June 10, 2021, 7:14 am

Palestinian Reconciliation: Egypt’s Next Mission Impossible

Dalia Ziada

Egypt is working hard to ensure that the newly set ceasefire between Israel and Hamas will not be as fragile as the previous similar deals. Mission Impossible

The best strategy to cement the ceasefire is to figure out a working solution for the entire Israeli-Palestinian conflict. A solution that is built on the tough ground of prioritizing the security needs of the innocent civilians, on both fronts, over the selfish goals of their political leaders. The most important step to be taken in this direction is to put an end to the intra-conflicts between the Palestinian political factions, and thus unify their vision to peace with Israel.

After eleven days of a brutal missile war between Israel and Hamas, in mid-May, Egypt single-handedly managed to broker a ceasefire deal that spared thousands of innocent lives. This was, allegedly, the most destructive battle between the Israelis and the Palestinians. According to the Palestinian Ministry of Health, more than 250 Palestinians have been killed, at least 1900 injured, and more than 2000 families displaced. On the other side, the Israeli Emergency Response Service announced that 12 Israelis were killed.

The ceasefire between Israel and Hamas is mutual and is not tied to any conditions or guarantees. However, the Egyptian Intelligence Bureau sent two separate security delegations; one to Tel Aviv and one to Gaza, to monitor the conflicting parties’ commitment. Meanwhile, the Egyptian President pledged to continue to actively work on a sustainable peace resolution for the Israeli-Palestinian conflict.

On May 18th, following a trilateral summit between the Egyptian, Jordanian, and French leaders, in Paris, the Egyptian President El-Sisi announced allocating 500 million dollars for reconstructing Gaza. On June 3rd, a huge parade of Egyptian civilian engineers and equipment entered Gaza to start reconstructing the infrastructure and more than 12 thousand homes that were damaged during the recent fight. The Egyptian construction delegation was received by warm welcome from Hamas leaders, as well as from the citizens of Gaza, who gathered in large numbers to wave the Egyptian flag and chant slogans for Egypt. Mission Impossible

Simultaneously, the Egyptian state dared to extend its security and diplomatic arms into the pandora box of the Israeli-Palestinian conflict, in search for means to revive peace talks between the Israelis and the Palestinians. On May 30th, the Israeli Foreign Minister visited Cairo, upon an invitation from his Egyptian counterpart to discuss ceasefire with Hamas and potential perspectives for peace. The last time an Israeli foreign minister visited Cairo, was in 2008. The next day, On May 31st, the Egyptian Chief of Intelligence paid a rare visit to Hamas in Gaza and the Palestinian Authority in the West Bank. The last time an Egyptian high-profile official visited Gaza was in early 2000s.

The purpose of the Egyptian Chief of Intelligence visit to Gaza and the West Bank was not limited to discussing the ceasefire and the reconstruction of Gaza. However, the Egyptian Chief of Intelligence was carrying a message from President El-Sisi to all Palestinian political factions to work together on ending their intra-conflicts, as a first step to negotiating an Israeli-Palestinian peace. In mid-June, a series of talks between various political Palestinian factions is scheduled to start, in Cairo, under the supervision of respective Egyptian authorities. On June 8th, Hamas Chief Ismail Haniyeh has already arrived in Cairo, to meet with the Egyptian Intelligence officials, prior to the beginning of the Palestinian factions’ meetings.

For more than 14 years, Egypt has been trying to reconcile between Hamas and Fatah, the top political Palestinian rivals in Gaza and the West Bank. The latest round of talks between Hamas and Fatah, and other political factions took place in February of this year, in preparation for the Palestinian elections, which got canceled two months later. The last Palestinian general elections took place in 2006. Since then, the conflict of interests between the leading Palestinian politicians blocked the possibility of holding a new round of elections. The current political status que is the real reason for most of the sufferings of the Palestinian people, but it works perfectly for the selfish interests of the Palestinian leaders. Mission Impossible

Whether Egypt may succeed in the almost impossible mission to reconcile between Fatah and Hamas remains an open question with no definitive answer. That is a mission more crucial and more complicated than bringing the Israelis and Palestinians to negotiation table, once again. levant

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BY: Dalia Ziada

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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.