Ian Black

Iran’s deputy foreign minister, Abbas Araghchi, announced dramatically on April 13 that Tehran was ramping up its enrichment of uranium to 60% - its highest level ever- and a big step closer to the 90% that is required for weapons-grade material. Iran was responding to the “evil” act of Israeli sabotage of the Natanz nuclear reactor in Isfahan province. fire

The timing of the decision – and of the attack – really mattered: two days later indirect negotiations defined as “proximity talks” re-started in Vienna with the aim of reviving the 2015 nuclear agreement between the Islamic Republic, the US, Russia, China, and the E3 - comprising France, Britain and Germany.

The JCPoA, as that deal is known, was the outstanding foreign policy achievement of Barack Obama’s eight-year term. Donald Trump, his Republican successor, abandoned the agreement in 2018, re-imposing unilateral US sanctions on Iran and heralding his campaign of “maximum pressure.” President Joe Biden has vowed to return to it, invoking his belief in multilateral diplomacy.

The operation was not denied by the government of Prime Minister Binyamin Netanyahu; indeed news of the attack, and the involvement of the Mossad intelligence agency, were leaked to Israeli media, which are normally subject to strict military censorship on national security issues. One sympathetic American commentator even jokingly dubbed the Israeli leader “Natanzyahu.”

The attack was clearly intended as a signal to the US and Iran and the other parties trying to revive the 2015 deal, that Israel – the only (albeit undeclared) nuclear power in the Middle East – remained opposed to it and would stop at nothing to achieve its goal.

Iran’s foreign minister, Javad Zarif, pledged that the 60% enrichment would be reversed, as would previous breaches, if the US lifted sanctions. He called the Israeli action a "very bad gamble" that would strengthen Tehran's hand. Iran officially denies any ambitions to build nuclear weapons.

Natanz came in the wake of mounting evidence of Israeli attacks on Iranian forces and proxies in Syria and Iraq, as well as on Iranian tankers smuggling oil to Syria. Israel has also targeted Iranian ships in the Persian Gulf including the Saviz, reportedly used by the Islamic Revolutionary Guard Corps (IRGC), which western intelligence officials claim was a command-and-control vessel used to support the Houthis in Yemen’s war.

In Vienna the sides are negotiating (albeit from separate hotels) whether the US must lift all sanctions imposed or a selective group that is specifically linked to the nuclear deal. Iran has insisted it will only return to full compliance when the US lifts all sanctions that have throttled its economy, compounding the devastating effect of the covid pandemic. The US says some of these are not related to the nuclear deal but to other issues - such as terrorism, human rights, Iran’s ballistic missile programme or money-laundering. fire

But this challenging question is not just about tense and high-stakes international negotiations. Domestic issues are relevant too – in at least three countries. In Iran presidential elections are due on 18 June and the incumbent, Hassan Rouhani - deemed a moderate in western eyes - will hand over to the new government around 5 August. All the signs are that he will be replaced by a hardliner linked to the IRGC. Given their past objections to the JCPoA, that is assumed to make it far harder to resolve the nuclear issue.

Domestic politics are also part of the story in Israel. Netanyahu is considered to be “weaponizing” Iran’s purported nuclear ambitions in his own interests following last month’s inconclusive general election – the fourth in less than two years. Critics accuse him of seeking to avoid corruption charges – the first ever faced by a serving prime minister – in order to cajole hesitant coalition partners from joining his Likud-led government by manufacturing a national security crisis. “His judgment is liable to lead Israel into war,” as the Haaretz newspaper put it.

And in the US too the nuclear issue remains highly controversial for Biden, who has repeatedly signaled his commitment to rejoining the JCPoA. But he faces an uphill task in trying to undo the reputational and very real damage caused by his disruptive predecessor in the Oval Office.

Congressional objections to the Democrat’s nominees and demands that they expand the original deal to include Iran’s regional activities and ballistic missile program are unlikely to go down well in Tehran. Analysts have begun talking about crafting a “JCPoA plus”. Opponents see Biden as just another version of Obama when it comes to Iran: by reviving the nuclear agreement he will recognize its regional ambitions at the expense of both Israel and the Gulf states, they argue. fire

Another factor in weakening America’s economic leverage is the signing of 25-year strategic accord with China, in which Beijing has promised to invest $400bn in Iran in exchange for cheap oil. The IMF is predicting that Iran’s economy is on its way to recovery

On paper, Washington remains committed to diplomacy, but the succession of escalatory decisions in recent times suggests that both Israel and Iran, having chosen the path of confrontation, are now playing with fire. fire

by: IAN BLACK levant

levant

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.