Protesters condemn Hassan Diab’s new government in Lebanon
January 22, 2020, 10:35 am

Protesters condemn Hassan Diab’s new government in Lebanon

A demonstrator holds the Lebanese flag during a protest against a ruling elite accused of steering Lebanon towards economic crisis in Beirut, Lebanon. (Reuters)

Lebanese protesters denounced the country’s new government and vowed to continue demonstrations on Wednesday.

“This is an anti-people government, it is a sectarian government which is not representative of the social and demographic terrain of the Lebanese population”, said 62-year-old engineer Abdullah Hassan.

Hassan had gathered alongside other protesters on Tuesday night in reaction to the announcement of a new government under Prime Minister Hassan Diab.

While protesters have demanded a government of technocrats and new elections, the new cabinet is backed by many of the establishment parties which protesters have denounced, including Iranian-backed Hezbollah and President Michel Aoun’s allied Free Patriotic Movement.

“It feels like day one in terms of the things we asked for, instead they got new images of old members, they are the same as before, just with different masks,” said school teacher Farah.

The heavily indebted country has been without an effective government since Saad Hariri resigned as premier in October, prompted by protests against a political elite seen as having caused the crisis through state corruption.

Hariri and his Future Movement have stayed out of the government, along with the staunchly anti-Hezbollah Christian Lebanese Forces party and the Progressive Socialist Party of Druze leader Walid Jumblatt.

Weeks of wrangling over portfolios among Hezbollah’s allies held up an agreement until Tuesday when the heavily armed group delivered an ultimatum to its allies to make a deal or suffer the consequences, sources familiar with the talks said.

The cabinet is made up of 20 specialist ministers backed by parties. Economist Ghazi Wazni was nominated finance minister with the backing of Parliament Speaker Nabih Berri. Nassif Hitti, a former ambassador to the Arab League, was named foreign minister with the backing of Aoun’s Free Patriotic Movement.

While Eddy Nader, a 31-year-old digital marketing manager, said that not all the new ministers are corrupt, he added that “they aren’t able to do anything.”

“The establishment is too strong, they have a strong position against the people”, he added.

American University of Beirut student, Nathalie Bisset, 25, said the government formation is “useless as long as the system which we’re trying to demolish is still in place, no matter what they form right now, it’s just stalling.”

Online, analysts and activists also voiced their concerns.

Lebanese activist Sara Assaf tweeted saying “For nearly 100 days, we asked for a technocrat independent Govt, aiming to fight corruption and restore national & international trust. We got the exact opposite, a govt fully controlled by Nasrallah & Bassil! Expect more protests, roadblocks, and violence!”

https://twitter.com/SaraAssaf/status/1219733724130091010

Other analysts said that Hezbollah’s role in the government’s formation meant it might have difficulty convincing other states to provide urgently needed financial support.

“It will certainly not be easy for a government of this type to convince the outside world to help Lebanon.” Nabil Boumonsef, deputy editor-in-chief of the An-Nahar newspaper, said in comments on the new government.

Mohanad Hage Ali, a fellow at the Carnegie Middle East Center, said the new government of “one color” could further polarise Lebanese politics. Hariri’s absence meant that old Sunni-Shiite tensions might be reactivated, said Ali.

On Twitter, Lebanese celebrities also criticized the new government. Lebanese singer Elissa summarized the mood in a one-word tweet, describing the new government as a “joke.”

But back on the streets, some took heart that the new government's unpopularity would ensure the protest movement continued.

“I’m not worried about the revolution dying anymore,” said Bisset.

source: Tommy Hilton

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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.