Qatar's contradictory relationships
September 19, 2021, 9:54 am

Zara saleh

On August 15, when the Taliban movement swept into Kabul and took over the country, Qatar was the first country to provide urgent help with the airlift for foreign nationals to evacuate from Afghanistan. The tiny emirate with a 3 million population and less than 20% of them only are citizens, has played a significant role between the Taliban and western countries to complete the evacuation process from Kabul.

Qatari's foreign minister was the first official who visited Afghanistan and to meet the Taliban government. Compared to other countries, Doha has won the trust of the US and has hosted the largest American military base in the Middle East. At the same time, the Taliban movement had opened its political office in Doha in 2013 and then began to host the peace negotiations between the Taliban and the US.

Doha, on the other hand, has built strong ties with Iran despite Tehran's negative role to raise sectarian instability in the Middle East and continues to occupy UAE territories. Added to that, Iran considers as the main source and supporter of Shia militia groups who’s occupying four Arab capitals and continues their regional military and political intervention as a real threat to the Arab community. Simultaneously, Qatar has been in a close and strategic relationship with Turkey as the main supporter of the Muslim Brotherhood movement in several Arab countries such as Egypt, Syria, and Libya.

In purpose to become a regional power, Qatar continued its relations with Islamists groups in the region. For instance, Doha is still the safe place for many Islamist leaders such as Yousef Al-Qaradawi and other Muslim Brotherhood leaders and Hamas movement as well.

Furthermore, since the beginning of the so-called "Arab Spring" Qatar continued to keep its ties with Muslim Brotherhood and has been involved actively to support them with active coordination with Turkey. Such Qatari's ties with radical Islamist groups during the Arab Spring have led to the political and economic embargo towards Doha by several Arab countries in 2017. Such punishment was due to Qatar's rejection to cut its relations with the radical groups and to shut Al-Jazeera TV channel that was based in Doha.

Qatar's close ties with the Taliban was the unique opportunity for Doha to become the centre of the West's attention in terms of the evacuation processes that had been done by Qatar's ambassador in Kabul after the Taliban took over the country. Even US President Joe Biden has mentioned Qatari's role in Afghanistan and said, "No country has done more than Qatar,”.

On the other hand, Qatar's gamble with radical groups such as the Taliban in recent evacuation might have brought Doha to international politics as a logistic necessity for the US and other European countries. In the previous experiences of such gamble relations with the Islamists groups, Qatar has been failed to play the expected role since the beginning of Arab spring. The main Qatari allies, the Muslim Brotherhood, had failed in Egypt, Tunisia, and Maroco after the first election.

In Syria and Libya, Qatari's Muslim Brotherhood militias have been incompetent, and they served Turkey and Iran's agendas that brought instability to the region. Doha's relations with the Taliban might repeat the same scenario of the Arab spring as the gamble with the special Salafist movement such as the Taliban seems riskier and unsecure, and the wind doesn't always run as the ships desire.

by: Zara Saleh

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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.