Regional War on the Horizon.. Factions in Baghdad Prepare for Israeli Strike
Mutual threats between Israel and Iran, along with the intervention of Iraqi factions, increase the complexity of the regional scene and threaten to turn the limited conflict into a wider struggle tha
October 9, 2024, 10:29 pm

Regional War on the Horizon.. Factions in Baghdad Prepare for Israeli Strike

الحشد الشعبي

Media sources revealed on Wednesday that armed groups in the Iraqi capital, Baghdad, have begun evacuating their centers in anticipation of a potential Israeli attack.

This step comes amid a state of anticipation prevailing in the Middle East, where Israel's reaction to the Iranian missile attack that occurred last week is awaited, which came in response to the Israeli military escalation in Lebanon.

Although the Iranian attack did not result in human casualties in Israel, and Washington described it as ineffective, tension still looms over the region.

Coinciding with the launch of dozens of Iranian missiles at Israel, and Washington's pledge to support the latter, Iraqi organizations announced that US facilities in Iraq and the region would be targeted if the United States participates in any response to the Iranian strikes against Israel.

Israeli Prime Minister Netanyahu vowed that Iran would pay the price for its missile attack, while Tehran warned that any retaliatory action would be met with widespread destruction, raising fears of a wider war in the oil-rich region, which could drag the United States into it.

Iraqi armed groups allied with Iran, including Kataib Hezbollah, Kataib Sayyid al-Shuhada, and Harakat al-Nujaba, form what is known as the "Islamic Resistance in Iraq" formation, which in recent months has announced drone attacks on targets in Israel against the backdrop of the war in Gaza.

Since April, Israel has confirmed a number of airstrikes from the eastern side, without accusing a specific party, and has repeatedly announced the interception of drones outside its airspace.

The escalation in Lebanon and the year-long war between Israel and Hamas in the Gaza Strip have raised fears of an expansion of the conflict in the Middle East, which could draw Iran, as well as the United States, Israel's strongest ally, into the confrontation circle.

The situation in Lebanon has significantly worsened over the past few weeks, with Israel carrying out a series of assassinations targeting prominent Hezbollah leaders, and initiating ground operations in the south before expanding their scope this week.

Hezbollah is considered the most heavily armed group among the organizations and factions supported by or allied with Iran in the Middle East, and it has been exchanging fire with Israel across the border in support of Palestinian factions fighting Israel in the Gaza Strip.

Amidst these charged atmospheres, the region appears to be on the brink of a wider conflict, calling for intensive diplomatic efforts to calm tensions and avoid an escalation that could have dire consequences for the entire region.

Levant-Agencies

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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.