Saad Hariri: Iran-backed Hezbollah responsible for the rift with Saudi Arabia
October 30, 2021, 5:26 am

Saad Hariri: Iran-backed Hezbollah responsible for the rift with Saudi Arabia

Saad Hariri-Lebanese former Prime Minister/Facebook

The Arab News reported, Lebanese former Prime Minister Saad Hariri said on Friday that Iran-backed Hezbollah was responsible for the rift with Saudi Arabia and other Gulf countries.

Hariri said in a tweet: “The responsibility, first and foremost, in this regard lies with Hezbollah, and its professed hostility toward the Arabs and the Arab Gulf states."

He issued the statement after Saudi Arabia recalled its ambassador from Lebanon "for consultation" and ordered the Lebanese envoy in Riyadh to leave within 48 hours on Friday. Saudi Arabia also banned Lebanese products from the Kingdom.

Riyadh's actions were in response to comments made by Lebanon's Information Minister George Kordahi about the Saudi-led military intervention in Yemen. Kordahi, a former newscaster of the Saudi broadcast company MBC, said that the Yemen's Houthi militia were only defending themselves against aggression.

Saudi Arabia, the United Arab Emirates, Qatar and several other Arab states formed a coalition in 2015 to help restore Yemen's legitimate government which was ousted by the Houthis. Since then, the Iran-backed militia had been launching ballistic missiles, rockets and explosive-laden drones against civilian targets in Saudi Arabia.

The dispute is the latest challenge to Prime Minister Najib Mikati’s cabinet which is already in political paralysis over a row around the Beirut port blast probe.

The rift risks widening to more Gulf states with Bahrain also asking Lebanon’s ambassador to leave shortly after the Saudi decision.

A statement by his office said: Mikati, in a phone call with Kordahi on Friday evening, asked him to put the national interest first and “take the right decision to fix Arab relations with Lebanon."

Sources with knowledge of the matter had told Reuters the Saudi escalation was piling pressure on Kordahi to resign in order to avert further consequences.

Mikati earlier reiterated his government’s commitment to good relations with Saudi Arabia and called for Arab partners to put the latest crisis behind them but stopped short of announcing concrete action to remedy the crisis.

The statement said: “We also appeal brotherly Arab leaders to work and help to overcome this crisis in order to preserve Arab cohesion."

Kordahi has said the show was recorded nearly a month before he took office and he would not resign over the incident, earning praises from the Hezbollah.

Mikati has been hoping to improve ties with Gulf Arab states which have been strained for years because of the influence wielded in Beirut by the Iran-backed Shiite group Hezbollah.

A Riyadh statement carried by SPA said: “The control of the terrorist Hezbollah on the decision-making of the Lebanese state made Lebanon an arena for implementing projects for countries that don’t wish Lebanon and its people well."

In April, Saudi Arabia banned all fruit and vegetable imports from Lebanon blaming an increase in drug smuggling.

The ban added to the economic woes of Lebanon, already in the throes of one of the modern times’ deepest financial crises.

Source: arabnews

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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.