Saudi Arabia calls on Iran to fully cooperate with UN nuclear watchdog
November 8, 2019, 11:03 am

Saudi Arabia calls on Iran to fully cooperate with UN nuclear watchdog

The flag of the IAEA (International Atomic Energy Agency) waves in front of the IAEA building in Vienna. (AFP)

Saudi Arabia has affirmed its support and appreciation for the efforts of the International Atomic Energy Agency (IAEA), and its inspectors’ professionalism and high transparency.

According to the report by Saudi Press Agency (SPA) from Vienna, this came in a speech delivered by Prince Abdullah bin Khalid bin Abdulaziz, the Saudi Ambassador to the Republic of Austria and the Kingdom’s Permanent Representative to the United Nations and international organizations in Vienna.

The special session of the IAEA Board of Governors was held on Thursday concerning the implementation of the safeguards agreement under the Non-Proliferation Treaty and the Additional Protocol in Iran.

Prince Abdullah indicated that the Deputy Director-General’s briefing on Iran dealt with its delay in providing adequate information consistent with the results of testing samples taken by the IAEA from an undisclosed site where nuclear materials were detected and this site has been cleared before being visited by the IAEA inspectors without providing any logical explanations identical to the analysis and testing of the samples during the last 11 months.

In his speech, Prince Abdullah expressed the Kingdom’s condemnation of Iran’ ongoing pursuit of this approach. He said the Iranian regime’s history is replete with deception and evasion, including the concealment of sensitive parts of its nuclear program, which undoubtedly confirms Iran’s non-peaceful program and its ambition to possess nuclear weapons.

Prince Abdullah also expressed the Kingdom’s happiness at the arrival of the detained inspector from Iran to the IAEA headquarters in Vienna, noting that the complacency in taking deterrent measures and actions against Iran for its actions against persons enjoying the privileges and immunities being guaranteed to them by international treaties inside the Iranian territory, will encourage its regime to repeat them in the future, especially in light of its record of such violations and lack of respect for international conventions and norms.

The Saudi envoy to the UN also stressed the need to call on Iran to fully cooperate without delay with the IAEA in providing the information required, and to respect the immunities and privileges of IAEA inspectors, in addition to providing the appropriate conditions for them to do their work properly.

Prince Abdullah also called on the Agency to intensify verification and monitoring efforts in Iran in order to unveil more information concerning its nuclear activities, and any other undeclared sites that Iran is likely to use in this regard, especially in light of hostile policies towards the countries of the region and the world at large, and its tendency towards expansion and domination.

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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.