Saudi Arabia Reaffirms Strong Support for Palestinian Rights During Emergency Arab Summit
March 5, 2025, 2:15 pm

Saudi Arabia Reaffirms Strong Support for Palestinian Rights During Emergency Arab Summit

وزير الخارجية السعودي

Saudi Foreign Minister Prince Faisal bin Farhan emphasized today, Tuesday, the Kingdom’s firm rejection of any infringement on the rights of the Palestinian people, reaffirming opposition to settlement expansion and attempts to displace Palestinians. This statement came during his speech at the emergency Arab summit held in Cairo.

Prince Faisal clarified that the Kingdom supports the two-state solution and the Palestinian people's right to self-determination, stressing the importance of providing international guarantees to ensure a ceasefire in Gaza. He also highlighted the necessity of rebuilding Gaza while its residents remain there, asserting that Saudi Arabia will not accept any violation of the legitimate rights of the Palestinian people.

He mentioned that Saudi Arabia supports the Palestinian Authority in its efforts to achieve security and stability. According to Saudi sources, the Kingdom’s participation in the summit reflects its steadfast commitment to defending Arab issues, especially the Palestinian cause, and its refusal to accept any attempts to alter the political or demographic reality in the occupied territories.

Recent Arab positions are based on the resolutions of the Arab and Islamic summit hosted by Riyadh in November 2024, which form the foundation of the Arab stance towards developments in Palestine, including the rejection of any attempts to forcibly displace Palestinians and condemnation of Israeli and American statements calling for the annexation of the West Bank or the imposition of foreign control over the Gaza Strip.

Saudi Arabia also confirmed its commitment to a just political solution, previously announcing its partnership with the joint Arab and Islamic ministerial committee, the Kingdom of Norway, and the European Union to launch the international coalition to implement the two-state solution. This initiative is part of new Saudi efforts to end the conflict in a fair and sustainable manner, as Riyadh hosted the first meeting of the coalition, attended by representatives from about 90 countries and international organizations, reflecting broad international support for ending the occupation and establishing an independent Palestinian state.

It is noteworthy that the Saudi Foreign Minister arrived in Cairo to lead the Kingdom's delegation at the extraordinary Arab summit on behalf of Crown Prince Mohammed bin Salman.

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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.