Saudi Arabia says Iran uranium enrichment cannot be intended for ‘peaceful’ means
April 15, 2021, 9:30 am

Saudi Arabia says Iran uranium enrichment cannot be intended for ‘peaceful’ means

Logo of Saudi Arabia's Ministry of Foreign Affairs. (Supplied)

Saudi Arabia’s Ministry of Foreign Affairs said that it is following with concern the current developments of Iran’s nuclear program, the most recent of which was the Iranian announcement of raising the level of uranium enrichment to 60 percent, which cannot be considered a program intended for peaceful uses, the Saudi Press Agency (SPA) reported on Wednesday.

Saudi Arabia and its Gulf allies, who are also worried about Iran’s ballistic missiles and regional network of proxies, had supported former US President Donald Trump’s move to quit the accord in 2018 and re-impose harsh sanctions on Iran.

Ambassador Rayed Krimly, head of policy planning at Saudi Arabia’s Ministry of Foreign Affairs, says. told Reuters that any agreement that does not effectively address the concerns of states in the region would not work.

“Saudi Arabia is not interested in hindering or blocking the current negotiations ... it is interested in ensuring their success in achieving effectively the desired results,” Krimly said, adding that consultations are going on with global powers.

“We want to make sure at a minimum that any financial resources made available to Iran via the nuclear deal are not used ... to destabilize the region,” he said.

“We are going to do everything we can (so) that a nuclear deal is a starting point not an end point in this process,” he added.

“Iran will not achieve security or prosperity by nuclear blackmail,” Krimly said.

“We can begin by a nuclear deal and move on to another format that will discuss all these issues in a positive manner,” Krimly said, adding there was consensus among Arab countries and global powers on the need for expanded and inclusive talks.

“Maybe such a process can begin by confidence-building measures, by reducing tensions, by reducing the arms race in the region and then build on these steps towards a better future for all of us,” he added.

Security and stability

The Saudi official said the Kingdom, which has repeatedly faced missile and drone attacks by Yemen’s Iran-backed Houthi militia, was committed to working towards sustainable peace and security but retains the right to defend itself under international law.

“Our security and stability is not something we will bargain with,” he said.

“The Kingdom calls on Iran to avoid escalation and not to subject the security and stability of the region to further tension, and to engage seriously in the current ongoing negotiations, in line with the expectations of the international community towards Iran’s utilization of its nuclear program for peaceful purposes and under the supervision of the International Atomic Energy Agency, in a manner that achieves security and stability in the region and the world, and limits From the proliferation of weapons of mass destruction,” according to a statement on SPA.

Iran confirmed Wednesday it would start producing by next week uranium enriched to 60 percent purity, days after a blast it blamed on Israel hit a key nuclear facility in Natanz.

“Modification of the process just started and we expect to accumulate the product next week” from centrifuges at Natanz, tweeted Iran’s envoy to the International Atomic Energy Agency, Kazem Gharibabadi.

“The Kingdom stresses the importance of the international community reaching an agreement with stronger and longer determinants, in a way that strengthens monitoring and control measures and ensures preventing Iran from obtaining nuclear weapons or developing the necessary capabilities for that, and takes into account the deep concern of the countries of the region about the escalatory steps that Iran is taking to destabilize regional security and stability, including Its nuclear program,” the statement by the Kingdom’s foreign ministry added.

source: Reem Krimly

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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.