Ian Black

On November 27, when news broke about the assassination of the Iranian nuclear scientist, Mohsen Fakhrizadeh, a chill descended on the Middle East. It felt like a dangerous spark that could ignite a destabilizing conflagration in the region in the final weeks of Donald Trump’s term in the White House.

Iran quickly blamed Israel for targeting Fakhrizadeh – and not without reason. Binyamin Netanyahu, its prime minister, had named him in April 2018 when he unveiled the Mossad intelligence service’s sensational seizure of a trove of documents pertaining to Tehran’s clandestine nuclear program. Netanyahu reacted to the news of the killing by coyly saying that “he can’t tell all” about it. Other Israeli officials have not admitted their involvement, but neither – crucially - have they denied it.

Experts have linked the assassination to last month’s reports of Trump’s consideration of military action against Iran. The New York Times quoted current and former US officials as saying the president had asked senior advisers whether he had options to target Iranian sites after UN inspectors reported a significant increase in the country’s stockpile of nuclear material.

Advisers responded by warning that a strike against the Islamic Republic’s nuclear facilities could easily escalate into a broader conflict. Whatever the truth of this report, by targeting a prominent figure in Iran’s nuclear programme, presumably with a green light for Netanyahu, the Twitterer-in-chief in the Oval Office will make it far harder for his successor, Joe Biden, to persuade Iran to return to the 2015 Joint Comprehensive Plan of Action.

The Democratic president-elect has repeatedly pledged to lift US sanctions if Tehran goes back to comply with the terms of the JCPoA, which was seen by Barack Obama – Biden’s old boss - as a high point of his multilateral foreign and security policy. Trump’s 2018 abandonment of the agreement – viewed by him as “the worst deal ever” – triggered tensions with NATO allies UK, France and Germany, as well as with Russia and China.

Trump’s withdrawal from the JCPoA was interpreted – at least by Tehran - as proving Supreme Leader Ali Khamenei's argument that the US cannot be trusted and that the nuclear issue is an American pretext to pressure Iran and prepare the groundwork for regime change.

Four years of the Trump administration’s Iran policy culminated – publicly at least – in the January 3 assassination of Qassem Soleimani, the commander of the Quds Force that runs regional Iranian Revolutionary Guard Force operations. That was the visible and acknowledged peak of the “maximum pressure” campaign, but it was also followed by a wave of mysterious sabotage, fires and accidents at nuclear installations across the country, including at Natanz, the underground uranium enrichment plant.

Still, this is not all about US or Israeli military or intelligence activities, whether clandestine or not. Other forms of pressure are economic sanctions, whose effect has been magnified by the spectacularly damaging corona pandemic. And European countries have failed to find satisfactory compensation for Trump’s unilateral re-imposition of sanctions.

It has also become painfully clear that Iran’s economic woes—especially the shrinking of its oil exports and its currency devaluation—are closely connected to key geopolitical events. Volatility in the exchange rate and currency depreciation are alarming signs of an unhealthy economy. “The enormous depreciation of the riyal against other currencies over the past decade illuminates the deterioration of Iran’s terms of trade versus the rest of the world,” argued two economists in a recent paper. No surprise that Trump’s defeat by Biden had a positive impact on Iran when the riyal briefly appreciated by another 10 percent.

America’s regional diplomacy still seems focused on increasing Iran’s economic pain. If the Saudi blockade of Qatar is about to end – as a result of US and Kuwaiti intervention – then Tehran would face also significant losses since it has received nearly $100m from Qatar Airways in overflight fees.

Biden is a very different story from Trump. His approach is to deal first and foremost with Iran’s nuclear program and afterwards try to curb its regional ambitions and missile program – which are of growing of concern to Saudi Arabia, the UAE and Israel. The incoming president has said the US could restore sanctions under the terms of the deal should Iran resist further negotiations.

Tehran has countered by insisting that it should be compensated for the damage done to its economy by the US sanctions so far – which is highly unlikely. Another important domestic factor is that time is limited to while Hassan Rouhani remains in office, as the next presidential elections are in June 2021. Hardliners, including Hossein Dehghan, backed by the IRGC and Khamenei, look set to win.

US officials are already said to be especially nervous about January 3 2021– the first anniversary of the Qassem Soleimani drone strike in Baghdad. Biden is now on course for the White House and Trump is on his way out. The transition will be over on January 20. But there is still no guarantee that this hyper-sensitive issue will not ignite a damaging regional blaze – sooner or later.

BY:IAN BLACK

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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.