Ian Black

In just 48 hours from now, by noon on January 20^th, President Joe Biden will be inaugurated in a subdued and closely-guarded ceremony on Capitol Hill in Washington. Donald Trump, still claiming, but without any proof, that November’s election was “stolen” from him, will be conspicuously absent – probably playing golf at his home in Florida.

It is hard to remember a US president who faced greater domestic and worldwide challenges because of the Covid pandemic and its devastating economic impact – and the sense that Trump has disastrously eroded America’s global reputation. Still, soon after his victory, Biden declared with impressive confidence: "America is back, ready to lead the world, not retreat from it.”

Biden has significant advantages thanks to the four decades he has spent close to the pinnacle of US politics. First elected as senator in 1972, he served as chair of the Senate Foreign Relations committee and then from 2008-2016 as Barack Obama’s vice-president. The veteran Democrat has already made clear his priorities.

His guiding principle is multilateralism – in contrast to the Make America Great Again unilateralism favored by his transactional and disruptive predecessor. Biden has pledged to engage with China, distance the US from Russia, improve relations with NATO, revive the Iranian nuclear deal, re-join the Paris Climate Accord and end America’s “forever wars” in Afghanistan and Iraq.

And he has provided telling clues in selecting the men and women he will depend upon. First is Antony Blinken –Biden’s nominee for secretary of state: he served as national security adviser to Biden and the two have worked together for nearly 20 years. On a negative point, Blinken was blamed for advising Biden to vote to authorize George W. Bush to invade Iraq in 2002.

Blinken echoed Biden shortly after his win: “We can’t solve all the world’s problems alone. We need to be working with other countries. We need their cooperation. We need their partnership. But also, confidence because America at its best still has a greater ability than any other country on earth to bring others together to meet the challenges of our time.”

Another key figure is Jake Sullivan, chosen by Biden as his national security adviser. Sullivan helped oversee Obama’s Iran nuclear negotiations and also coordinated foreign policy for Hillary Clinton’s failed 2016 presidential campaign. He has served as director of policy planning at the State Department. Wendy Sherman, nominated for deputy secretary of state, was also closely involved in nuclear talks with Iran and North Korea.

Biden’s choice as head of the Central Intelligence Agency, William Burns, has attracted positive attention. Burns, a seasoned and widely respected diplomat, managed the nuclear negotiations with Iran. “Biden’s choice… certainly reflects the president-elect’s commitment to serious diplomacy, and it is a morale booster for diplomats,” as two former colleagues wrote.

And John Kerry, former senator, secretary of state under Obama – and presidential candidate – is Biden’s nomination for the brand new post of Climate Change Envoy, emphasizing his serious approach to this increasingly urgent topic.

Samantha Power, the Irish-American who served on Obama’s National Security Council, as well as envoy to the United Nations, will head up USAID, the American international development agency. Another woman is Linda Thomas-Greenfield, one of the most prominent black US diplomats who worked for years on African affairs. She has been nominated to serve as US ambassador to the UN. Another early priority will be re-joining the World Health Organisation after Trump withdrew from that in the course of the pandemic.

Overall, Biden’s team is a throwback to the Obama period, with an emphasis on experience, familiarity with other governments and a shared commitment to liberal internationalism. Critics have warned of a tendency to exaggerate the importance of US military power and the risk of coming up with policies that can be described as “Obama 2.0.” Biden, however, is known to have had reservations about some aspects of Obama’s approach.

In his memoirs, A Promised Land, Obama mentions Biden in a positive way as warm and friendly character. ”On domestic issues, he was smart, practical and did his homework. His experience in foreign policy was broad and deep,” he writes. Obama was also quoted as saying: "The best thing about Joe is that when we get everybody together, he really forces people to think and defend their positions, to look at things from every angle, and that is very valuable for me."

The new president’s advisers will face several immediate challenges – or traps it is fairer to say - laid by Mike Pompeo, Trump’s secretary of state, and perhaps a future presidential candidate. Pompeo’s recent moves include naming Cuba a state sponsor of terrorism, designating Yemen’s Houthi rebels as a foreign terrorist organization and challenging US relations with China by lifting restrictions on contacts between US officials and representatives from the self-governing island of Taiwan.

Biden and team are collectively competent, moderate and rational. The comparison with Trump and Pompeo and their officials could hardly be greater. To say that they will face uphill struggles is an understatement. But the whole world has a strong interest in hoping they succeed.

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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.