The Arab Peace Initiative: A Path to Peace or a Road to Nowhere?
June 24, 2024, 5:26 pm

The Arab Peace Initiative: A Path to Peace or a Road to Nowhere?

Michael Arizanti

In a recent interview with Channel 14, Israeli Prime Minister Benjamin Netanyahu made it clear that his government has no intention of pursuing peace with the Palestinians, despite the ongoing conflict and the suffering it has caused on both sides. Netanyahu's hard-line stance is not only disappointing but also dangerous, as it ignores the potential of the Arab Peace Initiative to bring about a lasting peace in the region.

The Arab Peace Initiative, first proposed by Saudi Arabia in 2002, offers Israel peace with the Arab world in exchange for a withdrawal from the occupied territories and a just resolution to the Palestinian refugee issue. The initiative has been endorsed by the Arab League and has the potential to fundamentally change the dynamics of the Israeli-Palestinian conflict. However, Netanyahu's refusal to even consider the initiative demonstrates a lack of vision and a disregard for the long-term interests of both Israelis and Palestinians.

Netanyahu's argument that Hamas needs to be eliminated is understandable, given the group's violent actions and its stated goal of destroying Israel. However, his refusal to consider any peace initiatives, including those from the UAE and Saudi Arabia, is short-sighted and counterproductive. The Arab Peace Initiative offers a way to isolate and weaken Hamas by bringing the Arab world on board with the peace process. By rejecting this initiative, Netanyahu is not only missing an opportunity to address the root causes of the conflict but also playing into the hands of those who seek to perpetuate the cycle of violence.

The argument that Israel should become more independent in terms of military capabilities is a valid one, but it should not come at the expense of pursuing peace. Israel's security concerns can be addressed through the deployment of peacekeeping forces from nations involved in the Abraham Accords, in cooperation with Israel. This would help maintain stability and prevent the re-emergence of terrorist groups like Hamas. By rejecting the Arab Peace Initiative, Netanyahu is choosing to continue the cycle of violence rather than seeking a way to break it.

Netanyahu's claim that Israel is not ready to hand over Gaza to the Palestinian Authority is also a poor excuse for inaction. The Palestinian Authority, while imperfect, is the only legitimate representative of the Palestinian people. By refusing to work with the Authority, Netanyahu is undermining the very foundation of any potential peace agreement. Instead of waiting for the Palestinian Authority to magically transform into a perfect partner, Israel should work with the Authority to strengthen its governance and address the issues that have led to its current state.

The current phase of the Israel-Hamas war is indeed coming to an end, but what comes next? Netanyahu's focus on the northern threat of Hezbollah is understandable, but it should not come at the expense of addressing the root causes of the conflict with the Palestinians. The Arab Peace Initiative offers a way to address both the immediate security concerns and the long-term issues that have plagued the region for decades. By rejecting the initiative, Netanyahu is choosing to fight an endless war rather than seeking a way to end it.

Netanyahu's claim that Israel is at war on seven fronts is a clear indication of the need for a comprehensive peace agreement. The Arab Peace Initiative offers a way to address the concerns of all parties involved and to create a framework for long-term stability. By rejecting the initiative, Netanyahu is choosing to continue the cycle of violence rather than seeking a way to break it.

The Arab Peace Initiative is not a perfect solution, and it will require significant concessions from all parties involved. However, it represents the best chance for peace in the region. Netanyahu's refusal to even consider the initiative is a betrayal of the interests of both Israelis and Palestinians. It is time for Israel to reconsider its position and to work towards a comprehensive peace agreement that addresses the root causes of the conflict and offers a path to a better future for all.

In conclusion, the Arab Peace Initiative represents a potential path to peace in the region, but it requires the cooperation and support of all parties involved. Netanyahu's refusal to even consider the initiative is a betrayal of the interests of both Israelis and Palestinians. It is time for Israel to reconsider its position and to work towards a comprehensive peace agreement that addresses the root causes of the conflict and offers a path to a better future for all. The Arab Peace Initiative is not a panacea, but it represents the best chance for peace in the region. It is time for Netanyahu to put aside his short-sightedness and to work towards a better future for all.

BY: Michael Arizanti

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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.