Abdulla Aljenaid

Can the issue of the US F-35 fighter deal with the UAE be raised without contemplating the special strategic relationship between both countries, or the Emirates' pivotal geopolitical role? A more important question is whether it is acceptable to politicize this deal by the Biden administration now. Therefore, it wasn't unexpected for the UAE to suspend the negotiations given the US choice to delay its completion.

This complication was described by US Secretary of State Anthony Blinken in joint press conference in Kuala Lumpur, "We remain prepared to move forward… if that is what the Emiratis are interested in doing… Washington wanted to ensure that Israel maintains its military advantage… We wanted to make ensure the security of any technologies that are sold or transferred to other partners in the region." Secretary Blinken was implying that the technology revision was mainly Israel's superiority edge regionally, while guarding against any cyber infringement by China through the Chinees 5G infrastructure in the UAE. Washington has also demanded that the UAE provides unprecedented purchase guarantees that challenge the buyer's sovereign rights in use or deployment of these fighter.

Notably, the Pentagon and US State Department had previously went through a reargues approval process prior to approving the deal earlier. That had included the technical specifications from the power plants, radar and navigation, advanced communications and data sharing, missile guidance, and weapons bay payloads. The UAE requested specifications are unique to its needs, and another detail that Secretary Blinken have missed, was the fact that the Israeli armed forces has always applied its own modifications to any system the Israel acquires including the F-35's, as they had modified the Israeli Air Force F-15/16 fighter in the past, and the specifications Dolphin class submarines that they had acquired and are acquiring from Germany. Furthermore, the current Israeli government did not express any objection to the deal to go through. Which lead us to conclude that Washington has other motives than the ones stated by StateSect Blinken.

Washington's decision to “complicate” this deal at this point in time could be linked to the faltering Vienna talks with Iran or is it expressing more than a verbal objection to some of the UAE recent regional FP policy steps that Washington disapprove, as have been expressed by several US officials after the UAE's Foreign Secretary Shaikh Abdulla bin Zayed Al-Nahyan's visit to Damascus, or mybe the direct talks with Iran.

Venturing further into US concerns over China's 5G network security risks to the F-35 program, one wonders whether a similar concern was overlooked by Washington when it supplied the UAE with the advanced THAAD air defense system, or has the US Air Force registered any infringement or an attempt to any of highly advanced systems that the US Air Force fields and operate out of Al-Dhafra Air Base in Abu Dhabi?

There are implications to both the shunned UAE demands that Washington passes a verdict regarding the F-35 deal, and the unanswered calls by Saudi Crown Prince Mohammed bin Salman Al-Saud to include the Kingdom in the Iran talks in Vienna. The Biden administration should review its strategic integration and interdependence priorities with its regional allies, to serve the common strategic interests of all, instead of granting primacy to short-term political desires and goals.

BY: Abdulla Aljenaid

Kanye West suspended from Instagram for 24 hours for bullying UK to deploy air defense missiles systems to Poland

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.