James Denselow

The return of “near peer” competition to the world has placed a shadow of inattention on many of the pre-existing conflicts and geopolitical fault lines. Nowhere is this truer than the state of tensions between Israel and Iran. Decades of animosity have not remained constant but have instead evolved and metastasised over time with the glaring absence being a large-scale conventional conflict between the two countries.

Israel’s approach over the past few years has been to target Iranian influence in its near abroad whilst using a covert focused effort to undermine its nuclear programme through cyber-attacks and assassinations. Syria has become the most violent battleground for the proxy aspect of the conflict with numerous Israeli airstrikes against Hezbollah and Iranian units in the country. Last week the Syrian Regime reported ‘heavy damage’ to its international airport in Damascus from Israeli missiles, closing the transport link to the outside world.

Likewise, Iran has looked to target or at least threaten Israeli interests around the world. This week the Israeli Government put out a warning for all of its citizens to urgently leave Istanbul due to intelligence of an imminent Iranian attack. This proxy to and fro may not last forever. Indeed, the new Israeli administration of Naftali Bennett has been in power for just over a year and has outlined a more assertive and arguably high-risk approach to Tehran.

Israeli officials now openly describe a new defense strategy known as the “Octopus Doctrine” aimed at the “head” of the octopus in Iran, and not just its “tentacles” across the region in places like Syria, Lebanon, Gaza and Iraq. This more aggressive policy stance coincides with the continued failure to replace or renew the “Joint Comprehensive Plan of Action” aimed at preventing Iran from acquiring a nuclear weapon.

Speaking to the media this week Prime Minister Bennett warned that Iran was “dangerously close” to producing nuclear weapons and was enriching uranium at an “unprecedented rate”. The combination of a new Israeli doctrine towards Iran at the moment in which their nuclear programme may be coming to fruition is a combustible crossroads. What is more the international systems and alliances that have traditionally provided mediation or diplomatic channels are currently swamped with the Ukraine crisis and its economic fallout.

Whilst we’re not looking at the prospect of Israeli tanks barrelling towards Tehran, it is not so far-fetched to speculate that the kind of strikes that we’re seeing in Syria could be replicated on Iranian soil. Rather than the supposedly more plausible deniability actions that suddenly take down Iranian’s networks or the use of drones, could more heavy-duty air and missile assets suddenly find themselves being used to take bigger chunks out of parts of the Iranian nuclear programme?

In the more immediate phase, it seems that both sides are signalling their intention to strikes against certain individuals with Iranian regime-affiliated media outlet publishing the names of five former Israeli military intelligence officers and current tech executives who are allegedly on Tehran’s hit list. Israel killed two Iranian scientists several weeks ago by poisoning their food, a Monday report in the New York Times claimed citing an Iranian official and two other sources connected to the government. The scientists, Ayoob Entezari and Kamran Aghamolaei, died in separate incidents under murky circumstances that Iran suspects were targeted killings.

Citing Prime Minister Bennett’s vow to pursue a policy of ‘death by a thousand cuts’ against Iran, it appears that Israel has widened its list of Iranian targets beyond the nuclear programme itself to include those linked to the country’s drone and missile programmes. Yet as an analysis from the Atlantic Council pointed out whilst Israel continues to enjoy impressive tactical successes strategically it “hasn’t achieved its goal of preventing Iran from having an advanced nuclear program”.

As the conflict in Ukraine reminds us, violence has its own escalatory logic that can go in vastly unpredictable directions and the key message from Israel’s public acknowledgment of the ‘Octopus Doctrine’ is that regional and global players will have to expand their political bandwidth to grip the situation before it gets out of hand. Yet if Iran’s nuclear programme has progressed as many fear, it is uncertain what options countries like the US, actually have, meaning that the prospect of a regional conflagration will continue to worsen.

BY: James Denselow

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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.