Biden’s top national security officials plan separate visits to Saudi Arabia
May 5, 2023, 8:08 am

Biden’s top national security officials plan separate visits to Saudi Arabia

HRH Crown Prince Mohammed bin Salman receives US President at Al-Salam Palace in Jeddah - Photo. Saudi Arabia Foreign Ministry

President Joe Biden’s national security adviser and his top diplomat are planning separate trips to Saudi Arabia in the coming weeks, according to people familiar with the matter, in a new sign of the administration’s determination to smooth over rocky ties with the Kingdom.

First up will be National Security Adviser Jake Sullivan, who plans to meet his counterparts from Saudi Arabia, the United Arab Emirates and India in the Kingdom next week, said the people, who asked not to be identified discussing a trip that hasn’t been publicly disclosed. Sullivan will also meet with Saudi Arabia’s Crown Prince Mohammed bin Salman.

After that, Secretary of State Antony Blinken plans to visit Saudi Arabia in June for a meeting of the Global Coalition to Defeat ISIS, the people said.

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A State Department spokesman said the agency has no travel to announce, while the National Security Council declined to comment. The Saudi government didn’t respond to request for comment.

Sullivan’s meeting will mark the first of its kind between the US, Saudi Arabia, the UAE and India. Key themes will be diversifying supply chains and investments in strategic infrastructure projects, including ports, rail and minerals, one of the people said.

The consecutive trips by high-level US officials highlight that the administration is determined to get past the frostiness that has defined relations between Washington and Riyadh. As a candidate, Biden had said he would treat Saudi Arabia as a “pariah,” and the two sides traded barbs last year when Saudi Arabia agreed to cut OPEC+ crude output in defiance of US wishes.

Saudi Arabia and its OPEC+ partners cut output again last month, in a move the Biden administration said was ill-advised. In another sign of increasingly tenuous US influence over Saudi Arabia, Chinese President Xi Jinping helped deliver a deal in March to resume diplomatic ties between Iran and the Kingdom.

Ahead of Sullivan’s trip to the Kingdom, Amos Hochstein, Biden’s senior adviser for energy and investment, and Brett McGurk, National Security Council coordinator for the Middle East, met with UAE leaders last week, including Sheikh Mohammed bin Zayed and UAE National Security Adviser Sheikh Tahnoon bin Zayed, according to people familiar with the meetings.

Sullivan spoke to the Saudi Crown Prince on April 11, noting progress to end the war in Yemen and Saudi Arabia’s “extraordinary efforts to pursue a road map to peace,” according to a White House statement. The two sides also agreed to “accelerate contact on issues including clean energy and infrastructure investment.”

The US has also been working closely with Saudi Arabia in Sudan. Biden thanked Riyadh in a statement on April 22, saying the kingdom was “critical to the success of our operation to extract US government personnel from Khartoum.”

Source: alarabiya

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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.