Egypt Cannot Afford Losing in Libya
September 10, 2022, 8:00 am

Dalia Ziada

Egyptian foreign minister, Sameh Shoukry, withdrawal from the Arab League’s ministerial meeting, on September 6th, was shocking. The minister’s antagonistic reaction to the ascendance of the Libyan foreign minister, Najla Mangoush, to the presidency of the session, renewed the controversy about Egypt’s contradicting and unstable positions on the Libyan crisis.

According to the bylaw, it is Libya’s turn to take the leadership of the 158th ordinary session of the Arab League Council, which was held in Cairo, last week. However, Shoukry objected to Libya’s leadership role because he believes that Libya’s interim Government of National Unity (GNU), which Mangoush represents, lacks legitimacy. The spokesperson of the Egyptian foreign ministry told the press that “the issue had been discussed before the meeting started.” Some media staffers, who were present at the meeting, hinted that Shoukry got personally offended because Mangoush declined to honor his objection.

GNU’s rival government of Fathi Bashagha immediately applauded the Egyptian minister’s action and called upon the other Arab ministers to do the same. However, none of the participating Arab ministers wanted to withdraw, including those who favor Bashagha’s government to GNU. Rather, they decided to continue the meeting under Mangoush’s leadership and without the Egyptian minister. Even more, some of the Arab ministers had one-on-one meetings with Mangoush after the official session ended.

Abdul Hamid Dbeibeh leads the Government of National Unity (GNU) from Tripoli, since March 2021. GNU was elected by representatives of Libyan political factions under the supervision of the United Nations Support Mission in Libya (UNSMIL), in Geneva, to act as an interim government to reconcile the eastern and western rivals and hold presidential and parliamentary elections before a deadline set on June 2022.

However, in March, the parliament installed a parallel government under the leadership of Fathi Bashagha to force Dbeibeh’s government to cede power before holding the elections to protect the expired political elite from losing their powerful positions.

In the past three months, the clashes between the informal armed groups affiliated with the two parallel governments of Abdul Hamid Dbeibeh and Fathi Bashagha hit an alarming threshold. Tens of people, including innocent civilians, were killed and civilian properties have been destroyed as a result of militias’ clashes.

The Arab League’s ministerial meeting issued a resolution with 12 items on the deteriorating situation in Libya. Among other issues, the resolution echoed the insistence of Dbeibeh’s government on holding elections, by calling for accelerating the process of establishing the constitutional base, or the legal framework, that regulates the presidential and parliamentary elections, so elections could be held in the nearest time possible.

Ironically, it seems that Egypt is the only supporter of Bashagha’s parallel government, at the time. The supporters of Bashagha’s parallel government in eastern Libya are already giving up on him. Two weeks ago, Haftar’s forces declared that they have nothing to do with the conflict over power in Tripoli. Also, the news is circulating that some members of the parliament, which appointed Bashagha’s parallel government earlier, are rethinking their decision that renewed the deadly conflicts in the capital city. That brings us back to the question of why Egypt is betting on Bashagha despite his weak position, rather than fostering ties with GNU and helping Libya get out of the bloody rut.

If Egypt wants to succeed in Libya, it has to position itself as a leader, not as part of the war. That can happen by adopting a policy similar to its policy in Gaza. One of the reasons why Egypt has been successful in mediating between Israel and Hamas for a ceasefire in Gaza, last year, is that the Egyptian state keeps the perfect balance in relationships between all the sides of the conflict. That brought a lot of benefits to Egypt’s profile in the eyes of the international community and restored its lost role as a regional leader.

In practice, that means for Egypt to immediately stop taking sides in the Libyan conflict and push for holding the elections as soon as possible. Libya will not calm down until a permanent government is installed, via free and fair elections. Otherwise, Egypt’s national security and interests in the region will remain under threat.

The Egyptian state is not doing itself any favor by taking sides in the Libyan conflict. The growing political power of local militias, even over the politicians who pays them, is making it costly for regional actors to support one side of the Libyan conflict against the other, especially if they are as geographically close to Libya as Egypt is.

BY: Dalia Ziada

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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.