French-American proposal: Three-stage plan to stop escalation in Lebanon
Involving Iran in talks indicates recognition of its disruptive role in Lebanon, and could be a crucial factor in the success of any de-escalation initiative
September 26, 2024, 10:24 pm

French-American proposal: Three-stage plan to stop escalation in Lebanon

علم لبنان

Following the White House's confirmation of ongoing diplomatic efforts to stop the conflict between Hezbollah and Israel, sources from Al Arabiya/Al Hadath have revealed details of a French-American initiative consisting of 3 stages to cease fire between the parties. The sources reported that the Paris and Washington plan calls for dismantling Hezbollah's military installations on the border.

France is conducting communications with Iran, Lebanon, and Hezbollah to calm the situation. Paris is also re-proposing a de-escalation plan between the parties at the negotiating table. The same sources clarified that France is working on drafting a new text to facilitate the implementation of Resolution 1701.

Moreover, Paris and Washington are seeking to achieve a temporary truce followed by a permanent ceasefire between Israel and Hezbollah, according to Al Arabiya/Al Hadath sources. France emphasizes a pivotal role for the Lebanese army in the border area and prioritizes ensuring that Israel does not expand the scope of its operations in Lebanon.

The same sources added that France appealed to Hezbollah not to drag Lebanon into the war. In a related context, American officials revealed to "Axios" that Israeli regime president Benjamin Netanyahu and his team contributed to drafting the de-escalation proposal with Hezbollah, while Israeli officials told Axios that Netanyahu did not present the de-escalation proposal to the mini-cabinet.

These developments came following France and the United States' call yesterday, Wednesday, after intensive diplomatic consultations at the United Nations, for a 21-day ceasefire between Israel and Hezbollah to avoid exacerbating the situation, in a call supported by Arab and European countries.

French Foreign Minister Jean-Noël Barro is expected to visit Lebanon in the coming days after his country worked with the concerned parties to define the criteria for a diplomatic solution to the crisis based on UN Security Council Resolution 1701. This resolution was adopted by the United Nations following the 33-day war between Israel and Hezbollah in 2006, which expanded the mandate of the UN peacekeeping force, allowing it to assist the Lebanese army in maintaining weapon-free areas in the south, except for those belonging to the Lebanese state.

Levant-Agencies

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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.