Golan: A Potential New Front in Israel's Confrontation with Hezbollah
Israel appears to be seeking to establish a new security zone in the Golan, which could lead to a shift in the regional balance of power and increase the likelihood of military escalation
October 15, 2024, 9:29 pm

Golan: A Potential New Front in Israel's Confrontation with Hezbollah

جنود إسرائيليون يتخذون مواقع في هضبة الجولان / صور VCG‍

Intelligence and military sources revealed to Reuters that Israeli forces have intensified their activity in the Golan recently. These activities include accelerating the pace of landmine removal and erecting new barriers on the border with the demilitarized zone adjacent to Syria.

The sources explained that these movements may indicate Israel's intention to expand the scope of its ground operations against Hezbollah, while simultaneously strengthening its defenses. It is expected that Israel will seek to target Hezbollah positions from farther east on the Lebanese border, while establishing a safe zone that allows it freedom of movement in monitoring the armed group's movements and preventing infiltration operations.

Any military action - including launching raids from the Golan and possibly from the demilitarized zone separating it from Syrian territory - could widen the circle of conflict between Israel and Hezbollah and its ally Hamas. This conflict has already drawn in Iran, with the possibility of also drawing in the United States.

Nawar Shaaban, a researcher at the Istanbul-based Harmoon Center, stated: "The operations in the Golan seem like an attempt to prepare for a wider attack in Lebanon." He added: "Everything happening in Syria aims to serve Israel's strategy in Lebanon - striking supply lines, warehouses, and individuals associated with Hezbollah's supply networks."

An intelligence officer affiliated with the Syrian regime, a regime soldier stationed in southern Syria, and three high-level Lebanese security sources reported that demining operations and other engineering works carried out by Israel have accelerated over the past weeks.

The sources mentioned that the pace of demining increased as Israel began its ground incursion on October 1, 2024, to fight Hezbollah along the mountainous area separating northern Israel and southern Lebanon, about 20 kilometers to the west.

The two Syrian sources and one of the Lebanese sources indicated that during the same period, Israel intensified its strikes on Syria, including the capital and border areas with Lebanon. Russian military units stationed in southern Syria to support Syrian forces there also withdrew from at least one observation post overlooking the demilitarized zone.

The soldier stationed in the south explained that Israel is moving the fence separating the Golan from the demilitarized zone further towards Syria and is establishing fortifications nearby "to prevent any infiltration in case this front ignites."

When asked about the demining operations, the Israeli army responded that it "does not comment on operational plans" and that it is "currently fighting the terrorist organization Hezbollah in order to allow the residents of the north to return safely to their homes."

In a related context, the two Syrian sources and one of the Lebanese sources reported that Russian forces left the Tel al-Hara site, the highest point in Daraa governorate in southern Syria and a strategic observation point. A Syrian military officer attributed the Russians' departure to understandings with the Israelis to avoid clashes.

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.