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Hezbollah and allies lose majority in Lebanon’s parliament

The Khaleej Times reported, citing the AFP, Lebanese official results showed on Tuesday (May 17), Hezbollah and its allies lost their majority in Lebanon’s parliament, while independents achieved a surprise breakthrough.
Full results announced by the interior ministry two days after the election revealed that no bloc will control the 128-seat assembly, a deadlock observers fear could usher in a tense period of political jostling.
The polls, the first since Lebanon was ravaged by its worst ever economic crisis and a cataclysmic explosion at Beirut port in 2020, were seen as a prerequisite for a crucial IMF bailout.
The Hezbollah and its main allies had the support of around 70 lawmakers in the outgoing parliament but will now fall just short of the 65 seats needed to retain a majority.

Their strongest opponents in parliament will be led by the Christian Lebanese Forces party of former warlord Samir Geagea, that raked in several new seats on the back of a virulent anti-Hezbollah campaign.
New reformist faces who entered the legislative race on the values of a 2019 anti-establishment uprising made a stronger showing that many had predicted.
Hezbollah-backed list loses south Lebanon seat to opposition-candidate
At least 13 independents who backed the 2019 protest movement won seats. Twelve of them will sit in parliament for the first time.
Together with other non-aligned MPs who have sometimes supported the now-defunct protest movement’s demands, they could find themselves in a kingmaking position but they would need the kind of unity they failed to achieve during the campaign.
Analyst Ziad Majed said that the economic context could play in favour of reformists who will for the first time be pushing from within parliament, not just as outsiders.
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He said: “This will create political and popular pressure for reformists and forces of change to cooperate."
One of the most notable victories notched up by independents was the election in southern Lebanon of Elias Jradeh and Firas Hamdan for seats that Hezbollah and its allies had not lost in three decades.
The parliamentary elections were a first major test for those in the protest camp who chose to enter the political fray.
The main issue that polarises parliament is Hezbollah’s right to keep an arsenal that is often described as equivalent to or better than the state’s. Some see it as a historical right and the best defence for the small Mediterranean country while others consider Hezbollah’s weapons to be the root of all of Lebanon’s ills.
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Sami Nader, an analyst with the Levant Institute for Strategic Affairs, said that Hezbollah had suffered symbolic losses but was sceptical the polls could yield radical changes.
The formation of a government, the election of parliament’s speaker and the presidential election could all be very contentious and lead to protracted political crises.
Despite a turnout of 41 per cent on Sunday, the UN envoy to Lebanon said “the elections were a vital expression of Lebanon’s citizen engagement, which should serve to strengthen the country’s institutions.”
Source: khaleejtimes
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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