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How to Sustain the Abraham Accords Momentum?

The scene in the Middle East, these days, is remarkably tragic. That is not because of the armed conflicts, terrorist groups, and economic crises that have been stable features of the region, but mainly because of the political inconsistencies that are cruelly engraving the face of the new Middle East.
At the eastern gates of the Middle East, the Iranian regime is mercilessly killing civil rights activists and chasing them with UAV drones in the mountains of the Kurdistan region in northern Iraq. Sadly, up to this moment, neither the regional leaders nor the international community has responded to the brutality of the Iranian regime.
In the interim, Turkey is overwhelmed by mitigating the political and economic consequences of the conflicts happening in its surroundings, particularly in the Black Sea and Eurasia, in addition to handling its diplomatic clashes in the eastern Mediterranean and the declared war on terrorism in the levant region.
Nevertheless, there is a glimpse of hope in this gloomy scene, presenting itself in the growing cooperation between Israel and its Middle East neighbors, including Arabs and Turkey. The Abraham Accords signed between Israel and the United Arab Emirates (UAE), two years ago, marked the beginning of this budding drive of normalization and reconciliation among Middle East countries. They took the Arab-Israel relationship from a state of cold peace to realistic coexistence and cooperation, even though it required pushing aside the unresolvable disputes that overwhelmed the region for too long, such as the Israel-Palestinian conflict.
For decades, the Israel-Palestinian conflict has been labeled as an Arab-Israel conflict. However, the crucial transformations that the region has gone through since the Arab spring have shown that the Arab-Israel relationship and the Israel-Palestinian relationship are two parallel, rather than intersecting, tracks. They are correlated but do not necessarily affect the progress of each other. This liberating concept, inspired by the Abraham Accords, has opened the door for positive regional transformations that are meant to last.
Although, the change in the Arab-Israel relationship from conflict to cooperation does not happen overnight. It has been brewing for at least ten years. The Arab Spring revolutions threw out the long-established dictators, who used to amplify the Israel-Palestinian conflict to distract their citizens from the failure and corruption of their regimes. Egypt is one of the most prominent examples of the drastic shift in government and public attitudes towards Israel after the fall of the Mubarak regime.
On the flip side, Israel, disappointed by the flawed Middle East policy of the United States Administration of President Biden, has started to consider balancing its historical dependency on the United States with healthy security and economic codependency with its Arab neighbors.
The momentous Negev Summit, in March, is one peak point of this regional transformation. The summit picture of Arab and Israeli leaders holding hands inside Israel showed that the Middle East is going through a phase of political maturity, wherein regional leaders are willing to cooperate on realistic and pragmatic terms. At the conclusion of the Negev Summit, the Israeli Foreign Minister, Lapid, boldly noted that this summit is giving Iran something to fear. “The shared capabilities we are building intimidates and deters our common enemies, first and foremost Iran and its proxies;” Lapid emphasized.
Indeed, the growing cooperation between Arabs and Israel is mainly motivated by confronting the common security threat of Iran and its widely spread militia. The angry waves of popular revolutions that swept the Middle East region from Tunisia to Syria, a decade ago, created a security vacuum that got swiftly and cunningly exploited by Iran to infiltrate into the security structures of countries with critical geo-strategic locations around the Arabian Peninsula.
However, the current momentum of accord in the Middle East cannot be sustained for the long term only on the background of confronting the common threat of Iran. Instead, Middle East countries need to work together from a place of choice, not a place of necessity. The sustainability of the Abraham Accords momentum depends on creating a state of interdependent cooperation between Israel, Arab countries, and Turkey, beyond the temporary collaboration to face a common threat.
In the meantime, there has to be a way to use the current momentum of Arab-Israel cooperation to reach a workable solution for the Israel-Palestinian conflict, which can again pop up to the front causing severe damage to the hard-won regional peace. Sheikh Jarrah protests that quickly developed into a war in Gaza, last year, are one example.
Finally, to guarantee the sustainable growth of the peace trend in the region, efforts should be exerted on a level deeper than state-to-state relations. Reaching the core of people-to-people understanding between the Arabs and the Israelis remains a big challenge, despite the Abraham Accords and the growing economic cooperation between Israel and Arab countries.
BY: Dalia Ziada
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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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