Intensive raids target 29 sites in various regions of Lebanon
Israeli raids caused widespread destruction and significant human losses, prompting international condemnations of the attacks on civilian facilities
November 16, 2024, 8:17 pm

Intensive raids target 29 sites in various regions of Lebanon

لبنان

On Saturday, Israeli forces launched a series of intensive raids targeting 29 sites in various regions of Lebanon, including the southern suburbs of Beirut, the Bekaa Valley, and the South. Among those raids were eight strikes on the southern suburbs alone, the most recent of which occurred this morning and targeted a building adjacent to the Supreme Shiite Council in the Ghobeiry area.

The Israeli army stated that the raids targeted sites believed to be infrastructure of Hezbollah, including a command center and a weapons depot. Military spokesman Avichay Adraee issued a warning via the "X" platform, calling on residents of the Haret Hreik neighborhood to evacuate the area, which witnessed the destruction of four buildings.

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In the South, the Israeli army demanded residents of 15 towns to move northward towards the Awali River, while a drone strike on the city of Tyre killed a person riding a motorcycle. At the same time, Israeli forces clashed with Hezbollah fighters in the town of Maroun al-Ras, where heavy weapons were used by both sides, according to local sources.

Armed factions from southern Lebanon fired 20 rockets towards Israel, some of which were intercepted by Israeli air defenses, while others fell in open areas in northern Israel, causing damage to a house in Nahariya. The Israeli army also announced the interception of four drones launched from Lebanese territory, with warning sirens sounding in the Western Galilee region.

In a notable development, Israeli raids targeted sites in the vicinity of Baalbek and Al-Khadr in the Bekaa Valley, in addition to the Zahle district. In contrast, Hezbollah issued detailed statements about its confrontation with Israeli attempts to advance and its attacks on Israeli military sites and settlements.

In international reactions, the Director-General of the World Health Organization, Tedros Adhanom Ghebreyesus, condemned an Israeli attack that targeted a civil defense center in the town of Doros in the Baalbek-Hermel governorate, resulting in the death of 12 paramedics. He described the attacks on health facilities as a "new norm" in ongoing conflicts, calling for an end to these practices.

It is worth noting that the current escalation began last September with Israel's announcement of the start of military operations against Hezbollah, before evolving into widespread clashes and mutual raids in recent weeks.

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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.