Iraq Warns of Regional Armed Chaos if War Expands
Iraq's cautious stance on the conflict's expansion highlights regional countries' fears of the consequences of an Iranian-Israeli confrontation, and underscores the urgent need for diplomatic efforts
October 13, 2024, 11:03 pm

Iraq Warns of Regional Armed Chaos if War Expands

العراق وإيران

Iranian Foreign Minister Abbas Araghchi stated that his country "has no red lines" when it comes to defending its people and interests. This statement came during his visit to Baghdad, at a time when the region anxiously awaits Israel's response to the recent Iranian missile attack.

Araghchi emphasized that Iran seeks to contain a comprehensive war in the region, stressing his country's readiness for war despite not wanting it, saying: "We are prepared for war and keen on peace," contradictory statements reflecting the extreme tension and ambiguity surrounding the Iranian position.

For his part, Iraqi Foreign Minister Fuad Hussein warned that any upcoming war would lead to "armed chaos" in the region, pointing to serious repercussions on the energy sector and international navigation corridors. Hussein accused Israel of trying to drag Iraq into the war arena, affirming that the decision of war and peace is subject to the three Iraqi authorities.

In a related context, the American network "NBC" quoted U.S. officials saying that Israel may have reduced the scope of targets for its potential response to Iran's attack, limiting it to military targets and energy infrastructure. This report indicates the possibility of international pressure influencing the Israeli decision, despite continued vows of retaliation.

Analysts view these developments as putting the region on the brink of a large-scale military confrontation. On one hand, Iran insists on having no red lines in defending its interests, and on the other hand, Israel continues to threaten retaliation for the Iranian attack.

Araghchi's visit to Baghdad and Amman highlights the intensive diplomatic efforts to contain the crisis. Ali Al-Moussawi, the political advisor to the Iraqi Prime Minister, described this visit as part of the effort "to silence weapons and violence.. and establish security and stability in the region."

However, reports about the possibility of Israel carrying out its response during the current Jewish "Day of Atonement" holiday increase the state of anticipation and anxiety in the region. Experts warn that any miscalculation by any party could ignite a wide regional confrontation, with dire consequences for security and stability in the entire Middle East.

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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.