Israel involved in US-led naval mission in Strait of Hormuz — foreign minister
August 6, 2019, 3:42 pm

Israel involved in US-led naval mission in Strait of Hormuz — foreign minister

A UH-1Y Venom helicopter takes off from the flight deck of the amphibious assault ship USS Boxer in the Strait of Hormuz

Foreign Minister Israel Katz said Tuesday that Israel was involved in a US-led naval mission to provide maritime security in the Strait of Hormuz, where Iran had recently seized merchant ships.

Speaking at a closed session of the Knesset Foreign Affairs and Defense Committee, Katz said Israel was assisting the mission with intelligence and other unspecified fields, the Ynet news reported.

He said the mission was in Israel’s strategic interest of countering Iran and boost ties with Gulf countries.

According to the Israeli news site, Katz told the committee that he instructed his ministry to work to include Israel in the mission after a recent visit to Abu Dhabi. The foreign minister was said to have discussed this at the time with an unnamed senior Emirati official, with whom he discussed the “Iranian threat.”

Katz also reportedly praised Britain’s announcement Monday that it would join the mission, making it the only country so far to officially do so.

The report did not specify whether Katz said Israel would send naval vessels to take part in the US-led mission. A report from the Kan public broadcaster last month said that Israel was not expected to send ships, but would provide intelligence.

The United States has thus far struggled to piece together an international coalition to protect cargo ships traveling through the Strait of Hormuz, with allies concerned about being dragged into conflict with Iran.

Tensions have risen in the Gulf since the US decided in May 2018 to withdraw from a landmark accord to limit Iran’s nuclear program and began to reintroduce sanctions.

Announcing its participation in the US-led mission, Britain’s Ministry of Defense said it “will draw largely on assets already in the region.” It said the Royal Navy will work alongside the US Navy to escort vessels through the Strait of Hormuz, which sits at the mouth of the Persian Gulf, a shipping channel for one-fifth of all global crude exports.

Two Royal Navy warships are currently in the region, the frigate HMS Montrose and the destroyer HMS Duncan. The Montrose is due to leave for planned repairs later this month.

Britain has been giving UK-flagged vessels in the region a naval escort since the Iran’s Revolutionary Guards seized a British-flagged oil tanker last month. Some Iranian officials suggested the seizure of the Stena Impero was retaliation for the seizure of an Iranian oil tanker off the British overseas territory of Gibraltar.

The Times of Israel.

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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.