Israeli Military Escalation in Southern Lebanon Amid Ongoing Conflict with Hezbollah
October 21, 2024, 2:09 pm

Israeli Military Escalation in Southern Lebanon Amid Ongoing Conflict with Hezbollah

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As Israeli airstrikes intensified across several towns in southern Lebanon amidst fierce clashes in the Aita al-Shaab area with Hezbollah, Israeli military tanks entered the outskirts of the town of Ramish.

Correspondents from Al Arabiya/Al Hadath reported that tanks advanced into the outskirts of Ramish toward Aita al-Shaab, maneuvering to flank the area, while airstrikes continued. It was noted that Israeli tanks were also present on the road between Debel and Ramish. Many residents of predominantly Christian Ramish have refused to leave their homes since the outbreak of hostilities, fearing they might not be able to return.

Additionally, Israeli forces have reportedly placed explosives in homes and detonated them in Aita al-Shaab.

Hezbollah, for its part, announced that they targeted Israeli soldiers in the town of Markaba for the third time today, as well as in Kfarkela in southern Lebanon. Meanwhile, air raid sirens sounded in 142 locations across northern Israel following the launch of a ballistic missile from the Bekaa Valley in eastern Lebanon, which was intercepted over the Wadi Ara region, as confirmed by Al Arabiya/Al Hadath. Some debris fell on the outskirts of Haifa.

Moreover, the correspondent indicated that missiles were fired at the suburbs of Haifa and Mount Carmel, as well as in the Upper Galilee and Kiryat Shmona in northern Israel. Hezbollah reportedly launched more than 40 rockets toward northern Israel since the morning.

This heightened military escalation coincided with the arrival of U.S. Special Envoy Amos Hochstein in Lebanon for talks with officials aimed at establishing a diplomatic solution to halt the fire between Hezbollah and Israel, just a day before U.S. Secretary of State Antony Blinken was also set to visit the region to urge de-escalation.

The escalation followed a night of intense violence in the southern suburbs of Beirut, as well as towns in the south and Bekaa Valley, where dozens of Israeli airstrikes targeted facilities belonging to Hezbollah’s Al-Qard al-Hasan Association.

Since September, Israel has escalated its bombardment of various areas in Lebanon, particularly the southern suburbs and the south. Earlier this month, Israel initiated what it described as a limited ground operation, advancing into some border towns with the intent of pushing Hezbollah fighters south of the Litani River to create a buffer zone along the border.

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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.