Lebanese general elections.. Return or fall?
May 15, 2022, 1:51 pm

Lebanese general elections.. Return or fall?

Saad Al Hamid

Observers see the upcoming Lebanese general elections as an escape to make changes in Lebanon through democracy and fix Lebanon's relations with other Arab countries by respecting the constitution, judicial independence, state sovereignty and international laws.

This may change a little in Lebanon whose sovereignty was flagrantly violated because of the power discrepancies between its political forces and ruling parties in addition to Hezbollah completely highjacking the state institutions by extending its influence over this state for the sake of Tehran and increasing the unprecedented economic suffering of Lebanon where more than 80% of the population is below the poverty line.

Many Lebanese people blame Hezbollah for not taking steps to make reforms and to investigate the port explosion that killed 200 people, injured 6,000 and ruined many businesses, the long period it took to form the last government and its weapons which Hezbollah and the government claim to face the Israeli occupation of the southern Lebanese border.

The current political class finds in the elections an opportunity to recycle itself and many view the elections as an opportunity to challenge the authority with many political and religious calls not to boycott them because there is a growing fear that Hezbollah will have the most power, (especially after the Sunni supporters of former PM Saad Hariri has so far boycotted those elections), Lebanon's isolation will increase and it might reach a no-return point because the current political system insists on sticking to confessionalism which makes the elites of every sect control the country's resources. Therefore, these elections may reproduce the same authority and give it domestic and international legitimacy.

For example, the majority led by Hezbollah can further alienate the GCC which was once a major investor in many Lebanese sectors and was facing Iran's influence and its expansionist projects in the country. After the 17 October Protests which demanded the resignation of this political class that the revolution held it responsible for the economic deterioration and corruption. The protests declined after an economic collapse the World Bank described as the worst in the world since 1850.

The horrific explosion of Beirut Port in August 2020 worsened the situation and angered the Lebanese people after more than two hundred people were killed and thousands were injured. Initial investigations revealed the explosion was because of negligence and unsupervised storage of dangerous materials with the state's inability to provide the most basic services, including fuel, electricity and health. The state has not taken any concrete measures to alleviate their suffering. This is happening in the absence of a political consensus on any radical reforms to obtain international support and the elections are now held amid great ambitions for change.

Perhaps the turnout of expatriates to vote to help change their country is something positive amid the conflict between the electoral blocs of Hezbollah, Amal Party and the Free Patriotic Union to win parliamentary seats and use intimidation tactics against other candidates. The parties of the current authority pay money to attract voters. Instead of having an actual face-off in the elections, the Future Movement's withdrawal allowed Hezbollah and its supporters to infiltrate even more since the abstention of many Sunnis help Hezbollah raise its chances to win more seats.

Financial Times said that whatever the results, negotiations to form a new government will probably take time and economic recovery will be slow. In addition, Hezbollah is fighting, by all means, to obtain the largest possible bloc because the new parliament will choose the next president. However, will the international community and its institutions remain silent in the face of this chaos until Hezbollah achieves what it wants in these elections at the expense of Lebanon's return to its people, its Arab identity, its stability and its security?

BY: Saad Al Hamid

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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.