Lesson Learnt from Qatar-Egypt Successful Reconciliation
September 23, 2022, 9:00 am

Lesson Learnt from Qatar-Egypt Successful Reconciliation

Dalia Ziada

There is a remarkable shift in Qatar’s regional policy that is worthy of praise and admiration. For the first time since the 1980s, the Qatari leadership dusts off the hindering strategy of supporting rabble-rousing political Islamist groups against the interests of neighboring Arab governments. Instead, Qatar has become keen on rebuilding healthy relationships with Arab neighbor states.

That new approach promises the restoration of political stability in the region and prepares Qatar to be one of the regional agenda-setters. By winning back the trust of its sister Arab countries, Qatar is reintroducing itself as the powerful hub that can effectively connect Arab and non-Arab countries of the Middle East region. Qatar is the only Arab country that enjoys deep and solid relationships with Turkey and Iran, in addition to Afghanistan and Pakistan.

Qatar’s Prince, Tamim Bin Hamad Al Thani, told Le Point Magazine, last week, that his country has no relationship with the political Islamists. Also, he emphasized that no active members of the Muslim Brotherhood are allowed to live in Qatar.

“This relationship [with political Islamists] does not exist, and there are no active members of the Muslim Brotherhood or any related groups on Qatari soil;” asserted Prince Tamim. “We are an open country, and a large number of people with different opinions and ideas pass through it. But we are a state and not a party, and we deal with states and their legitimate governments, not with political organizations.”

Prince Tamim’s impressive statements coincided with Egypt’s President, Abdel Fattah El-Sisi, first visit to Doha, as part of the mutual effort to improve ties, after four years of diplomatic boycott and media wars that set the entire region on fire. Since the signing of Al-Ula Declaration, under the Saudi-led Arab reconciliation initiative, the relationship between Egypt and Qatar has been steadily progressing on all levels.

The economic sector is one of the arenas where that improvement is evident. In the past year alone, Qatar invested tens of billions of dollars in Egypt’s tourism and petroleum sectors. Moreover, Qatar promised, in May, to participate in elevating the struggling Egyptian economy by scheduling grander investments over the coming four years.

The political rivalry between Egypt and Qatar dates back to the 1980s. It is perhaps older than the age of Prince Tamim himself. In the past seven years, this rivalry hit the peak point when El-Sisi and Tamim adopted opposing positions about the legitimacy of the Muslim Brotherhood. However, the recent awakening of the Qatari Prince to the fact that state-to-state relationships are more viable and durable is momentous.

The early signs of Prince Tamim’s abandonment of the Muslim Brotherhood appeared during his visit to Cairo in June. The Qatari Prince congratulated his Egyptian counterpart on the June 30th anniversary. Prince Tamim’s recognition of the June 30th anniversary was almost an announcement of this new strategy, as this anniversary celebrates the fall of the Muslim Brotherhood from power in 2013 and the ascendence of president El-Sisi to power in 2014.

The successful case of Egypt-Qatar reunion, and its massive impact on weakening the Muslim Brotherhood group, should encourage Egypt to consider taking loftier steps towards reconciliation with Turkey. Similar to Qatar, Turkey had been a supporter of the Muslim Brotherhood group against El-Sisi’s leadership. However, in the past two years, Turkey has drastically changed its policy in the Middle East. The Turkish leadership withdrew support to the Muslim Brotherhood to focus on rebuilding healthy relationships with Arab states and Israel. To close the circle of Middle East solidarity that would ensure long-term regional political stability, the time has come for Egypt to respond to Turkey’s extending hand of peace the same way it did with Qatar.

BY: Dalia Ziada

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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.