The Houthis obstruct the truce in Yemen
October 19, 2022, 3:25 pm

Saad Al Hamid

The rapid international changes have cast a shadow over the war in Yemen where the warring sides have failed to reach an agreement to extend a nationwide ceasefire through which international relief and humanitarian efforts reach the Yemeni people who have been suffering from this war for more than eight years because of the Houthi militia's control over the state institutions and its coup d'état against the legitimate government. The efforts of the international community succeeded in bringing together the warring sides to agree on a truce under the auspices of the United Nations and foreign & regional countries. This truce is a starting point for political agreements that can put an end to this bloody war that threatens to put millions of Yemenis at risk of starvation not forgetting the shortage of medical & relief aid and fuel.

The truce allows commercial flights from Sana'a International Airport (which has been receiving only aid planes since 2016) and importing oil derivatives through the port of Hodeidah, where more than 50 ships came loaded with 1.4 million tons of oil derivatives to the Houthi-controlled ports of Hodeidah. The truce was extended twice for another two months, and international efforts are still ongoing to extend this truce for the third time for six months. However, the Houthis are stubborn and constantly put many obstacles to thwart the truce extension, they do not implement the terms of the truce to open the main roads of the besieged province of Taiz since 2016, they abstain from paying the civilians' dues and salaries in the areas under their control (as it was agreed since the truce was approved), they steal the revenues of the ports of Hodeidah and refuse to transfer them to the Central Bank in Aden so that the government pays those salaries and they avoid the discussion of the ongoing military violations of the truce, furthermore, some sources say that the Houthis have many demands, such as sharing oil and gas revenues with the legitimate government and providing the areas they control with electricity through the Ma'rib station.

The legitimate Presidential Council spare no efforts to find points in common with the Houthis and to make many concessions for Yemen. US Secretary of State Anthony Blinken confirmed this when he clarified Washington's concern about the recent Houthi actions, stressing the importance of the international community's support for the Presidential Leadership Council in Yemen despite the Houthis' failure to fulfil their obligations.

The US Special Is Envoy to Yemen Tim Lenderking also said that the Houthi militias are responsible for obstructing the truce extension and returning to war by imposing impossible demands like paying their fighters' salaries first and that disrupts the efforts to continue the truce. On the other hand, the failure of the meetings of the UN representative for Yemen Hans Grundberg's recent visit to Oman with Houthi leaders clearly shows the Houthis are not serious about the truce extension.

As well, the recent escalating threats made by these militias to target foreign-owned airports, ports and oil companies indicate that this is related to the protests happening in Iran and threatening its regime. Therefore, these militias are playing their role which is to continue pressurising and threatening world peace, waterways and global energy sources.

There is no doubt that the Houthis are blackmailing the Presidential Council by constantly increasing their demands to serve their interests and restore their strength on many fronts and levels, thus, the proposed solutions are systematic international pressure from Washington and the West which impose extensive sanctions on Houthi leaders and their funders to start another truce that might put an end to this war, as well, the West will not be silent on the Houthis' intransigence and threat to energy security in light of the current world circumstances especially the Russian-Ukrainian war and its effects on oil and energy prices.

The US Envoy responded to the Houthi threats to the oil and commercial shipping companies by saying that these threats are completely unacceptable and it serves the US national security's interest to help our Gulf partners defend themselves from any foreign aggression. Even if US officials' recent statements about OPEC’s decision to reduce oil production do not agree with those statements, everything says that stopping the Houthis is necessary now for this region because it wants to destabilise this region for the sake of their funders. Therefore, the future requires the international community to intensify their efforts, even more, to stand in front of this entity.

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.