The Iran nuclear deal ... What else?
September 17, 2022, 9:40 am

Saad Al Hamid

The goal of the negotiations on the Iran nuclear deal, which began 18 months ago and was suspended and then resumed in August, was to revive the 2015 deal between Iran and the five permanent UNSC members (China, the USA, France, the UK and Russia) in addition to Germany.

Iran and the six countries (China, Russia, the USA, France, Germany and the UK) held prolonged negotiations from March 26 to April 2015 in the Swiss city of Lausanne to reach a comprehensive deal that guarantees the peaceful nature of Iran's nuclear programme and to lift sanctions on Iran completely.

The deal was seriously made, and after long negotiations, Iran and the six countries made a joint statement, in April 2015, in which they announced understandings about Iran's nuclear programme to be completed in June 2015. Tehran considered this agreement as great progress that serves everyone and Washington called it historic. Internationally, some countries considered it historical and others saw it as very dangerous. The USA withdrew from it in 2018 after several reports of the Atomic Energy Agency that warned the nuclear programme is not peaceful because of violating the uranium enrichment, preventing the agency's inspectors from inspecting and verifying the nuclear programme is peaceful.

Former US President Donald Trump said that after the sanctions were lifted, the dictatorship used its new funds to build nuclear-capable missiles, support terrorism, and cause havoc throughout the Middle East and beyond. Currently, supporters of the resumption of the Iran nuclear deal believe that deal will freeze Tehran's nuclear programme and open the way for Washington and its allies to confront China's increasingly aggressive activities in the Indo-Pacific and Russia's ones in Crimea, but some believe that it may backfire if the parties reached a weak and short-term deal which may enhance Iran's nuclear power i.e. more instability in the Middle East and the Indo-Pacific. Some observers believe that it may also make China extend its influence in the Middle East where Iran has suffered from diplomatic and economic isolation due to Western international sanctions for many years and has sought support from some countries to break its isolation, including China, which has become for years the first trading partner and an important destination for its energy exports and a major investor in the Iranian industrial sector.

Iran exports all of its oil to Chinese companies which buy it violating international sanctions. This partnership will get China unlimited exports of massive Iranian gas and oil reserves, which will meet China's large needs for nuclear energy, The Iranian regime is in an embarrassing situation in front of its citizens due to the deteriorating Iranian economy and inflation, the repercussions of the COVID-19 epidemic & the Russian-Ukrainian war which has affected energy prices. The failure of OPEC producers to increase oil production to ensure the stability of the global market causes concern for Washington and Europe and this was directly reflected on the American people's living standards, the upcoming American mid-term elections, the popularity of US President Joe Biden and the Democratic Party. Perhaps the levels of inflation that have impacted the US stock market clearly show the increasingly high standards of living that Americans are putting up with now. The global economic inflation along with the approaching winter tell why Berlin, Paris and London want the efforts of the nuclear deal and the Comprehensive Plan of Action between Tehran and Washington to succeed so that the Iranian oil and gas replace the Russian ones the thing that will reduce globally the oil prices and put more pressure on the Russian economy.

High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell said Russia will not be happy about the Iran nuclear deal because it poses a danger to its oil. Yedioth Ahronoth newspaper quoted the Mossad chief who said that Washington is rushing to sign the nuclear deal and it knows that it is an absolute lie and goes against reason and that any agreement will not retard Iran's capabilities and will not leave it restrained for several years to come; that would harm the global and regional security.

Perhaps Washington's interest to achieve greater stability in the Gulf region for its allies against the Iranian threats is another aspect that makes it difficult for Washington to conclude this deal with the ceiling of Iran's increasing demands during the rounds of negotiations with Washington. For Tehran, having a nuclear programme is something irreversible and decisive and that stance is shown through its defence of the peacefulness of this programme, its unwillingness to discuss its missile programme, accept listing the Revolutionary Guards (IRGC) as a terrorist organisation and discuss the existence of any evidence the Atomic Energy Agency has on uranium enrichment during the inspection of the Iranian nuclear facility. All this makes everyone concerned about Tehran's honesty about its nuclear programme. There is no doubt that the return of frozen assets to Tehran after the conclusion of the deal is also concerning because it will support even more its militias in Iraq, Lebanon, Yemen and Syria and continue its aggressive behaviour against its neighbouring countries.

I believe that Tehran wants to make greater gains and obtain greater concessions from Washington and the West before concluding the deal and plays with time so that its interests with Russia are not harmed in case the nuclear deal is fully concluded and therefore the negotiation rounds will continue.

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.