Ukraine war, Iran deal, post-pandemic economic woes are the focus of Middle East summits
March 26, 2022, 2:25 am

Ukraine war, Iran deal, post-pandemic economic woes are the focus of Middle East summits

Jordan's King-Shutterstock

The Arab News reported, the Ukraine-Russia conflict, the possibility of an Iran deal in Vienna, and post-pandemic economic worries appear to be the discussion topics for several regional summits.

One is a four-way Iraqi, UAE, Egyptian, and Jordanian summit in Aqaba. Another is a foreign ministerial meeting in Israel with US Secretary of State Antony Blinken, and there is a three-way summit in the Egyptian resort of Sharm El-Sheikh to be attended by President Abdel Fattah El-Sisi, Israeli Prime Minister Naftali Bennett, and Abu Dhabi Crown Prince Mohammed bin Zayed.

Blinken travels to the Middle East and North Africa next week as the administration of US President Joe Biden tries to keep allies and partners united in opposition to Russia’s war in Ukraine.

Oraib Rantawi, director of the Amman-based Al-Quds Center for Political Studies, said the meetings were more about coordination and consultation than producing an agreement or signing a new covenant.

Egypt's President Abdel Fattah El-Sisi, King Abdullah II of Jordan, Crown Prince of Abu Dhabi Mohamed bin Zayed Al-Nahyan, and Iraqi Prime Minister Mustafa Al-Kadhemi (L to R), meeting in Jordan's Red Sea resort of Aqabah on March 25, 2022. (AFP)

He told Arab News: “I think all these parties realize that we are approaching a critical stage due to the Ukrainian-Russia conflict as well as the possibility of a nuclear deal in Vienna."

Rantawi said that while all the parties who were meeting were strong US allies, they were unwilling to go as far as the US wanted them to go on the Ukraine war.

Prince Hamza apologizes to Jordan's King Abdullah over conspiracy to replace monarch

The political strategist believed the parties “want to consult and coordinate positions rather than reach a specific agreement.”

Jamil Nimri, a member of the Jordanian Senate and a leading figure in the efforts to create ruling political parties in the country, agreed that Iran and Ukraine were the two key elements during the current high-level consultations.

He told Arab News: “What we are seeing is a political movement that is not in the traditional way."

The high-level meetings might also be connected to post-pandemic economic difficulties and the fear of disruption in food and energy costs.

Outrage as Iran’s Revolutionary Guard Corps display weapons at defense show in Qatar

Nimri said Egypt was facing economic problems, and that the conflict in Ukraine threatened to affect the supply of wheat from both Russia and Ukraine as well as a sharp rise in energy costs for oil-consuming countries.

Rantawi said food and energy were becoming “part of national security” for many Arab countries, and that the region was on edge and could blow up from a spark from one place or another.

“It is unusual that with all the problems of Ukraine both the US secretary of state and King Abdullah have decided to visit Ramallah,” he said, adding the concern was about reverberations spreading to many countries if things blew up at Al-Aqsa Mosque.

Jordan’s king and queen receive 2022 Zayed Award for Human Fraternity in Abu Dhabi

“We rarely see the king go to Ramallah or a senior US official visit the occupied Palestinian areas. They all know that the spark from Al-Aqsa could have a domino effect on the region that brings back memories of the Arab Spring.”

The various high-level meetings appear to have a strong Gulf influence, with the UAE leadership present in almost every meeting, reflecting concern about the Iran agreement and the effects of the polarization coming out of Ukraine.

Source: arabnews

Germany to halve Russian oil imports by the middle of this year Houthi militia claims responsibility for cross-border attacks against oil facilities in Saudi Arabia

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.