Türkiye prepares for military operation against SDF in Syria
December 17, 2024, 11:00 am

Türkiye prepares for military operation against SDF in Syria

الجيش التركي في سوريا \ ليفانت نيوز

The Wall Street Journal reported that U.S. officials indicated Turkey is nearing the execution of a military operation in Syria aimed at Kurdish areas. Sources stated that Turkish artillery and forces have heavily deployed near the city of Kobani.

U.S. officials expressed concerns about the possibility of a Turkish incursion into Kurdish regions, while a reporter from Al Arabiya stated that reports regarding the Turkish buildup are inaccurate, and that Ankara's military mobilization is within the framework of normal circumstances.

In a related development, the media center of the Syrian Democratic Forces (SDF) confirmed that U.S. mediation efforts to establish a permanent ceasefire in Manbij and Kobani have failed due to Turkey's obstinacy. The statement mentioned that the Turkish side did not show acceptance of the key points in the U.S. mediation, which included relocating the fighters of the Manbij Military Council to safe areas in northeast Syria.

Regarding the Kurds' position, Obaidah Arnout, spokesman for the political affairs administration in Syria, confirmed that the Kurds are part of the Syrian people, but the interim government will not permit any faction to exist outside its control. He stated: "The Kurds represent a component of the Syrian people, and we are committed to protecting their rights, but we will not allow any part of Syria to separate from the control of the Damascus government."

According to the SDF, American mediation efforts to secure a ceasefire in the Kurdish areas of northern Syria have failed, indicating Turkey's refusal to share essential negotiation points.

This comes amid escalating pressures on the Kurds since the overthrow of the Assad regime on December 8, as the Turkish-backed Syrian National Army succeeded in taking control of Manbij after intense battles.

Despite being NATO allies, the United States and Turkey are opposing each other through their proxies in this conflict. According to experts, Turkey aims to push Kurdish militias east of the Euphrates River, paving the way for further advances toward the city of Ain al-Arab (Kobani).

In a statement, Rami Abdul Rahman, director of the Syrian Observatory for Human Rights, confirmed that Turkey and its militias are preparing to launch an attack on Kobani, warning that this could happen soon. Despite the close relationship between the Syrian Democratic Forces and the United States in the fight against ISIS, Turkey classifies the militia as a branch of the banned Kurdistan Workers' Party (PKK) and considers it a terrorist organization.

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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.