A new year... How does 2025 return?
January 2, 2025, 9:34 am

إبراهيم جلال فضلون (1)

This is another year, arriving amidst the preparations of the Arab world before the West, forgetting Gaza, rejoicing in guests heading towards life while there are innocents who have found nothing but a spectacle to behold, facing death, displacement, and exile from every direction, overshadowed by aspirations for peace from the barbaric Israeli-American war machine. This scene evokes the suffering of the Syrians under Assad's tyranny, with a unique social and political reality, as extraordinary movements of chaos spread everywhere, reaching levels beyond the imagination of artificial intelligence—not of humans. From Morocco to the East, in a circular loop of this vast world, there are great expectations that hardly differ from their counterparts, as backgrounds fade, the calendar's history heals, and the traditions of celebration vary from place to place, even as this time the celebrations will differ in Gaza and in Syria that was liberated from the claws of the ousted (bin Assad) in 2024. The reverberations of destruction and death in the Middle East have compelled many countries to reconsider many of their future political, economic, and security calculations.

A new year... So how does it return? Inspired by the wars and political changes of 2024, which influenced many nations' elections, including France, Germany, Japan, and India, while Russia remains steadfast with its current bear, Vladimir Putin, who garnered 88% of the votes after his re-election, despite the war between Moscow and Kyiv yielding no territorial gains and the loss of bases in Syria in the Middle East. This has triggered global movements, and we have witnessed demonstrations worldwide in support of Palestine and in joy for Syria.

Gaza and Syria have unleashed a giant wave sweeping through all global capitals, resembling the revolutionary waves of 1848 and 2011 in the Arab world and Europe aimed at overthrowing authoritarian regimes. The conflict in Gaza has broadened with several escalation pathways leading to a regional war, pulling the U.S. and Iran directly into fighting through Israel. The great Syrian machine and its resources have been destroyed, but its people possess goodness, making the conflict pose risks to the region, extending to Yemen and the global economy, opening the door for further geopolitical and political divisions, and fueling global "extremism." The shortest path to escalation is Israel's decision or peace, which has seen the death of all international laws.

This will be another turbulent year for U.S.-China relations, particularly regarding Taiwan and technological competition. However, domestic concerns have convinced both countries that better-managed relations serve both sides. Meanwhile, Trump announces a war on BRICS nations, as populists in Europe continue to stir fear within the European political establishment. Yet the limited setbacks of major parties in the European Parliament and national and local elections will not overturn the European political system or hinder the ambitions of the European Union, which is rejuvenating itself in fear of the coming Trump years and the Ukraine war. Socialist organizations and others have failed to create real roots among workers, reducing popular support for these regimes, and with their fall, a significant political gap has arisen, quickly filled by currents of political Islam. Should we then swim against the current? In light of the absence of American leadership and its backward role after losing its global prestige in Afghanistan and Biden and Harris faltering before Trump, while focusing on the European Union as evidenced by NATO's aerial campaign in Libya and Ukraine. The ongoing war in Syria has reflected a change in the global power map; while the U.S. was about to launch a military strike on the Syrian regime in August 2013, Russia intervened dramatically reshaping the situation, indicating that the U.S. could not act alone. This fundamentally reflects a shift in American policy inward following the 2008 global financial crisis, the immigration issue on its borders in 2018, and the fires, storms, and scandals recently affecting its leaders.

As for Europe, its paths remained indecisive and perplexed in the face of the overwhelming wave of internal movements of its peoples, as it lagged in recognizing and keeping pace with events unfolding in its southern neighborhood. However, it caught up late with developments in Syria, which was struggling for freedom from Iran and the losing militias of Hezbollah, as if it were a moment that inspired the political and economic scholar Francis Fukuyama to write his great work "The End of History and the Last Man," confirming Fukuyama's prophecy's truth. What will 2025 bring us?

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Levant: Ibrahim Jalal Fadlon

US Military Reinforcements Affirm Washington's Commitment to Protecting Kobani High-level Syrian Delegation Arrives in Saudi Arabia to Strengthen Relations

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.