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Joe Biden invites private investment in Syrian areas not under Daesh and Assad control

The Arabnews reported, US President Joe Biden has said private entrepreneurs will be permitted to re-invest in areas of Syria that have been liberated from Daesh or are outside the Assad regime’s control.
Ethan Goldrich, deputy assistant secretary of state for Syria and the Levant in the Bureau of Near Eastern Affairs, said the program focuses on northeast and northwest Syria, and compliments $110 million in US funding earmarked for stabilization and undermining “violent extremism.”
The authorization encourages private business to invest in 12 economic sectors in an area of Syria protected by the US or under Kurdish or Turkish control.
The authorization excludes oil, most of which is controlled by Kurdish governing agencies in the northeast.
Today, the United States advanced the enduring defeat of ISIS. Syria General License 22 will promote economic stability in certain areas of non-regime held Syria critical to preventing a resurgence of ISIS while maintaining sanctions against Assad. https://t.co/eWiv0bqiCw
— Ned Price (@StateDeptSpox) May 13, 2022
Goldrich said: “Our aim with this is to prevent the resurgence of Daesh by mitigating growing economic and security (concerns), and restoring essential services in areas liberated from the terrorist group."
“The general license is designed to improve the economic conditions in non-regime-held areas of northeast and northwest Syria in support of ongoing US-led Daesh stabilization efforts. The authorization does not permit any activity with the government of Syria or other sanctioned persons, and does not alter existing counterterrorism sanctions.”
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He said that stabilization efforts include “restoring essential services” and “bolstering livelihood opportunities to help Syrians return to normal life.”
He mentioned that the private-sector investment can also provide support for returning Syrian refugees. Services include agriculture, telecommunications, health services and education.
Goldrich said the expansion of the program supports the humanitarian efforts led by the US and other nations to bring relief and freedom to the people of Syria.
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He added during a teleconference on Friday hosted by the US State Department: “International donor funds are stretched thin. Without economic stability, these areas are vulnerable to exploitation by terrorist groups, especially Daesh.
“Private sector investment in these areas will help reduce the likelihood of Daesh’s resurgence by combating the desperate conditions that enable the terrorist group’s recruitment and support networks,” he said. “US sanctions are aimed at the regime and people around the regime, and not at people who are in areas that are not even under the regime’s control.”
The new policy “does not waive sanctions” on the Assad regime, and continues to prohibit all transactions with it.
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Goldrich said: “We also continue to oppose reconstruction directed by or for the Assad regime, which would only serve the regime’s narrow interests and not the Syrian people."
“It’s not a political step, it’s an economic step and a stabilization step to help improve conditions for people living in these non-regime areas and make it easier for them to find jobs and livelihoods, bringing more income into the areas which would not have come in just through humanitarian or stabilization assistance. It opens up other private-sector money into the areas that would benefit them.”
Source: arabnews
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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