Can Hulusi Akar Save Turkey and the Middle East from Erdogan’s Foolishness?
August 10, 2020, 12:30 pm

Can Hulusi Akar Save Turkey and the Middle East from Erdogan’s Foolishness?

Dalia Ziada

On August 6^th, Egypt and Greece signed an agreement designating an area in the eastern Mediterranean as an exclusive economic zone between the two countries. In the press conference that followed the signing of the agreement, the Greek Foreign Minister, Nikolaos Dendias, said that the agreement is designed in compliance with the international law. Then, he added: “Now, the normal place for Turkey’s illegal agreement with Libya is the trash can!”

Five days before that, on August 1^st, France and Cyprus announced that their “Defense Cooperation Agreement,” signed in April 2017, entered into force. The agreement ensures cooperation on “energy resources, crisis management, counter-terrorism and maritime security.” The activation of the agreement came as an indirect response to Turkey’s expansion endeavors in the Mediterranean, highlighted by harassing Greece and then directing its force towards Cyprus.

While the announcement of the Egypt-Greece and France-Cyprus agreements received international applaud, the joke went out that Turkey’s president Erdogan was breaking some of the glassware in his house to release anger. The two agreements blow away Turkey’s attempts to manifest the “Mavi Vatan ” dream, and undermines Erdogan’s recent illegitimate moves in the Mediterranean. For over two months, Erdogan turned the quiet basin of the Mediterranean into a war zone, as he went on threatening Turkey’s neighbor states in Europe and deploying Syrian mercenaries and terrorist militia from Syria to North Africa.

Meanwhile, the Turkish economy is collapsing and the people are suffering. On August 6^th, the Turkish Lira fell to its lowest rate ever compared to US Dollar. The angry public opinion puts the blame on Erdogan’s flawed policies, at home and abroad, as much as the ineffective monetary policies instigated by Erdogan’s son-in-law, Berat Albayrak, who acts as Minister of Treasury and Finance.

Nevertheless, the militarization of Turkey’s foreign policy in the Middle East and East Mediterranean is putting the Turkish military under a huge amount of pressure and hurting its international reputation. Turkey is under the threat of being sanctioned by the United States Congress on the background of purchasing S-400 air defense system from Russia, while working with the United States on the F-35 fighter jet program. If applied, the sanctions would worsen the reputation of the Turkish military and accelerate the economic collapse.

On July 27^th, Turkey’s Minister of Defense Hulusi Akar pleaded the U.S. Congress to reconsider its decision about sanctioning Turkey, and offered to “address any US concerns about the S-400 / F-35 compatibility issue, on a technical basis." Ironically, Minister Hulusi Akar was previously sanctioned, in his professional capacity, by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), in October 2019, on the background of Turkish military’s involvement in “escalating violence in Syria, endangering innocent civilians, and destabilizing the region.”

Honestly, it is heart breaking to see the mighty Turkish military, and its one-of-kind commander Sayın Bakan Hulusi Akar turning into a toy in the hands of an Islamist president like Erdogan. The Turkish military should refrain from pursuing Erdogan’s illogical and illegitimate ambitions abroad, as they hurt Turkey and the Turkish people more than anyone else. Erdogan’s policies have already turned Turkey into a “hostile” country to most of its former friends in Europe and the United States, and its neighbors in the Middle East and North Africa.

The Turkish military is the only institution capable of saving Turkey from the “plow down the road,” which Erdogan is driving the country towards, with utmost speed and foolishness. That does not, necessarily, mean overthrowing Erdogan and his Islamist party from power through a coup d’état. Such an action will incur an aftermath that Turkey can hardly survive. But, at least, for the time being, the Turkish military leadership, namely the highly popular and widely adored Hulusi Akar, should intervene and put some brakes on Erdogan’s blinded-with-hate atrocities in the Mediterranean and MENA. Hulusi Akar must be the sound of reason in this equation, not a helpless obedient follower to Erdogan’s irrationality. That is his responsibility, as a leader, towards the Turkish people and the Middle Eastern countries currently suffering on the hands of Erdogan. Sayın Bakan Hulusi Akar may save an entire region, as big as the Middle East and North Africa, if he wants to.

by : Dalia ziada

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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.