Damascus' Silence in the Conflict Equation Raises Questions: A New Strategy or a Temporary Tactic?
August 4, 2024, 9:28 pm

Israel warning Al-Asaad

Damascus' Silence in the Conflict Equation Raises Questions: A New Strategy or a Temporary Tactic?

It seems that the Syrian regime is taking a neutral stance in the current conflict, which raises questions about the future of its relationships with its allies and its position on future developments.

In the recent speech given by Hassan Nasrallah during the funeral of military commander Fouad Shukr, who was killed by Israel, it appeared that he exempted the Syrian regime president from participating in the "Unit of the Fields" that includes forces from the resistance axis. He hasn't mentioned him since the party declared its support for Hamas in Gaza on October 8.

Syrian Neutrality Raises Questions

The Syrian regime's avoidance of involvement in regional conflicts raises several questions. Will it maintain its neutral stance if the war expands, or will it join the conflict? How will it justify its position to its allies in the resistance axis, especially Iran and Hezbollah, who supported it during the war against the Syrian opposition?

Unannounced Position

Despite Hezbollah activating the support front in southern Lebanon, the Syrian regime has remained silent and has not participated in the conflict. Even in media and political solidarity to support its ally, it did not specify its position regarding the rocket that targeted the town of Majdal Shams in the occupied Golan Heights until more than 24 hours after it fell.

Allies’ Understanding

So far, it seems that Hezbollah and Iran are avoiding, at least publicly, engaging in a discussion with the Syrian regime about its refusal to join the support front for Gaza. They prefer to keep the discussion confined to private meetings. According to party sources close to "Al-Sharq Al-Awsat," the resistance axis understands the Syrian regime's reluctance to join the support fronts for Gaza, while keeping the option of participating in the conflict if Hezbollah faces a significant Israeli attack.

Redirecting International Relations

Sources indicate that the Syrian regime currently prefers not to join the conflict while reserving the right to choose the appropriate timing to participate. Damascus is currently seeking to redirect its international relations. Opponents of the resistance axis view Syrian neutrality as part of Damascus' efforts to re-establish its relationship with the international community.

Nasrallah’s Political Speech

The question remains about the political implications of Nasrallah's speech, which aimed to boost the morale of the party's supporters and affirm the response to Shukr's assassination. Sources confirm that the party will not succumb to pressures to deter it from responding and that Iran will not accept the assassination of Haniyeh without a response.

International Mediation Efforts

According to information from "Al-Sharq Al-Awsat," foreign ambassadors in Beirut are seeking to pass messages advising to temporally separate responses to Israel, giving a chance for international mediations to prevent the conflict from expanding. The party remains committed to responding, reserving the right to determine the timing and place.

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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.