Does Erdogan plan to launch another offensive on Kurds?
December 5, 2020, 6:19 am

Does Erdogan plan to launch another offensive on Kurds?

zara saleh

While the Syrian Democratic Forces were thrashing ISIS and destroying its Caliphate, Erdogan started to set up a new "caliphate" in north Syria after Turkish army's occupation with support of the Syrian jihadist rebels that so-called the “Syrian National Army". Simultaneously, the Turkish President Recep Tayyip Erdogan has been threatening, as usual, to attack the Kurds and he will "not allow establishing a terrorist state along Turkey's borders".

In recent few weeks, once again, President Erdogan has threatened to launch a new offensive in Kurdish-controlled areas. Following the increased populist rhetoric, for example, and the rhetoric of hatred against the Kurds by the Turkish president, the Turkish army with the Syrian mercenaries started shelling villages across Ain Issa north Raqqa. Added to that, Turkey has been created a new military base in that area close to the M4 highway. Besides, the Turkish President has approved a bill from the Turkish parliament to extend the army's mission to cross the borders with Syria and Iraq.

A glance at Turkey's expected to plan and the military steps that have been done such as digging trenches, tunnels, and watchtowers. It emerges that the Turkish army is trying to take control under the strategic M4 highway, north Ain Issa, and then to occupy the town. In fact, this plan will allow Turkey to take more control in northeast Syria and to cut the connection between the SDF-controlled area and other parts of Syria such as the strategic city of Aleppo.

On the other hand, Russia is considered as guarantors of the Turkey-Russia Accord that to implement it and to protect the Kurdish-controlled areas from Turkish attacks, and there is a Russian military presence in Ain Issa as well. The Russian attitude seems to be in favor of Erdogan's plan if it is not playing a "game". Following the Nagorno-Karabakh deal between Putin and Erdogan, there is also an opportunity for another deal on the ground in Syrian territories as it has happened before between both countries when Russia sold the Kurdish region of Afrin in exchange for Eastern Ghouta. Now, there is a concern that Russia might play such a game plan in Idlib as well and to close eyes on Turkey's military plan in north Ain Issa.

Arguably, Turkey and Russia's "last minutes" game is attempting to benefit from Trump's last two months in the office. In addition, Erdogan is trying to have a plan to take advantage of the presidential transition period in America. However, relying on his short memory, Erdogan's plan cannot be approved even by Trump's administration due to the American decision to reject any more Turkish attacks in the SDF-controlled areas. Whereas, the new-elected president Joe Biden attitude is clear towards Erdogan " America is back", and his team has strongly declared the importance of the US presence in Syria and to support their trustworthy ally the Syrian Democratic Forces.

By Zara Saleh

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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.