Does Erdogan seek a Syria-style deal in Nagorno-Karabakh?
October 13, 2020, 5:01 am

Does Erdogan seek a Syria-style deal in Nagorno-Karabakh?

zara saleh

The conflict between Armenia and Azerbaijan over the dispute region of Nagorno-Karabakh was frozen for a three decades in which it remained in Armenia’s hands. The deal has been reached by the international body "the OSCE Minsk Group", that has been co-chaired by Russia, France, and the United States and was founding in 1992. Since September, when the fighting was broken out between Azerbaijan and Armenia where consequently the conflict has emerged again.

Evidently, Azerbaijan has been supported by Turkey as they both share ethnic and linguistic ties despite the Azeris are Shia whereas Turkey is Sunna, as one of the reasons for its intervention. Moreover, Turkey considers Armenia as "historical enemy" due to Armenian massacres that committed by Turkey in 1915 which Armenia had accused Turkey since that. Added to that, following its Ottoman's ambition, Erdogan is aiming to achieve new goals in the Caucasus, and planning to play vital role as a mediator when it comes to conflict resolution initiatives after it has been ignored by Minsk Group from the beginning of the conflict. Not only that, Ankara had a plan since July to broke out the fight in the disputed territories of Nagorno-Karabakh. Then, Turkey has sent Syrian mercenaries to support Azerbaijan and Turkish-made drones are now spearheading Azerbaijan's attacks against Armenia in the enclave of Nagorno-Karabakh, that internationally recognised as a part of Azerbaijan, despite the Armenian control. That is why the Erdogan's manoeuvres, and Turkey's military and logistic support for Azerbaijan have sent an alarm to Moscow about Ankara's explicit involvement in the conflict in favor of Azerbaijan aiming to be an important factor in South Caucasus. Simultaneously with that, Erdogan had mentioned, for several times of its occasions, about the crisis of Crimea and the Russian occupation in the Black Sea as a threat message to the Kremlin that could appear at any time.

Arguably, Erdogan's aspirations that driven by the nostalgia to pan-Turkism and seeking Caliphate project to take control under the so-called Ottoman lands. However, the Russia-Turkey's relations cannot be, today, compared with that context in 1923-1929. At that time, during the Soviet Union administrative 1923, in today's Nagorno-Karabakh region, the Red Kurdistan Republic was established by Lenin, but it was abolished later in 1929 by President Stalin's decision under the Ataturk influence. Consequently, the Kurdish population were forced and displaced to central Asian Republics and Siberia and were subject of assimilation.

At the same time, Erdogan is trying to copy the Syria-style in Nagorno-Karabakh which seems to be difficult and even unacceptable for Russia. Furthermore, when Turkey has joined Astana's talks about Syria, it was a tactical choice that allows Turkey to gain some benefits such as the occupation of the Kurdish areas in northern Syria. Whereas, in fact, Astana's negotiation was Putin's strategic plan to retake control under more than 70% of Syria's territories with Assad regime. However, in Nagorno-Karabakh, there are common Russia-West views and interests that in contrast to Turkey's ambitions. Evidently, Russia is controlling the security of the South Caucasus countries and have a balanced relationship with both Armenia and Azerbaijan. Moscow has military bases in Armenia and considers as the main ally of Armenia despite the new Armenian Prime Minister Nicol Pashinyan has some preference for the US and West. At the same time, Russia has strengthened its economic ties with Azerbaijan as well as Moscow considered as the main military supply for it.

Based on the fact that, in the Caucasus and in the Middle East, Moscow seems to be ready for any cooperation with Turkey to achieve its interests but, it is unlikely to let Turkey cross its border and fields. That makes it difficult for Turkey to reach another deal with Russia in terms of its intervention in Nagorno-Karabakh's conflict by supporting Azerbaijan. Of course, the less American presence recently due to the presidential election and last year's military withdrawal from Syria has made gaps and allow Russia and Turkey to intervene in different areas such as Libya and Syria as they want.

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.