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Erdogan’s Dilemma in Libya

You are being deluded, if the recent developments in Libya made you think that Erdogan and his Muslim brothers at the Government of National Accord (GNA) are winning the civil war against the Libyan National Army (LNA). Look again, Erdogan is in real trouble in Libya and he does not know how to get out of the hole he dug for himself, without further hurting the economic interests and foreign affairs of Turkey.
Last year, Erdogan decided to move his proxy war from Syria to Libya. He flew more than 15000 of his mercenaries from Syria to Libya via Turkish airlines, and then deployed 1600 Turkish military officers from Syria to Libya, under the claim of protecting and supporting the Islamic political agenda of his brothers at the GNA. But, that is not the real reason for Erdogan’s involvement in Libya. The ongoing civil war, disagreements between tribes, and the safe presence of terrorist organizations in Libya encouraged Erdogan, the Turkish president with the chief-thief mentality, to take advantage of the situation to satisfy Turkey’s constant hunger for Mediterranean gas and energy resources. Turkey is the biggest energy consumer in the Mediterranean basin, with annual energy bill that exceeds 41 billion dollars.
The Turkish strategy “Mavi Vatan” or “Blue Homeland,” launched 14 years ago, encompasses an ambitious plan for Turkey to win a geopolitical supremacy over the eastern Mediterranean, and, thus, sharing oil and gas drilling rights with east Mediterranean countries; including Egypt, Greece, and Israel. Other indirect stakeholders of interest in the oil and gas production at this region include the European Union and Russia. In December 2019, Turkey and the GNA signed a first-of-kind Maritime Boundary Treaty to establish an Exclusive economic zone in the Mediterranean that allows both Turkey and Libya to claim rights to ocean bed resources. The agreement also allows Turkey to control vessel movement and the gas pipes in the area. The legitimacy of the agreement has been disputed by affected countries in the eastern basin, Europe, Russia, and the United Nations.
The illegal game Erdogan has been trying to play in Libya is now firing back at him. The international community which tolerated Erdogan’s war crimes in Syria over the past six years, cannot turn a blind eye to his harassment to east Mediterranean countries. Turkey’s support to the political Islamist agenda of the GNA and implanting mercenaries in Libya poses a serious national security threat, not only to North African countries like Egypt, Algeria, and Tunisia, but also to Israel, France, Italy, and Greece. The Turkish assault on Syria has been tolerated by super powers, like the United States and Russia, because it served their respective foreign policies in the Middle East. Erdogan is the US and Russia ally closest to Syrian borders, and Erdogan’s party has strong economic and political relations, though illegitimate, with Islamic State terrorists (ISIS) northeastern Syria. However, the Turkish involvement in Libya is another story. Erdogan’s support to GNA is already acting as a threat to the interests of North African countries, South European countries, as well as Russia and the United States.
On June 6th, the Egyptian President Abdel Fattah El Sisi, LNA Commander General Khalifa Hifter, and Speaker of Libyan parliament Aqila Saleh, released the Cairo Declaration, as an initiative to end the civil war and finding a political solution to reconstruct the Libyan national state. The surprising international support to the Cairo Declaration proves that Libya cannot be the new Syria for Erdogan. He is now fighting alone against the whole world for a territory that he has no right to claim, with foreign mercenaries and a depleting Turkish economy.
In all this, Erdogan fails to understand that he is the real obstacle in the way for Turkey’s prosperity and his removal from power is the actual solution for all Turkey’s economic, political, and international troubles.
by : Dalia Zaida
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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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