Has Erdogan returned empty-handed from Sochi?
October 2, 2021, 1:26 pm

Has Erdogan returned empty-handed from Sochi?

Zara saleh

A few days before Sochi's Summit between Russian President Putin and his Turkish counterpart Erdogan on September 29, the Turkish President left New York with disappointment. During the UN General Assembly meetings, the Turkish President failed to grant a one-on-one meeting with the US President Biden due to US-Turkey tensions after Turkey’s purchase of S-400 missile systems from Russia that led to kicking Turkey out of the F-35 program. Whereas Turkey has always been accused the US of supporting the Kurds in northern Syria. Such disappointed relations have been described, later on by Erdogan as he said: "had not gotten off to a good start".

The frustrating return from New York encouraged Erdogan to seek a counterbalancing alliance with Moscow as a message against the US. Simultaneously with that, the Russian media has been criticised the Turkey-Ukraine military ties and as Turkey still does not recognize Crimea that been annexed by Moscow in 2014. Added to that, the Russian Foreign Minister Sergey Lavrov, even before the Sochi Summit, has accused Turkey of not implementing the agreement regarding separating the terrorist groups in the Idlib de-escalation zone. Comparing to the previous summits, the current one between Putin and Erdogan behind closed doors took only less than three hours without holding a media press conference as usual. Even both presidents haven't been talking about the outcomes of the summit except for some general issues.

Later on, it has been clear that according to Russian media, there wasn't a new deal regarding the situation in Syria. Putin in his meeting with Erdogan has demanded Turkey to implement March 2020’s agreement in Idlib and to unlock the M4 as well as a part of the agreement without pushing the Kurdish forces to withdraw from Tel Rifaat and Manbij north Syria. That means the Turkish President was in a weak position during his meeting with Russian President Putin and it could be understood as a result of Washington-Moscow's secret agreement regarding the political solution in Syria. Disappointed with his relationship with Biden after returning back from his journey, and without any promise from Putin to support to push the Kurdish forces known as the Syrian Democratic Forces (SDF), from the Turkish border areas, the Turkish President has called the US to leave the Syrian territories and people. Erdogan in his meeting with the journalists has again raised the tensions with the US and he directly accused Biden's administration official of relations with the Kurdistan Workers' Party (PKK). He accused the US National Security Council coordinator of the Middle East and North Africa Brett McGurk of close ties with the People’s Protection Units (YPG) in Syria which is considered as a PKK- branch in north Syria according to Turkish officials. He added, "McGurk was working hand-in-hand with terror groups in the region".

To ensure its significant role in Syria as the main actor, Russian planes with the Syrian regime forces began to bombard the de-escalation zones in Idlib after a few days of the Putin-Erdogan Summit. Such a clear and direct message by Moscow to Ankara could understand how the Turkish President’s last visit to Sochi and New York was, and it is obvious that Erdogan has returned empty-handed from his journey.

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.