Iraq blames Iran for drastic drop in flow of Sirwan river
October 27, 2021, 4:40 am

Iraq blames Iran for drastic drop in flow of Sirwan river

Iraq-Euphrates river/Pixabay

The Arab News reported according to AFP, Iraqi officials warned Tuesday of a drastic drop in the flow of water in a river from Iran due to low rainfall and dam-building in the neighboring Islamic republic.

The Sirwan river begins in Iran, flowing to Darbandikhan Dam in northeastern Iraq before going through the rural province of Diyala and joining the Tigris.

Rahman Khani, the dam’s director said: “There has been an unprecedented decline,” adding, “The water level has fallen by 7.5 meters in one year.”

He told AFP: The drop was attributed to low precipitation and “the building of more dams in Iran which retain water.”

Khani said the dam had this year received 900 million cubic meters of water — a fraction of the annual average of 4.7 billion cubic meters.

The decline had led to a 30 percent fall in electricity production from the dam, he added, warning against the impact on agriculture in Diyala province.

Iraq — which relies on Iran for much of its electricity — has suffered extreme water shortages in many areas in recent years.

This is owing in large part to upstream dam-building in Iran and Turkey, but also to factors relating to climate change and droughts, which have affected the wider region.

The situation has prompted Iraq’s Water Resources Minister, Mahdi Al-Hamdani, to call on his government to file a complaint against Iran at the International Court of Justice in The Hague.

A foreign ministry spokesperson refused to comment on the matter.

Aoun Thiab, a senior adviser at the water ministry, said Iran was “violating international law by diverting a river flow” based on the 1997 UN Watercourses Convention on the use of water that crosses international borders.

Thiab acknowledged however that seeking justice would be “a political decision and not a technical one.

He told AFP: “The waters of the Sirwan river have been completely cut off."

Iran has also its own decline in water levels due to drought, said a report from the country’s space agency cited by Mehr news agency.

On Tuesday, an official said Tehran was facing its worst drought in 50 years as he reported a 97 percent drop in monthly rainfall compared with last year.

The Iranian capital has had 0.4 millimeters of rain since Sept. 23, compared with 14.3 mm over the same period in 2020, said Mohammad Shahriari, deputy director of the company that supplies the region.

He was quoted as saying by Iran’s ISNA news agency: “Groundwater and surface water are at a critical state and there has not been a similar drought for the past 50 years."

In July, deadly protests broke out in the drought-hit southwestern province of Khuzestan after people took to the streets to vent their anger over water shortages.

Source: arabnews

Lebanon information minister triggers social media frenzy by his statements British retailers warn of pre-Christmas price rises

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.