Leaders of Turkey, Russia, Iran set to tackle Syria turmoil
September 16, 2019, 7:30 am

Leaders of Turkey, Russia, Iran set to tackle Syria turmoil

Erdogan, Putin and Rouhani are expected to hold bilateral talks with each other before holding trilateral talks on the developments in Idlib. (File photo Reuters)

The leaders of Turkey, Russia and Iran meet on Monday to try to secure a lasting truce in northwest Syria following attacks by the government that risk deepening regional turmoil and pushing a new wave of migrants toward Turkey.

The summit in Ankara, bringing together countries whose Syrian allies are combatants in a ruinous eight-year-old war, will focus on the Idlib region, the last remaining territory held by militants seeking to overthrow President Bashar al-Assad.

Russian President Vladimir Putin and Iran’s Hassan Rouhani have backed al-Assad against the militants. Turkish President Recep Tayyip Erdogan, along with the United States, European and Arab allies, has supported different militant factions in the conflict.

Al-Assad’s forces, aided by Russian air power, have regained control of most lands lost in the war. In recent months, al-Assad’s forces have attacked Idlib, where Syrian and foreign extremist fighters hold sway alongside other more moderate factions.

Under a deal with Moscow and Tehran two years ago, Turkey set up 12 military observation posts in northwest Syria aimed at reducing fighting between al-Assad’s forces and rebels.

The Turkish military posts have recently been caught in the crossfire due to the Syrian offensive in the region.

In an interview with Reuters on Friday, Erdogan warned that any Syrian government attack on the posts would draw retaliation from Turkish forces, possibly risking a direct confrontation between Ankara and Damascus.

“The moment that the regime messes with our observation posts, if there is any attack, then things will take a very different direction,” Erdogan told Reuters. “We will not hold back like we are now. We will take any necessary steps.”

Erdogan and Putin agreed at talks in Moscow in August to “normalize” the situation in the region, after Syrian troops encircled militants and a Turkish post in a move Ankara said threatened its national security.

While Putin and Erdogan have forged close ties over a range of issues like energy and defense cooperation, recent attacks by Syrian troops have also strained ties between Ankara and Moscow.

Possible migrant wave

The fighting in northwestern Syria has also raised the risk of a new migrant wave toward Turkey, which currently hosts some 3.6 million Syrian refugees.

The United Nations has said that more than 500,000 people have been uprooted since late April, most of them escaping deeper into the rebel bastion and towards the border.

While Erdogan has said that Turkey could not handle such an influx of refugees, he has also previously threatened to “open the gates” for migrants to Europe unless Ankara receives more international support.

On Friday, Erdogan reiterated his warning and said Monday’s summit would aim to stop the migration from Idlib and establish a ceasefire to prevent any further civilian casualties.

“The expectation here is not a momentary ceasefire. First, it is to put a stop to the migration here,” he told Reuters. “Second, to ensure a ceasefire here. Third, to seriously get terrorist organizations under control,” he added.

“Turkey, which is hosting 3.6 million refugees in its home at the moment, cannot take the millions of people that will arrive from there,” Erdogan said. “We cannot carry that weight.”

Erdogan’s ruling AK Party (AKP) suffered some stunning local election losses this year in part due to impatience among Turks over the Syrian refugees. Erdogan has said one million refugees could return to a “safe zone” in northeast Syria, which Turkey is trying to establish with the United States.

Syrian troops shelled the south of Idlib on Sunday, according to rescuers and residents in the rebel stronghold where a ceasefire had halted a fierce army offensive two weeks ago.

The summit also comes after Yemen’s Iran-aligned Houthi group launched drone attacks on two of Saudi Arabia’s Aramco oil installations on Saturday. Washington later blamed Iran for the attacks, which Tehran dismissed as “pointless” on Sunday.

On Monday, Erdogan, Putin and Rouhani are expected to hold bilateral talks with each other before holding trilateral talks on the developments in Idlib. The three leaders will then hold a joint news conference.

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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.