Mikati Visits Damascus in First Official Trip in 15 Years
January 11, 2025, 2:44 pm

Mikati Visits Damascus in First Official Trip in 15 Years

نجيب ميقاتي يلتقي الشرع بــ دمشق

Caretaker Prime Minister Najib Mikati, along with his accompanying delegation, arrived at Damascus International Airport on a Lebanese Airways flight, according to a statement from an airport official to Agence France-Presse. This visit marks the first official trip to Damascus since the ousting of Bashar al-Assad's regime on December 8.

Operations Director Ahmad al-Shar' confirmed that he discussed outstanding issues between the two countries with Mikati, emphasizing the importance of controlling the borders between Syria and Lebanon. He stated, "We will establish a new relationship between Syria and Lebanon," expressing their commitment to staying impartial towards the various Lebanese factions.

Al-Shar' added, "We support Lebanese consensus options, particularly regarding the election of General Joseph Aoun as president." He expressed hope for Mikati's re-election as Prime Minister, noting the existence of shared strategic interests between the two countries and underscoring the necessity of long-term cooperation.

During a joint press conference with Mikati, al-Shar' called on the Syrian and Lebanese peoples to be given a chance to address past issues, mentioning discussions about Syrian deposits in Lebanese banks.

For his part, Mikati expressed his pleasure at visiting Damascus, stating that he discussed bilateral relations with al-Shar' and wished for stability and peace in Syria. He noted that "Syria represents Lebanon's natural gateway to the Arab world, and as long as it is well, Lebanon will be well."

Mikati also stressed the need to address the Syrian displacement crisis and the return of refugees to their homeland, as Syria begins to regain its stability. He pointed out Syria's readiness to follow up on the displacement issue, highlighting what was discussed regarding securing the borders between the two countries.

Furthermore, Mikati emphasized the importance of friendly relations between Lebanon and Syria, asserting that the priority is to delineate the land and maritime borders between the two nations, with plans to form a specialized committee to control the borders and prevent smuggling.

He noted that the Syrian side is working to establish a dedicated authority for criminal matters and to search for missing persons, affirming that they will provide information on the required names.

Thus, Mikati's visit to Damascus has witnessed a strengthening of the relationship between the two sides in a rare step after 15 years.

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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.