Opposition military factions approach Damascus
Escalating Military Advances of Armed Factions in Central and Southern Syria
December 7, 2024, 12:53 pm

Opposition military factions approach Damascus

فصائل المعارضة

As armed factions prepare to advance toward the center of the city of Homs in central Syria, following their success in seizing several towns in the countryside of the province and on the outskirts of the city, these factions have made significant gains in southern Syria.

Local media sources reported today, Saturday, that the Syrian army has completely withdrawn from Quneitra province and the Mount Sheikh area. The sources added that the armed factions managed to control vast areas of rural Damascus following the army's withdrawal.

A Syrian military source confirmed that the factions have taken control of the Quneitra region in the Syrian Golan, near the border with Israel, according to statements reported by Reuters.

In the same context, local armed factions have managed to seize more towns in the southern province of Daraa, including the city of Sahnaya, which is located about 20 kilometers from the capital, Damascus. Rami Abdel Rahman, director of the Syrian Observatory for Human Rights, stated that "local fighters have succeeded in capturing the city of Sahnaya after the withdrawal of the regular forces from it."

For his part, Hassan Abdul Ghani, one of the military leaders of the factions launching a separate offensive in central Syria, announced that "our forces have entered the city of Sahnaya," noting that "this puts us less than 20 kilometers from the southern gate of the capital, Damascus," indicating coordination between the attacks.

Meanwhile, explosions were heard in rural Damascus, where official sources reported that they resulted from strikes on the militants' positions. The Syrian army had earlier announced that it had redeployed outside the city of Daraa after its positions were attacked by militants.

In a related development, Israel has prepared to bolster its military presence in the Golan Heights, occupied since 1967, sending additional reinforcements in anticipation of any developments that may arise from the situation along the Syrian border.

Since last week, armed factions launched a surprise offensive from Idlib province towards Aleppo, managing to seize it entirely, before entering the city of Hama and northern areas of Homs, with plans to also capture the heart of the city.

The local factions have also taken control of Daraa province, including the Nasib border crossing, prompting Jordan to close its border. Additionally, the local armed factions seized the city of Suwayda, entering police headquarters and other military sites belonging to the Syrian army, which announced its withdrawal from the city as part of a redeployment and repositioning of its forces.

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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.