Paris Reaffirms Commitment to Support the Kurdistan Region
March 30, 2021, 5:52 pm

Paris Reaffirms Commitment to Support the Kurdistan Region

Shiyar Khalil

Amid Iraqi-Iraqi conflicts and the different political conflicts of the political parties and forces in Iraq with local and international powers, the President of the Kurdistan Region Nechirvan Barzani is paying an official visit to France at the invitation of the French President Emmanuel Macron who previously confirmed how important the Kurdistan Region is in the country's stability and the war on terrorism and extremist organizations.

Bilateral relations between Paris and Erbil are very close since the presidency of François Mitterrand when his wife Danielle Mitterrand played an instrumental role in the campaign for the no-fly zone over the Kurdistan Region in 1991 to prevent the Iraqi army from attacking the Kurds. That woman who established good relations between the Kurds and the French. These good relations has continued with the success of the Kurdistan Region in strengthening security and stability through fighting ISIS during the presidency of the former President Masoud Barzani and with the current one Nechirvan Barzani who is continuing resolving the pending political and military issues with the neighbouring countries.

Despite the adverse circumstances that France is going through because of COVID-19, Nechirvan Barzani is received today in Paris to discuss several issues about Iraq and the Middle East. Paris knows Iraq's issues are not resolved without Erbil the political, economic and military centre which is open to Europe and other countries interested in the Middle East. Paris trusts Nechirvan Barzani to resolve these issues with peace and dialogue.

This visit was organised after Barzani welcomed the initiative set up by the Iraqi Prime Minister Mustafa Al-Kadhimi. This initiative was on resolving the pending issues between the two governments of Iraq & the Kurdistan Region and starting a round of serious negotiations to restore security and stability between the two regions through inclusive national dialogue in the country.

The situation in Iraq in particular and the Middle East in general will clearly drive the French President to discuss the risk of Iran-backed Popular Mobilisation Forces which carried out several attacks in the Kurdistan Region and other parts of Iraq against Iraqi armed forces and the global coalition forces in Iraq. This happened together with the Turkish air and ground attacks against the Kurdistan Region under the pretext of fighting the PKK.

France always wanted to reinforce economical cooperation between Paris and Erbil through the revitalization of French companies in the Region and encouraging agriculture the thing that will promote tourism in Kurdistan. Experts in the Kurdistan Region's issues said that bilateral trade between France, Iraq and the Kurdistan Region increased by $ 280 million, and increased by 70% in 2019 and amounted to $ 800 million.

It is known that France has made great efforts to converge the views of the Kurdish forces in Syria and hold a Kurdish Kurdish dialogue supported by the Kurdistan Region before Washington adopted the initiative and supported it politically. This dialogue will solve several political and military problems related to the Kurdish issue in Syria and Iraq especially the Turkish attacks and interventions in the two countries. Washington and Paris have political, military and strategic interests with the Kurds in Syria and Iraq. The Kurds' efforts in Syria and Iraq are essential to combat ISIS and the terrorist organisations in both countries.

Since assuming office, Nechirvan Barzani has tried to open international channels of communication and cooperation with the world to strengthen security and stability in the region in parallel with the return of construction and the economic revival of the Kurdistan Region. There are several conflicts in the region to fail the efforts to open those channels with neighbouring countries and resolve the pending issues through dialogue and developing methodological and professional basis to solve them. All this meets with the French vision to come up with solutions close to all sides in Iraq & Syria and support the experience of the Kurdistan Region to be successful amid all these threats.

Levant - Shiyar Khalil

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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.