James Denselow

Ukraine’s capital Kyiv has had a feeling of false normalcy about it for months. Despite going into full invasion mode back in February, the Russian retreat and arrival of summer meant that much of the standard pace of life had returned. The sound of air raid shelters did pierce that normality but for a time many would ignore the shrill alarms and keep going about their daily business. War resilience had bred a certain type of lifestyle in the city.

This resilience has not been shattered but has certainly been dented by a change of tactics from Moscow following the attack on the Kerch Strait Bridge. Twice in the last week a swarm of kamikaze drones have attacked the city, seemingly being directed towards energy infrastructure. About 128 Russian missiles were fired into Ukraine mainly targeting Ukrainian power plants - ‘Ukraine is about to face the hardest winter in all the years of independence,’ said Volodymyr Zelensky in one of his nightly addresses to the nation. Many get shot down but those that get through announce themselves with an eery whirry sound before slamming into buildings.

The conflict in Ukraine has had a series of weapon systems that have defined phases of the fighting to date. In the early weeks it was Ukraine’s Western supplied anti-tank missiles that held up and reversed the Russian advance, then Russian conventional artillery began to shape a steady advance in the east of the country, in response the arrival of US-made HIMARS allowed the Ukrainians to start a devastatingly effective counteroffensive. Today the arrival of what look like Iranian supplied drones could signal the adoption of more wanton tactics from Russian.

The EU has said it is seeking concrete evidence of Iran being involved with Russian attacks in Ukraine, after it was claimed that Iranian Shahed 136 drones were used in Kyiv on Monday. While Iran has denied supplying Russia with weaponry, can these drones be identified in Ukraine? They are comparatively cheap, costing in the region of $20,000 and Intelligence analysts have said that the key characteristics of the Shahed 136 are the "delta wing shape, the push rotor at the back which propels the drone, and the winglets used to control direction".

Ukrainians call these drones ‘mopeds’ and the country’s politicians accuse Russia of using them to commit an assault on the fabric of normal life. Unlike missiles they are slow and can change course significantly, meaning people are forced to spend longer in air raid shelters. The change of targeting that has seen residential buildings more frequently hit means civilians are suffering higher rates of casualties. Images of police and security forces firing their personal weapons at the drones but some slam into buildings mean they are covered as a weapon far more than other tools in Russia’s armoury, which presumably is all part of the information war and the logic of responding to the humiliation of the Kerch attack.

The weapons also bring up questions as to wider geopolitics. Iran’s foreign minister, Hossein Amirabdollahian, said on Saturday: ‘The Islamic Republic of Iran has not and will not provide any weapon to be used in the war in Ukraine’. Ukraine’s foreign minister, Dmytro Kuleba, has urged the E.U. to impose sanctions on Iran for supplying Russia with drones that were used in the strikes on Kyiv. Kuleba addressed a gathering of the E.U.’s Foreign Affairs Council in Luxembourg from a bomb shelter in the Ukrainian capital.

The Institute for the Study of War had previously reported that Russia may have signed a new contract with Iran for the supply of Arash-2 drones. Ukrainian and Russian Telegram channels reported “leaked” information from unspecified Iranian sources that Russia has purchased an unknown number of Arash-2 drones, which are purportedly faster and more destructive than the Shahed-136 drones that are currently in use by Russian forces. Russia will likely continue to leverage its relationship with Iran to circumvent sanctions. One Israeli minister, Nachman Shai, minister of diaspora affairs, has already broken ranks to say that Israel should drop its official neutrality and begin arming Ukraine in response to Iranian actions

Ukrainians are not passive in response to these new weapons. The have already raised nearly £8.6m in one day to buy kamikaze drones for the army. The ‘revenge’ crowdfunding campaign was announced shortly after Russia’s mass missile attack on Ukraine last week. For those worried about continued escalation there is the question as to whether Ukraine would use drones over Russian soil as Russia has over theirs? As ever in this war events are impossible to predict.

BY: James Denselow

UK seeks to block Chinese recruitment of British military pilots Death toll from Russia plane crash rises to 13 as search ends

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.