James Denseiow

Which country in the world has a record 12.4 million people struggling to find enough food to eat whilst at the same time may find itself home to a strategic nuclear bomber fleet? The paradoxes of the situation in Syria a decade into the conflict is typified by the Russian role in the country. Ten years of conflict in Syria have included over five years of direct Russian military involvement which has helped the Regime win back 30% of the country’s territory.

According to a new Institute for the Study of War (ISW) report “the Russian military identifies its deployment to Syria as the prototypical example of future war—an expeditionary deployment to support a coalition-based hybrid war”. Russia and Iran are taking every opportunity to increase their influence in Syria. They recently urged private security companies to open offices across Syria, offering young men large amounts of money to work for them amid deteriorating economic conditions and a lack of job opportunities in the Syrian regime-controlled areas. Russia started to establish a military unit consisting of local elements in Syria’s northeastern al-Hasakah province, according to local sources.

Russia has been developing the Hmeimim Air Base in Latakia in western Syria in preparation for it to receive strategic nuclear bombers as part of plans to strengthen the Russian presence in the country, Russian Nezavisimaya Gazeta reported. As the ISW report recognises Syria has become a laboratory and a training ground for the Russians to test out equipment and allow their soldiers to gain real world experience. They describe it as a “foundational shaping experience for the development of the Russian Armed Forces” which explains the significance of the investment to date.

The military and security presence that Russia has in Syria seems to be so deeply in the country’s post-civil war DNA that it is hard to envisage a separation in future. The two countries relationship has evolved from an alliance into a more disproportionate set up whereby the Regime and the Syrian ‘state’ is beholden to Moscow like never before. And vice a versa Moscow sees Assad and his forces as simply one piece on the complex chessboard that typifies the state of power dynamics in the country.

The fact that the Regime only truly controls 15% of its own borders, according to Asharq al-Awsat, is testimony to the incredible loss of power suffered by Damascus in order to maintain any power at all. Meanwhile Moscow continues to parallel its military strategic investment and control of the country with a monopoly over the most effective strands of mediation.

The UN Special Envoy for Syria said there had to be “constructive international diplomacy” if the peace process is to move forward in any way, appearing before the Security Council behind closed doors on Tuesday. Later that same week in a two-day meeting, Turkey, Russia, and Iran are expected to discuss the situation on the ground in Syria and the political process as well as efforts to draw up a new constitution for the country. The Astana process guarantors meeting in the 15th round of Syria peace talks in Sochi following recent failures of the Syrian Constitutional Committee in Geneva – the first such meetings since late 2019.

Russia has been allowed to develop its Syria strategy regardless of whether a Democrat or a Republican was in the White House and when the ISW report recommends that “the United States and its allies must prepare to confront an increasingly effective Russian military that is intent on further developing expeditionary capabilities and using them in coalition environments”, it is hard to spot the obvious political will.

In many senses Syria has been surrendered as a zone of strategic concern by America allowing regional powers (Iran, Israel, Turkey) to compete along with Russia as the single largest power operating in the country. The likelihood of Washington trying to rebalance the scales, despite their continued light footprint presence in the northeast of the country, is minimal. Instead, the US and others will have to see what signposting comes from Russia’s actions in Syria towards the future of warfare elsewhere.

Hybrid coalition efforts, the use of drones and advanced technology as well as the hyper localisation of ceasefires and local agreements around sovereignty and access are all issues that will manifest in other fragile states or post-civil war environments across the globe. Syria has become Russia’s playground but what it does there cannot be ignored any longer.

James Denselow

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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.