James Denseiow

Syria has been at war for almost a decade. It faces an economic meltdown with the currency in freefall. 1 in 2 people in Syria have fled their homes. 1 in 2 health centres no longer work. 1 in 2 people are without enough to eat. A global pandemic is causing unrivalled chaos around the world, but Syria has neither the capacity nor intent to address it. As the ICRC put it “Syria is exhausted”.

Against such a backdrop, donors from around 60 countries and international agencies are meeting in Brussels this week for the now annual check in on "Supporting the Future of Syria and the Region". The aim of the Conference is to maintain the support of the international community behind UN efforts to address critical humanitarian and resilience needs in Syria and the region, and facilitate a lasting political solution in Syria in line with UN Security Council Resolution 2254.

COVID-19, it is acknowledged, is proving an accelerant to many of the negative trends that Syria already faces. Around 11 million people are in need of humanitarian assistance, and some 9 million don’t have enough to eat. More than half of the population have no jobs.

Previous international conferences on Syria have come at times of uncertainty as to the direction of the conflict and whether the Assad government will survive, in 2019 the Brussels Conference was very much focused on the paradox of reconstruction. Can the international community pay to rebuild Syria if Assad remained in charge was the question that most seemed to answer with a; no we can’t.

Today a global economic recession has made the talk of rebuilding Aleppo or restoring Syria’s schools and hospitals to the pre-war capacity fanciful to say the least. The Caesar Act in the US is tightening the screw and the pressure on third party supporters to the Regime has caused internal splits like never before, typified by the Rami Makhlouf saga.

Instead the focus of the Brussels Conference and perhaps the wider challenge for Syrians in this period is that of survival. The perfect storm of conflict, economics and health is battering at the gates of all Syrians whether they are lucky enough to still have a home, or whether they are displaced internally or externally or as refugees.

The UN estimates that it will need almost $4bn to respond to the next 12-months of humanitarian challenge but recent donor conferences have been unable to meet the demand as the COVID-19 squeeze takes hold. Focusing on survival means persuading the international community that it is in their interests for Syrians not to be dying from starvation.

The fear of another mass migration is perhaps on top of most European policymakers’ agenda when they think about Syria. They would have listened very carefully to the warnings from the head of the UN World Food Programme that “Syria faces the risk of mass starvation or another mass exodus unless more aid money is made available”. David Beasley told the BBC a million Syrians were severely food insecure and some were already dying. Beasley appealed not to humanitarian principles but to strategic interest when he warned that “in desperation, many Syrians might have no choice but to try to flee to Europe as they did in 2015”.

Bizarrely enough, although sadly predictable, there is still huge amounts of political disagreement concerning how to get aid to Syrians who need it. Prominent in this debate is the UN Security Council granting permission for humanitarians to supply aid across borders that the Regime doesn’t control. “The cross-border authorization provides a lifeline for millions of civilians in northwest Syria,” UN Humanitarian Chief Mark Lowcock told a virtual meeting of the council. “We cannot reach them without it.” Yet the council resolution authorizing aid convoys from Turkey into northwest Syria will expire July 10 and Russia is pushing against a straightforward renewal.

It would seem that the inertia in Syria’s crisis means that we need to buckle down and prepare for a long term campaign of supporting Syrians as best we can and ensuring that the safety net of humanitarian aid doesn’t become so wide that millions more fall through it.

by : jamse danselow

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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.