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Tackling the Syrian Fire

The Syrian war marks its nine year anniversary - if that is the right word - later this month. The scale of damage and destruction to the country and its people often results in a litany of statistics too awful and impossible to seem real to those outside of the country. The fire of conflict continues to burn as brightly as ever however the map of the fighting has metastasised over the years and is currently focused on the northwest province of Idlib.
Syria’s war tells us first and foremost about the politics of that country, but then it reverberates into the geopolitics of the region and then further still providing a reflection of where the international order is during this decade. The primary mechanisms of dispute resolution, the guardians of war and peace have clearly failed when it comes to Syria. The United Nations Security Council is characterised by the gridlock of apathetic Western states and the veto-wilding Russians and the Chinese, the former of which is of course a key strategic actor on the ground itself.
The apathy of Western states is born from the experience of the post-9/11 era. Activist foreign policies, and in particular the interventionist invasions of Iraq and Afghanistan led to a period of what seemed like endless wars, where blood and treasure was spent in huge sums for little to no material gain.
Surveys of Western publics revealed a nostalgic preference for the older conflicts that pitted good versus bad, the Allie versus the Nazis say, rather than the ‘grey zone’ of modern conflicts like Syria with numerous State and non-State actors muddying the battle space.
Yet the fundamental mistake in the debate in Western capitals has been to imagine the choice as between extremes of options; full scale intervention or full scale isolation. It was only the macabre rise of ISIS and their industrial level propaganda that forced the hand of the Americans, the world’s most powerful military actors let us not forget, from getting actively involved on the ground in the country albeit with a narrow mandate.
However, as is famously said if your neighbour’s house is on fire you have self - as well as altruistic - interest in putting it out. A pervading sense that Syria’s conflict is too complex, too brutal and of little strategic importance, has left the fire of war to burn for this many years. Neighbouring states like Turkey, previously not huge geopolitical players when it came to the politics of Syria, were forced into involvement. Firstly by their accommodation of millions of fleeing Syrians and now in Idlib in response to the very real prospect of millions more moving across their borders as Syria continues to haemorrhage its own population.
Turkey using the control of the movement of Syria refugees is cyclical policy indeed, but at the same time a predictable response to what Ankara sees as a position of denial from the EU as to both the war and its consequences. The ‘butterfly effect’ of global events has linked the war in Syria and its subsequent mass migration as half the population was forced from their homes, to events such as the Trump election and the Brexit referendum in the UK, where those arguing for ‘leave’ used photographs of Syrian refugees along with a message of ‘breaking point’.
Today the threat of tens of thousands of refugees flowing into Europe comes at a time of heightened alert as the Coronavirus outbreak teeters on becoming a pandemic. These are all reasons for a recalibration of Western policy towards Syria; away from a position of hope that the conflict will somehow resolved itself, towards one that recognises that the wildfire of conflict and its associated fallouts don’t recognise and respect international borders but instead burn chaotic with a host of unpredictable consequences.
An EU looking to reinvent itself following Brexit, a UK looking to redefine itself following the same event and the prospect of a new US President in 2021 are all factors in the equation that could alter the current stagnant Syria policy and chart a new course towards a more global approach to what must now be recognised is a conflict with global repercussions.
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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