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The Limitations of the Brussels Donors Conference Outcomes

The ninth donors' conference was held in Brussels on March 17 and 18 under the title "Standing with Syria and Meeting Its Needs for a Successful Transition," attended by Syrian Foreign Minister Asad al-Shibani for the first time since the inaugural conference in 2017. The European Union and the United States reaffirmed their commitment to providing grants to Syria and the countries hosting Syrian refugees in the region, amounting to approximately 35% of the assistance requested by the United Nations. The Secretary-General recently stated that "funding for humanitarian intervention in Syria remains insufficient."
The Syrian people face numerous difficulties in securing their basic needs for food, water, electricity, and healthcare, which are linked to ongoing Western economic sanctions and administrative disarray that persists after the changes on December 8, 2024, hampering development and reconstruction efforts, and hindering the return of more than five million refugees. Undoubtedly, the conflict in and over Syria, throughout fourteen years of popular uprising, has led to the destruction of infrastructure, economic capabilities, and millions living in tents.
It is worth noting that last year's conference pledged €7.5 billion in the form of grants and loans, with the European Union committing to provide €2.12 billion over 2024 and 2025. However, the United States' suspension of its international aid during President Trump's administration jeopardized the commitments made at the conference, considering that America is the primary donor of international aid to Syria through the U.S. Agency for International Development, which supported vital sectors such as health and education through local partner organizations. This imposes on the transitional leadership a pressing need to work tirelessly to lift U.S. sanctions that impede the flow of aid and investments to Syria, despite the European Union's flexibility due to geographic proximity and its attempts to limit new waves of migration, as well as to facilitate the return of refugees who do not benefit the EU countries while retaining skilled individuals who have integrated into these countries.
The existing tension between Europe and President Trump over his policies, particularly concerning Ukraine, could prompt Europe to reconsider its policies regarding Syria, pending the formulation of U.S. policy in the Middle East. We can sense this shift through the Paris Conference held last February, which came after the Jordan and Saudi Arabia conferences for early recovery, reflecting European interest in the success of the political transition process in Syria. The expectations of the Syrian foreign minister, who attended the conference, were significant as he called for "the lifting of sanctions primarily, as it is the basis for implementing everything else, whether it be repairing and developing infrastructure or improving the current status of services, salaries, electricity, water, schools, and hospitals, before moving on to the stage of reconstruction."
The European response in January was partial, with exemptions and suspensions of some sanctions that had been in place since 2011, as four public banks were removed from the sanctions list and limited transactions were conducted with the Syrian central bank. The European Union also lifted the ban on importing Syrian oil and exporting essential equipment for the energy sector, as well as allowing investment in the electricity sector. However, despite this partial lifting of sanctions by Europe, the continued U.S. sanctions remain the primary obstacle to investments and reconstruction efforts.
Despite commitments from around 20 Arab, regional, European, and international countries to assist in rebuilding Syria and protecting the transitional phase from security challenges and foreign interventions, they conditioned their support on "ensuring the success of the transitional phase within a Syrian-led mechanism that includes all components of Syrian society and combating all forms of terrorism and extremism."
The European Union also emphasized at the Brussels conference the importance of mobilizing international support for "a comprehensive and peaceful transition and ensuring sustainable support for Syrians within Syria and in host communities in Jordan, Lebanon, Turkey, Egypt, and Iraq." However, the outcomes did not meet the rhetoric, as the Union committed to providing €2.5 billion during 2025 and 2026, which reflects the EU's inability to compensate for the absence of U.S. support. Notably, the joint statement from the conference delivered a message to the transitional leadership, stating that "all actions in Syria will not be conducted through the Syrian transitional government but exclusively through UN relief agencies and NGOs," indicating their desire to test this leadership, especially after the random killings on the Syrian coast.
This prompted the Syrian foreign minister to pledge, in a joint press conference, "to make progress on transitional justice issues, combating terrorism, and involving all components of Syrian society, regardless of their sects and nationalities, in building the country's future."
There is no doubt that Syria is in dire need of investments for reconstruction that far exceed the humanitarian aid, as economist Osama al-Qadi mentioned, and this matter hinges on lifting U.S. sanctions, particularly through the adoption of a discourse of common interests by the new Syrian leadership, aligning with international policies in the region.
By Abdullah Turkmani
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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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