Turkey's Risky Path: Erdogan's Actions Could Isolate Turkey and Hinder its Ambitions
November 19, 2023, 11:32 am

Turkey's Risky Path: Erdogan's Actions Could Isolate Turkey and Hinder its Ambitions

Michael Arizanti

President Erdogan's recent actions have raised concerns among European nations and drawn renewed attention to Turkey's complex relationship with the West. His alleged support for the Muslim Brotherhood and his stance on Sweden's NATO bid have cast a shadow over Turkey's aspirations for greater influence in the world of Islamism and its desire to secure weapons deals and approval for its fight against the PKK.

Erdogan's ties to the Muslim Brotherhood, a controversial organization with a history of connections to extremist groups, have raised fears among European leaders that Turkey is once again aligning itself with forces that could radicalize Muslim youth in the West.
This concern is particularly acute in light of Turkey's past role in facilitating the flow of foreign fighters to groups like ISIS and al-Nusra.

Europe's apprehension towards Erdogan's actions is further compounded by Turkey's stance on Sweden's NATO membership bid. Despite Sweden's efforts to address Turkey's concerns regarding Kurdish groups, Erdogan has remained steadfast in his opposition, creating an impasse that has strained relations within the NATO alliance.

Erdogan's actions have also jeopardized Turkey's chances of securing F-16 fighter jets and weapons from the United States. The US has expressed concerns about Turkey's ties to Russia and its purchase of the S-400 missile system from Moscow.
Erdogan's support for the Muslim Brotherhood and his stance on Sweden's NATO bid are unlikely to improve Turkey's chances of securing these crucial military procurements.

Erdogan's refusal to accept Sweden's NATO bid is particularly puzzling given the country's close alignment with the alliance.
Sweden has long participated in NATO exercises and contributes to its peacekeeping operations. Its membership would further strengthen the alliance's presence in Northern Europe, a region of growing strategic importance.
Erdogan's actions appear to be driven by a desire to enhance Turkey's regional influence and assert its dominance in the Middle East. However, his approach is creating friction with its Western allies and could ultimately isolate Turkey, hindering its ambitions for greater global influence.
Erdogan faces a critical decision: whether to continue down a path that risks alienating Turkey's allies and partners or to pursue a more conciliatory approach that prioritizes cooperation and integration with the West. The future of Turkey's standing in the world hinges on this choice.

BY: Michael Arizanti

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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.