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Ukraine, Russia and MENA

It is too soon to be sure about the long-term consequences of Vladimir Putin’s senseless and widely-condemned invasion of Ukraine, but it is only going to be a matter of time to understand the effect on the world, and particularly the Middle East and North Africa (MENA).
Take the first days of the conflict, with the United Arab Emirates ambassador to the United Nations abstaining when the rest of the Security Council (except China) voted to protest against Russia intervening militarily against its neighbour. Security, trade and oil ties make it hard for MENA states like the UAE and Saudi Arabia to openly condemn the Russian assault. They naturally prioritize their own interests in a rapidly changing world.
The UAE is chairing the UN Security Council during March, after having joined as one of its rotating 10 non-permanent members in January. The five permanent members are the UK, China, France, the US and Russia. On February 25, a day after Putin’s invasion began, the UNSC voted on a resolution to condemn it. Eleven of 15 countries agreed on the condemnation. Russia naturally voted against it and three other members abstained: China, India and the UAE.
The UAE felt that the US, with whom they cooperate closely on security, had not taken the recent Houthi drone and missile attacks on Abu Dhabi sufficiently seriously. As a result, the UAE wanted a different Security Council resolution, on the Houthis, to go their way. Russia voted in favour of that resolution, so Abu Dhabi returned the favour to Moscow. But only for a short time: in the less consequential UN General Assembly last Wednesday, the UAE did condemn Russia.
According to international relations experts, the Emirati stance on the most serious crisis raging in Europe since the Cold War underlines a shift, and an attempt to balance relations, in a new world order – one where Moscow and Beijing are equally important for the Gulf state.
Lebanon and Kuwait, two countries that have been invaded by their neighbours in the recent past, staked out a different public position than the rest of MENA. Other Arab states (like Egypt, Algeria, Morocco, and Tunisia) that rely on wheat imports from both Russia and Ukraine, see a neutral position in the conflict as the best way of minimizing the impact on their food security.
On 25 February 141 out of 193 UN member states voted to support the motion. Another 35 nations abstained. Only five voted against the resolution. One of those was Syria. Russia is a close ally of President Bashar al-Assad and Putin tipped the balance of Syria’s civil war in his favour when it entered that conflict in 2015.
Assad praised Russia’s invasion of Ukraine, denouncing what he called Western “hysteria” surrounding it. He told Putin, the day after it began, that the invasion was a “correction of history and restoration of balance which was lost in the world after the breakup of the Soviet Union”. Iran and Iraq were among 35 official abstentions from the UN vote. Morocco did not vote at all.
Barack Obama had a strong influence in weakening America’s traditional allies in the MENA region. Donald Trump did a lot of damage too, and Joe Biden has been paying the price, made worse by the chaotic withdrawal from Afghanistan last summer. Part of this grim story is the downgrading of America’s global reputation.
That is why several Middle Eastern powers want to avoid taking sides in what they view (largely privately rather than publicly) as a conflict between the US, NATO, the EU and Russia, allowing them to hedge their bets and remain on the sidelines. Another factor is the stark difference between Europe’s welcoming of Ukrainian refugees compared to Syrians fleeing their country’s war.
Russia’s control over Syria is another factor. Israeli, Turkish and Jordanian relations with Moscow are all influenced by that key role in propping up – and maintaining their influence on – Damascus.
Tehran is also using the Ukrainian diversion to bolster its position in Syria by increasing its support for the Assad regime. The heads of the secret services in Iran and Syria met to discuss cooperation between the two bodies. During a visit to Tehran, Syria’s top intelligence official, Ali Mamlouk, head of the National Security Bureau, met with Iran’s Supreme National Security Council Secretary, Ali Shamkhani, and discussed developments on the international scene and their implications for the region.
Israel has also faced domestic criticism for failing to officially condemn Russia, prioritizing its own regional and global interests by displaying what one critic called “a shamefully craven posture towards Putin, with weak, opaque condemnations of his attack on Ukraine and on Holocaust memory, while his pet oligarchs have spread tainted influence and money throughout the Jewish world.” Action of any kind could also stir up antisemitism against Ukraine and Russia’s large Jewish communities.
In short, Middle Eastern states are attempting to pursue their own strategic and economic interests in a changing world rightly shocked by Putin’s self-damaging and irrational decision to wage war on Ukraine.
BY: IAN BLACK
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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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