US, UAE and KSA Seek Arab Force For Syria
June 20, 2019, 12:22 pm

US, UAE and KSA Seek Arab Force For Syria

The US administration is seeking to form an Arab force to replace its American counterpart in Syria and help to stabilize the situation in the north-east of the country, following the defeat of ISIS and the Iranian encroachment in the region by facilities from the current Syrian regime. Recently, there has been talking of establishing a safe zone in north and northeast Syria under US supervision and a Gulf-Turkish agreement with the local forces in those areas. The United States Special Representative for Syria Engagement and the Special Envoy for the Global Coalition to Defeat ISIS, James Jeffrey, confirmed the American seek to create a safe zone between Turkey and the Kurds in Syria, on the terms of consensus between all, and by Gulf administration on that region.

"The Trump administration is seeking to assemble an Arab force to replace its forces in Syria in case of withdrawal 2,000 troops from north-eastern Syria," according to Michael Gordon in WSJ.

The White House's plan to withdraw US troops from Syria aims to avoid a security vacuum that would allow ISIS to re-emerge, or allows the forces' gains to be waived off. "The task of the regional force will be working with local Kurdish and Arab fighters supported by the United States to ensure the inability of ISIS to re-emerge and to prevent Iranian supported forces from reaching the territories which were controlled by ISIS, the WSJ reported.

Any movement to assemble an Arab military unit and deploy it will face significant obstacles. "Combining a new force will be a challenge for Saudi Arabia and the UAE because both engage in fighting terrorism in Yemen," and Egypt seems to be hesitant about this task, and Arab countries will not be eager to send troops to Syria if the US military does not agree to keep some of its troops there, says Charles Leister, a researcher at the Middle East College.

Michael O'Hanlon, a senior fellow at the Brookings Institution, said that the new force must be strong enough to confront the regime or Iran forces if it wanted to regain the region, perhaps with Russia's help.

Saudi Foreign Minister Adel al-Jubeir has repeatedly said and as reinforcement for Trump's declarations regarding the assemble of these military forces, expressed KSA's willingness to send military forces to Syria as part of a US-led coalition if a decision is made to enlarge the size of these forces. He pointed out that: "the talks are in continuation between his country and the United States regarding the type of the forces which might be deployed in eastern Syria and the Arab parties that may contribute to forming it.

"The goal of Saudi Arabia and the UAE is to focus on confronting Iran and working against Syrian President Bashar al-Assad. This plan will put Iran and Saudi Arabia in a direct military confrontation in Syria, which could stimulate a serious and unnecessary escalation in the Syrian civil war," James Jeffrey said.

The Arab objectives of this step, represented by the Kingdom of Saudi Arabia, are mainly focus on reducing or preventing the spread and the influence of Iran on Syria and the region. But the contradictory leaks of the American-supported formation of this Arab force make this plan incomplete and has several practical problems.

Video|Iranian authorities close a school due to traditional mixed Kurdish dance. Turkey Acquits ISIS Member Who Recruited Fighters in Syria, Iraq

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.