Will Erdogan retreat on the S-400 missile deal?
January 24, 2021, 3:51 pm

Will Erdogan retreat on the S-400 missile deal?

Zara saleh

In his first confirmation hearing in Washington on January 19, the new American Secretary of State Antony Blinken clearly announced that the Turkey’s S-400 deal with Russia was “unacceptable”. Blinken also has emphasised the significance of the US sanctions to be implemented and said, “co-called strategic partner of ours would be in line with one of our biggest strategic competitors in Russia”.

Arguably, Biden’s administration “warning” which has been officially stated by the US Secretary of State, might follow further sanctions against Turkey which is still acting as not an American ally neither a NATO member. However, the Turkey’s official controversial reaction and response was first expressed by Erdogan’s spokesman Ibrahim Kalin whose expected Biden’s administration to open a new page regarding US-Turkey’s relationship and he said that “they want to develop good relations and to turn the page”. Whereas, the Turkish Foreign Minister Mevlut Cavusoglu has declared in one of his speech that “Turkey will never retreat on its S-400 deal with Russia”.

Beside that, the rise of Erdogan’s concern has become a fact after Joe Biden’s appointment of Bret McGurk to be the American Middle East representative in the National Security Council. Moreover, for Turkey, McGurk considers as one of the most pro-Kurdish US official and he has built durable relationship with the Syrian Democratic Forces (SDF). Recently, Erdogan’s “Phobia” towards Kurds went so far that it even took form of bizarre theory. The former (AKP) deputy member, Orhan Miroglu, has a speech from twitter that the US President Joe Biden is Kurdish!

Despite US and other NATO’s allies’ warnings, Erdogan insisted to challenge the NATO’s principles and signed the S-400 missile deal with Putin that is worth 2.5 billion dollars. He repeatedly declared that Turkey will not take a step back, even when the US cut a financial and manufacturing partner from the F-35 program and conducted a sanction as well. Consequently, under Biden’s administration turning on the page with Ankara will definitely be dictated by US and only Erdogan have to adhere their terms.

In terms of Moscow’s position regarding the S-400 deal that has served Russian interests, the reconsideration or retreat from Erdogan’s side could have serious outcomes. Furthermore, Erdogan doesn’t have more options as he is aware that without Russian support, he would never invade and intervene other territories such as Syria, Libya, the South Caucasus and other Mediterranean countries like Greece and Cyprus. As a result, Erdogan with his populist rhetoric went into the path of “no return” and he might have to face tough and catastrophic consequences if he decided to withdraw neither to retreat the S-400 deal with Putin.

Zara Saleh

Rouhani’s hasty speech and Fantasizing-dreaming Life after Brexit

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.