Ankara wants to go back to zero problems with neighbours
October 9, 2022, 2:13 pm

Ankara wants to go back to zero problems with neighbours

Turkey is changing its political positions to serve its interests. It is promoting that it wants to go back to its old policy of zero problems with neighbours. Syria was the last country it tried to restore relations with when Turkey realised there was no political or military future for political Islam organisations, which it has always worked to support in that hope that Ankara will rule Syria using them.

Gulf Cooperation Council

Turkey is trying to restore relations with many Arab countries including the GCC, which Ankara used to regularly attack in its statements. It is to gain economic benefits by restoring relations with Gulf countries; however, it does not seem it will achieve that before the Turkish presidential elections next year.

Turkish President Recep Tayyip Erdogan confirmed, on 25 July, that efforts to develop Turkish relations with the KSA and the UAE are still ongoing. "A joint technology fund has been established with the UAE, and negotiations are continuing quickly about a comprehensive economic partnership agreement that includes investment. We also see the Saudi authorities are making efforts to alleviate the problems of our businessmen, and they call our contractors to carry out projects in the two countries."

Egypt

"The meetings to normalise relations with Egypt are also continuing with not major obstacles preventing them. There is no reason for not holding high-level talks with Egypt," said Erdoğan referring to Ankara's efforts to repair relations with Cairo. Nonetheless, Erdoğan made it clear that the Turko-Egyptian talks were continuing at the lowest level, noting that there was nothing to prevent them from elevating to a high level as long as the two sides understand each other, pointing out that the two countries “must avoid harming each other”.

In his speech, he made a distinction between Egyptian people and authorities, in an attempt to convey a message to political Islam organisations in Egypt implying that Turkey will refloat them in case the reconciliation with the Egyptian authorities failed. " The people of Egypt are Muslim and our brothers. It is not possible for us to be offended with the Egyptian people," he said.

Israel

Ankara has even tried to restore relations with Israel. On 17 August, Israeli Prime Minister Yair Lapid announced that his government would resume full diplomatic relations with Turkey. "It was decided once again to upgrade the level of relations between the two countries to that of full diplomatic ties and to return ambassadors and consuls general. Upgrading relations will contribute to deepening ties between the two peoples, expanding economic, trade, and cultural ties, and strengthening regional stability, “said Israeli PM.

This rapprochement has an impact on military aircraft. A Turkish warship anchored in Israel's Haifa Port for the first time in over a decade as part of a NATO patrol in the region, the Jerusalem Post reported. The TCG Kemalreis (F-247), a Barbaros-class frigate, docked in Haifa along with the USS Forrest Sherman, an American-guided missile destroyer. "The docking is part of Israel's cooperation with and support of NATO," a spokesperson for the Israel Defense Forces said in a statement.

A spokesperson for the Israeli army said the warship was making a stopover as part of NATO activities and no activities were planned between the Israeli military and the Turkish ship, its crew or commanders, including receptions, drills or meetings.

Damascus

After years of supplying the militants with weapons and ammunition and instigating the civil war in Syria, Turkey has recently begun to restore relations with Damascus. The deputy head of the ruling Justice and Development Party Hayati Yazıcı stated, on 17 August, that the relations with Damascus may become direct and see an increase in their level.

"I have always believed the conflicts can occur be between institutions، families or countries. Dialogue can take be held directly or indirectly. It has been held so far indirectly at a specific level; today the level was increased a little and the climate that will be formed in the future will contribute to getting out of this 11-year-old quagmire," he claimed, indirectly denying Turkey's obvious role in what happened in Syria, especially in terms of military conflict.

His statement came a day after a statement by the Turkish Foreign Minister in which he said: “The regime and the opposition have to reconcile to establish lasting peace in Syria”. Erdogan confirmed that on 19 August when he stated that he “did not rule out dialogue and diplomacy” with the regime in Syria.

Consequently, it seems that Turkey will go back to its zero problem policy. However, one of the things that Turkey did not mention was the alleged military operation in northeastern Syria. Ankara no longer launches threatening statements about its intentions to invade the region overnight. This shows that Turkey's efforts to be a central regional player that controls the Middle East have failed.

Perhaps the most important thing for Ankara today is to fix its economy and try to benefit from the Ukrainian war, especially in regards to Ukrainian wheat, which obliges it to make major concessions to Moscow to ensure stability in Russia’s areas of influence in the Middle East, especially in Syria.

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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.