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Are We Witnessing the Emergence of a New International Order?

The Russo-Ukrainian War has raised a fundamental question about the possibility of emergence of a new international order. Thus, part of this question revolves around the likelihood of the collapse of the current Western international system.
This explains and justifies the unlimited involvement of the United States and NATO in this war. This involvement was embodied in helping Ukraine at all levels in confronting the Russian invasion and turning this war into a trap to squander Russia's military and financial capabilities.
It seems that NATO here was compelled to intervene and had no other choice since it sought to preserve the current international system that it created and presides over. If the West had not intervened, it would have been as if the West were telling Russia: We are satisfied with your quest to end our unipolar system and revive the bipolar system.
Put differently, the West would have only intervened in the manner in which it practically did, which is to help Ukraine and protract the war so that it would serve the agenda of the West. It was not expected that NATO would intervene as a mediator, trying to end the war and finding a settlement between Moscow and Kiev.
The reason is that the Russian war in Ukraine, in essence, is a war against NATO and aims to end the unipolar international system that is based on US hegemony over the world.
Putin has recently resembled himself to Peter the Great Tsar. He stated that “Peter the Great waged the great northern war for 21 years. It would seem that he was at war with Sweden, he took something from them. He did not take anything from them, he returned [what was Russia’s],”.
In contrast, the unlimited Western aid to Ukraine is not for the sake of Ukraine's sovereignty and independence, as the West is promoting, but rather for the sake of defeating and humiliating Russia in Ukraine. So, this war is a mini world war.
This was clearly indicated by former US Secretary of State Henry Kissinger at the Davos Forum, advising the West not to seek a humiliating defeat for Russia in Ukraine, warning that this might lead to instability in Europe for a long period of time.
When Russia intervened in Abkhazia and South Ossetia and wrested them from Georgia in 2008, then recognised them as independent states, the West did not interfere as it did with Ukraine. Also, when Moscow intervened militarily in Syria in late 2015 to protect the regime of Bashar al-Assad from collapse, the Western reaction was not as strong as it is in the current Ukrainian crisis.
The reason is that those interventions carried out by Russia did not constitute a real threat to the unipolar international system led by the West. However, the current Russian intervention in Ukraine forms the greatest threat to the Western international system since the fall of the Soviet Union in 1991.
Thus, if Russia succeeds in its plan in Ukraine, this could be the beginning of the end of the Western world order. Ukraine will be just the start for Russia towards restoring the fading glories of the Soviet Union, not the end.
When the Russian president cites that Peter the Great waged the Great Northern War for 21 years to recover some lands from Sweden, he hints that his current war in Ukraine might be prolonged due to the greatness of its goals for Moscow.
If it is difficult to say that the consequences of the Russian war in Ukraine will lead to the downfall of the unipolar regime led by the US, however, it will at least put more obstacles in the way of American hegemony over the world. This is if the current situation in Ukraine does not lead to a forced alliance between the Chinese dragon and the Russian bear to besiege Uncle Sam and gradually weaken him until the unipolar system led by Washington fades. This may lead to the emergence of a bipolar or multipolar system, which appears to require more time to arise.
BY: Jwan Dibo
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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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