Collapse of the Ceasefire Between SDF and Turkey and Intensification of Fighting in Northern Syria
December 24, 2024, 11:11 am

Collapse of the Ceasefire Between SDF and Turkey and Intensification of Fighting in Northern Syria

الجيش التركي \ متداول

Two weeks after the announcement of the ceasefire, the agreement between the Syrian Democratic Forces (SDF) and Turkey has completely collapsed. Turkish artillery targeted SDF positions near the Tishrin Dam in the Manbij region, according to a reporter from Al Arabiya/Al Hadath.

The reporter noted that fierce clashes erupted in the countryside around the city of Manbij between the SDF and armed factions, adding that the SDF reached the town of Qalqil without being able to enter it, indicating they are about 15 kilometers away from Manbij.

For its part, the SDF announced that 16 of its members have been killed since the start of the clashes about two weeks ago.

The intensity of battles in northern Syria has been increasing since the overthrow of President Bashar al-Assad’s regime on December 8, as the United States mediated a fragile ceasefire between Turkey and the SDF.

The SDF, led by Kurds and supported by the U.S., pledged on Thursday to fight Turkey and the groups supported by it in the city of Ayn al-Arab (Kobani) in northern Syria, which was the scene of a decisive battle against ISIS at its height in 2014.

Between 2016 and 2019, Turkey, a NATO member, launched three extensive operations targeting both ISIS and the Kurdish People's Protection Units (YPG), according to Agence France-Presse.

Since those operations, Ankara has deployed its forces in the region, with estimates today placing their number between 16,000 and 18,000 personnel, according to Omer Celik, spokesperson for the ruling Justice and Development Party led by President Recep Tayyip Erdoğan.

It is noteworthy that events in Syria have accelerated significantly over the past two weeks, as the regime of former President Bashar al-Assad fell and armed factions advanced toward Damascus after controlling most major cities, some of which are allied with Turkey.

This development has contributed to strengthening Ankara's position in the Syrian equation, while Iranian and Russian influence has waned, prompting it to also demand that the issue of the "Kurdish forces" be addressed definitively before any action is taken, suggesting a possible imminent attack.

Turkey: New and Important Facilities for Syrians Willing to Return Iran: Talks with the New Government to Reopen Its Embassy in Damascus

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.