Crisis and Its Resolution Amid International Changes
November 27, 2024, 2:24 pm

Crisis and Its Resolution Amid International Changes

جين كرد

The Syrian crisis began after the popular uprising in 2011 and is considered one of the most complex conflicts of the 21st century. Initially sparked by peaceful protests demanding political reform and human rights, it escalated into an armed conflict following the Syrian regime's suppression of these protests. The war has evolved to involve multiple opposition groups, notably the Free Syrian Army and various armed Islamist factions, alongside internal rivalries between these factions. Currently, Syria experiences complicated dynamics involving the Syrian regime, the opposition, and the autonomous administration in the northeast, resulting in a multi-faceted internal conflict that has transformed into a regional and international struggle.

Regional powers such as Iran, Turkey, and Gulf states have intervened to support different parties in the conflict, with Russia backing the regime and the United States supporting the Syrian Democratic Forces in the fight against ISIS. Turkey has also intervened to support the opposition and armed factions.

The war has caused the displacement of millions of Syrians both internally and externally, leading to a severe humanitarian crisis and significant human rights violations. Geopolitical interests have clashed, as the United States and its allies vie against Russia and Iran for influence in the region. International actors have used the Syrian conflict as a tool to further their strategic interests.

### Dimensions of the Syrian Crisis

The Syrian crisis encompasses various dimensions, starting with the political situation characterized by international divisions. The crisis remains a battleground for major powers, with the United States, Russia, Iran, and Turkey competing for influence in the region. The Geneva and Astana processes have made little progress due to conflicting interests among domestic and foreign parties.

There is also contention over territorial control among the Syrian government, opposition, Syrian Democratic Forces, and Turkey-backed factions. Millions remain internally displaced or as refugees abroad, enduring difficult conditions and human rights abuses.

Economically, Syria faces inflation and poverty, featuring a severe collapse driven by international sanctions, infrastructure destruction, and corruption, with the local currency's collapse leading to a sharp rise in the prices of basic goods. Ongoing foreign influence complicates the crisis, intertwining the interests of regional and international powers.

The refugee issue places pressure on neighboring countries like Turkey, Lebanon, and Jordan, creating regional tensions. Furthermore, despite the decline of ISIS, some extremist groups continue to operate in certain areas.

### Solutions for the Syrian Crisis

The Syrian crisis remains one of the most complex issues on the international level, requiring comprehensive and sustainable solutions that go beyond superficial measures and consider the rights and aspirations of the Syrian people.

A comprehensive dialogue is essential to support peace initiatives that include all Syrian parties, including the government, opposition, civil society, and Kurdish forces, under the auspices of neutral international actors.

Decentralization of governance should be promoted to facilitate independent regional management while respecting Syria's diversity, alongside international guarantees enforcing a ceasefire commitment monitored by the United Nations. Cooperation with the international community is necessary to mitigate foreign interventions that complicate the crisis.

National reconciliation is also crucial, requiring awareness programs advocating tolerance and reconciliation among all components of Syrian society. Multiple rounds of negotiations, such as Geneva and Astana, have yet to yield decisive successes, and UN Security Council resolutions, such as Resolution 2254, calling for a ceasefire and political transition, need stronger implementation.

Syrian parties must unite in combating extremism and intensify efforts to weaken terrorist groups and prevent their resurgence.

### Conclusion

The Syrian crisis remains an open wound at the heart of the region, yet achieving peace is possible with the right political will, both domestically and internationally. The solution requires courage to face challenges and work toward building a new Syria that reflects the aspirations of all its citizens. The war in Syria is not merely an internal conflict; it represents a complex mix of local, regional, and international struggles with political, sectarian, and humanitarian dimensions, necessitating dialogue and an accelerated peace process through non-violence and negotiation.

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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.