Jwan Dibo

On October 20, the Turkish President, Recep Tayyip Erdogan, boastfully proclaimed that he would eject the ambassadors of 10 western countries, including the US, for calling for the release of philanthropist Osman Kavala. One week later, Erdogan, withdrew his empty threat pretending that he has done another ‘delusional’ triumph.

When Erdogan became a Prime Minister in 2003, the lira rate was 1.6 to the dollar - now it is almost 10, and Erdogan considers this a victory. Erdogan, since taking power in Turkey, has called for a policy of zero-problems with neighbouring countries, but now Turkey suffers from zero-friends, and Erdogan interprets this as an achievement.

According to many reports issued by human rights and humanitarian organisations, Turkey is deemed one of the worst countries in the world in terms of human rights and the lack of freedoms and democracy. Turkey's economy has suffered from a stifling crisis. Investors flee the Turkish markets due to the absence of political stability and the collapse of the Turkish currency.

Turkey occupies large parts of northern, north-eastern Syria and northern Iraq. The Justice and Development government is fighting Kurdish aspirations to obtain their rights inside and outside Turkey. Ankara has turned tens of thousands of Syrian opposition fighters into mercenaries using them in Libya, Azerbaijan and elsewhere to implement Turkish agendas. Poverty and unemployment are at their highest levels in Turkey for decades. All of this is considered victories in the eyes of Erdogan and his party, which has suffered from several splits due to Erdogan's tyrannical and ossified mentality. Simply, moving forward against the logic of the times is considered a success in Erdogan's eyes.

When Turkey occupied many Kurdish areas in Syria, the Turkish army and the pro-Turkish Syrian mercenaries displaced tens of thousands of Kurdish civilians from their areas in Afrin, Serêkaniyê and Geri Spi. The only fault of the victims was that they were born Kurds. Nowadays, Erdogan threatens to occupy new Kurdish areas in Syrian Kurdistan and to commit new massacres against them to take more revenge on the Kurds, who have become a phobia for Erdogan as they were for his ancestors. According to Erdogan and his followers, all these actions are considered victories.

Erdogan's delusions remind me of those of Don Quixote, the fool who thought he was on a sacred mission until he ended up insane and then died after suffering a high fever. The Islamic world and the Middle East are replete of models that achieve victories in the manner of Erdogan. Saddam Hussein believed he had defeated the Americans in 1991 and described his defeat as the mother of all battles. Bashar al-Assad believes to have won in Syria after killing hundreds of thousands of Syrians, displacing millions of them, and splitting Syria into several parts. The Lebanese Hezbollah asserts that it has defeated Israel. Iran and the Houthis affirm that they have triumphed in Yemen.

These are some examples of victories in the Middle East and the Islamic world. Erdogan and his ilk in the Muslim world and the Middle East, who are wallowing in despotism and corruption, have only triumphed over their own peoples after they assassinated their simple dreams and forced them to taste misery and torment.

by: Jwan Dibo

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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.