James Denselow 0

Writer, Middle East Analyst

Syria’s conflict has gone on for so long that sometimes the outside observer can be forgiven for not being sensitive to the ‘cadence of destruction’. In other words that the violence has not operated along a steady equilibrium but instead has endured violent spikes in particular battles, sieges or phases of fighting.

We are currently witnessing a crescendo towards perhaps one of the most terrible spikes in this most terrible of modern wars. The epicentre of this slow motion car crash is of course Idlib in the North-West of the country. This pocket of non-Regime controlled territory is where the many thousands of evacuated citizens of Aleppo, Homs and Eastern Ghouta live alongside hundreds of thousands of other internally displaced Syrians.

The infamous ‘green buses’ that evacuated these Syrians from the ashes of grinding and sustained besiegement, all stopped in Idlib and now there remains nowhere else for them to go. They are to all intensive purposes trapped between a fortified Turkish border and the advancing Syrian regime. Already some 350,000 people have been forced to flee in the last month alone. The death toll is steadily increasing and the little international condemnation that we’ve heard has focused on the indiscriminate shelling and airstrikes but has failed to chart any realistic path out of the morass.

Indeed it is the seemingly inevitability of the direction of travel for the civilians of Idlib that makes the whole story that much more tragic. Syria is bereft of international responsibility and even a resolution to agree that cross border aid can reach those who need it has been subject to the threat of a Security Council veto that has already happened over 13 times when it comes to the conflict.

Global governance has been unable to restraint the conflict and that direct involvement of several permanent members of the Security Council, Russia in particular, has helped to metastasise what once began as a domestic protest as to the arrest of children in the southern town of Daraa but that rapidly evolved into some of the worst bloodshed of the 21st century.

In the absence of global governance more regional solutions, such as the Russia-Turkish and Iranian led Astana Process have seemed like a realistic alternative and potentially an avenue towards a peaceful settlement. However whilst they are demonstrated nominal agreement and repeated ceasefires and creation of new mechanisms like ‘safe zones’ and ‘de-escalation zones’ they have singularly been unable to halt the direction of travel which is on mass bombardment and inevitable Regime advance into the Idlib pocket.

Turkey, home to the largest number of Syrian refugees, is running a unilateral policy of securing its own territory in the central northern borderland of Syria and planning to return refugees into the area. Ankara will not countenance the sudden exodus of millions more Syrians across its borders.

Rather than a sudden collapse Idlib is being dismantled piece by piece, strategic road by strategic road. Idlib’s displaced and civilian population will therefore be increasingly concentrated and kettled towards the Turkish border. This population includes high percentages of families living below the poverty line. They are vulnerable and hugely reliant on humanitarian aid. This aid faces the perfect storm of several issues interacting simultaneously.

Firstly, increased need is being met by decreased funding — partly linked to a war weary donor community who’ve had to foot the bill for almost a decade long response. Secondly the denial of access across the Turkish border, a decision recently made at the UN Security Council, means that what aid there is will struggle to get to who needs it. Finally as the famous adage goes; winter is coming, and populations living in exposed areas will face both human and natural perils.

The promise of Idlib’s slow motion car crash coming into full blow fruition is perhaps only counterweighted by the fundamental unpredictability of the Syrian conflict at large. The current levels regionalisation and internationalisation could hardly have been predicted back in 2011, yet this is a thin sliver of hope for those suffering in Idlib to cling onto.

Four Japanese evacuees from Wuhan taken to hospital with fevers An international conference in Brussels examines the deteriorating human rights situation in Turkey

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.