Regime Maintains Silence: Assad Continues "Self-Distancing" from Regional Conflict
The Syrian regime's silence regarding the escalation in Lebanon suggests a possible strategic shift in Damascus' regional policy, which may affect the balance of power in the region
October 20, 2024, 10:45 pm

Regime Maintains Silence: Assad Continues

قوات النظام \ تعبيرية \ متداولة

As military escalation continues on the Lebanese-Israeli border, observers are noting the striking silence of Syrian regime president Bashar al-Assad. Since sending a condolence message to Lebanese Hezbollah following the death of its Secretary-General Hassan Nasrallah in late September, Assad has made no notable comment on the rapidly evolving developments in the region.

A series of recent moves have raised questions about a possible change in the Syrian position. Israel recently removed landmines and erected barriers on the border between the occupied Golan Heights and the demilitarized strip on the border with Syria, amid Damascus' complete silence.

In a notable development, the Syrian Observatory for Human Rights reported that Syrian regime forces confiscated two Hezbollah ammunition depots in the Damascus countryside area, sparking speculation about the nature of the relationship between the two parties.

Analyzing the situation, Syrian journalist Abdul Hamid Tawfiq believes that the region is heading towards fundamental changes. He added in a statement to "Al-Arabiya.net" that Syria today is not in a position to be part of complex regional calculations, given its inability to effectively influence due to years of war and economic sanctions.

Tawfiq indicates that Syria may be facing two options: either deepening its relations with Arab countries, especially Saudi Arabia, or facing the possibility of escalating conflict on its territory. The expert favors the first option based on recent data.

Tawfiq also expects a rearrangement of Syrian-Iranian relations in a different manner, pointing out that the new regional context may force Syria to reduce its relations with Tehran.

At the same time, Israel continues its raids on sites in Syria that it describes as linked to Iran, while maintaining silence about these operations. The pace of these raids has escalated since Hamas' attack on Israel in October 2023.

The Syrian position remains ambiguous amid these developments, as Assad continues his policy of "self-distancing" without issuing official statements clarifying his stance on current events. This silence raises questions about the future role of Syria in the regional equation and the nature of its relations with its traditional allies.

Levant-Al Arabiya

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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.