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Tehran’s revealing summit

Last week’s Tehran summit, involving Vladimir Putin, Recep Tayyip Erdogan and Ibrahim Raisi attracted less attention – at least in western media - than Joe Biden’s visits to Israel, the occupied Palestinian territories and Saudi Arabia in mid-July. The main multilateral topic, formally at least, was Syria. But it provided fascinating insights into how the whole world, including the Middle East, has been changed by Russia’s invasion of Ukraine.
Notably, it was only Putin’s second major visit outside Russia since he launched his “special military operation” against Kyiv in February. It reflected his determination to demonstrate he is not as isolated as the West claims, but retains influence after the visit to the region by the American president.
Putin was working hard to solidify an Iranian-Russian alliance that has been emerging as a counterweight to US-led efforts to contain western adversaries. Iran’s supreme leader, Ayatollah Ali Khamenei, issued a declaration of support for the war in Ukraine of the kind that even other countries close to Moscow have so far stopped short of making, exactly reflecting the Kremlin’s own narrative.
It was also useful for Erdogan as a mediator since there were signs of progress over the lifting of the Russian blockade of Ukrainian grain which has threatened a famine across Africa. Indeed last Friday a deal was signed, with help from the United Nations, on that grave international crisis, in Istanbul.
Syria came last, with no signs of agreement on Ankara’s threat of a new military offensive to drive away US-backed Syrian Kurdish fighters from Turkey’s north-west border. The operation is part of Turkey’s plan to create a safe buffer zone along its frontier that would encourage the voluntary return of Syrian refugees, a move that would be popular inside Turkey as Erdoğan prepares for difficult elections next year, in the face of nightmarish inflation.
“War is a violent and difficult endeavor, and the Islamic Republic is not at all happy that people are caught up in war,” Khamenei told Putin. “But in the case of Ukraine, if you had not taken the helm, the other side would have done so and initiated a war.” The summit’s choreography mirrored Putin’s determination to resist attempts to punish and isolate Russia, engaging with fellow American adversaries like Iran and with other countries like Turkey — a Nato member — whose alliances are far more complicated.
Khamenei’s endorsement of the war went well beyond the much more cautious support offered by another key Russian ally, China, embracing Putin’s claim that the Nato and the West had left the Kremlin no choice but to act. Raisi conveyed the same message.
It was a signal to the world that with Europe and the US now hitting Russia with sanctions comparable to those that have suffocated Iran’s economy for years, the long-fraught relationship between Moscow and Tehran may be becoming a true partnership.
“Russia and Iran still don’t trust one another, but now need each other more than ever,” one regional expert was quoted as saying. “This is no longer a partnership of choice, but an alliance out of necessity.” For years, Russia was careful not to get too close to Iran, even as the two countries shared an adversarial relationship with the US and cooperated militarily after Russia’s intervention in Syria. For Putin, his attempts to build relations with Israel and Arab countries prevented a fully-fledged alliance with Tehran.
But the Russian invasion of Ukraine changed the calculus. Increasingly cut off from western markets, Russia is looking to Iran as an economic partner, as well as for expertise in skirting sanctions. Gazprom, the Russian energy giant, has signed a nonbinding $40 billion deal to help develop gas and oil fields in Iran. And, American officials say, Russia is looking to buy much-needed combat drones from Iran for use over Ukraine, a matter that was not addressed publicly in the Tehran summit’s bilateral meetings.
It wasn’t all positive for Putin: he was left awkwardly standing in a room in front of a throng of reporters while waiting to meet Erdoğan. Footage taken ahead of the meeting last Tuesday shows Putin fidgeting, shifting his weight and pulling a series of uncomfortable faces in front of cameras for nearly a minute before he is finally greeted by the Turkish president. But Erdogan later referred to Putin as “my friend.”
It was unfamiliar terrain for the Russian leader, who has developed a reputation for keeping world leaders waiting, on purpose, sometimes for hours after scheduled talks were due to begin. Some media speculated it may have been payback for a 2020 meeting in Moscow that saw Erdoğan wait so long to enter the meeting room that he took a seat.
Erdoğan also signed economic and trade cooperation agreements with Iran, and said he opposed western sanctions on Iran over its nuclear programme. The US has again threatened to increase sanctions on Iran if it does not agree to revive the nuclear deal, which seems increasingly unlikely.
In these turbulent times the Tehran summit was another sign of shifting national and regional interests. Pragmatic and unpredictable are the name of this game.
BY: IAN BLACK
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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