The Iraqi "Al-Qaim" crossing ... Iran's land bridge to the Mediterranean
October 1, 2019, 8:42 am

The Iraqi Al-Qaim crossing Iran's land bridge to the Mediterranean

The decision of Iraq's border authority to open the Al-Qaim border crossing with Syria on Monday re-opened controversy over its relationship with Iranian interests and its link to the spread of Tehran militias on the border between the two countries.

The Iraqi authorities had established a barbed-wire fence in the region last June, in anticipation of infiltration of insurgents from inside Syria, according to the Iraqi version.

The Iraqi Prime Minister, Adel Abdul-Mahdi, settled his stance, setting September 30 as the date for returning the movement to the gates of Al-Qaim, a decision that Baghdad officially links with economic strategies and interests that will affect the two countries. However, the official statement is silent on other details

The Iraqi decision comes after completing a deployment carried out by pro-Iranian militias in the region on the opposite border side in Syria.

The crossing, 7 km from the Syrian city of Albukamal, is reported to be devoid of any presence of Syrian troops, while pro-Iranian militias are deployed.

Iran has never concealed its efforts to maintain its influence in the region; it was precisely from Albukamal that the Quds Force commander in the Iranian Revolutionary Guards, Qassem Soleimani, appeared threatening the US.

The verbal threat of the Quds Force commander, supplemented by logistical arrangements revealed by satellites, including those published by the site "ImgSat International," which shows Tehran's involvement in the construction of a military base in the vicinity of Al-Qaim that contains weapons stores.

Iran's military buildup is paving the way for Iran's plans in the region and ensuring the transfer of its weapons around.

On the re-opening of the crossing, military expert and strategist Ihsan al-Qayson said that "there is no military or economic necessity for Iraq to open Al-Qaim crossing, but on the contrary there is a military necessity to close this crossing, because of the presence of large cells and groups in Syria, and the fear of infiltrating through it."

"We know that there are revolutionary guards on the Syrian side, and on the Iraqi side pro-Tehran militias, and therefore the aim of opening the crossing will be to achieve Iran's strategic objective by a land road linking Tehran to Baghdad and Beirut to the Mediterranean coast," Qayson told Sky News Arabic.

He added that one of the objectives of opening the crossing is "to make Iraq part of the scheme of the empire of the Iranian regime, which extends from the Mediterranean to the Afghan border."

Al-Qaim crossing, which was controlled by the Islamic State terrorist organization, is located in the western province of Anbar and was liberated from the terrorist organization in November 2017.

Iraq is linked to Syria by three crossings with different names on both sides, the Rabia crossing of the Iraqi side, which corresponds to Al-Yrubiya in Syria, Al-Walid in Iraq, and Al-Tanf on the Syrian side, and "Al-Qaim" and Albukamal from Syria.

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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.