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Wall Street Journal: Captagon Trade Transforms Syria into Regional Drug Empire
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Syrian regime transforms from a system fighting international sanctions to a regional power in drug trade, exploiting turbulent security conditions and weak border control

The Wall Street Journal revealed in an extensive investigation an escalating battle along the Syrian-Jordanian border to combat Captagon, which is penetrating social classes and geographical borders in the region.
The billions of dollars in revenue from this trade flow to Tehran-backed armed groups, including Hezbollah, and strengthen the resources of the Syrian regime, which has become one of the world's largest drug cartels, thus overcoming the impact of Western sanctions.
American officials expressed growing concerns about this trade's impact on the stability of their key regional allies, especially Jordan and Saudi Arabia.
A high-ranking Jordanian security source explained that his country has deployed nearly one-third of its military forces to control the flow of drugs and weapons across the Syrian border.
According to New Lines Institute data, Captagon seizures on the Syrian-Jordanian border have increased fourfold since the start of the Israeli war on Gaza, often accompanied by prohibited weapons shipments.
Caroline Rose, a Captagon trade specialist at New Lines Institute, stated: "The Syrian regime is creating a model for sanctioned countries seeking to make significant gains."
Reports indicate that Syria's Fourth Armored Division, led by regime president's brother Maher al-Assad, dominates Captagon production and distribution, while the Jordanian security official estimates cross-border drug trade from Syria at between 8 to 10 billion dollars annually.
Smuggling methods have evolved to include drones and carrier pigeons, with Jordanian intelligence showing footage of drug-laden drones being launched from Syrian regime military bases.
Despite diplomatic attempts to contain the crisis, including Syria's readmission to the Arab League in exchange for anti-drug commitments, the Captagon trade continued to grow, prompting Jordan to adopt a shoot-to-kill policy against armed infiltrators.
The effects of this trade extend to Europe, where Italian, Greek, Dutch, and German authorities have seized large quantities of the drug and production facilities, while Rose warned of Captagon potentially reaching American markets soon.
The report traces Captagon's history, which began manufacturing in Germany during the 1960s as a treatment for narcolepsy, depression, and ADHD, before being globally banned in 1986, when Bulgarian criminal gangs moved production to Lebanon's Bekaa Valley in the 1990s.
The Syrian war in 2011, coupled with Lebanon's political and economic collapse, provided a golden opportunity for Captagon trade to flourish across collapsed borders and ungoverned areas to Mediterranean ports and international shipping lines.
The crisis is worsening in the Arab world with the spread of counterfeit pills containing dangerous mixtures of caffeine, drugs, and sedatives, along with toxic levels of zinc and nickel, while Viagra is added to pills headed to Saudi Arabia.
International efforts to counter this threat have escalated, with President Biden signing the Captagon Act in December 2022, requiring Washington to develop a strategy to dismantle smuggling networks and build regional security partnerships, while the House of Representatives passed a bipartisan bill to impose new sanctions on manufacturers and traders.
Saudi Arabia has intensified its efforts to combat this scourge, establishing city checkpoints to catch smugglers and users, recently seizing 1.3 million pills hidden in a construction materials shipment near the Jordanian border, and dismantling a smuggling network in Riyadh that included twelve government employees.
Levant-Agencies
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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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