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What Is Going on Between the Poles of the Ruling Alawite Sect in Syria?

In the beginning of this month, Rami Makhlouf, the first cousin of the Syrian president, Bashar al-Assad, inflamed a media hype and an unexpected political surprise. Makhlouf, who is considered as the richest man in Syria and the owner of the Syrian Telecom, blamed al-Assad on Facebook videos for his being treated badly by his intelligence forces. On both Facebook videos, Makhlouf, criticised and accused al-Assad of sending security services to arrest his employees and to take over his business.
The dispute between Makhlouf and al-Assad at this critical time in Syria is very influential for a set of reasons. The row between Syria’s most powerful tycoon, and the Syrian president unveils invisible fissure between the most important pillars of the ruling regime. This imperceptible fracture has not only internal roots but also external origins and imprints. Since Makhlouf posted his first video on Facebook on 30th April, thousands of dissimilar comments on social media and hundreds of disparate analyses on newspapers have been released. This is apart that million of people inside Syria are aghast because of the uncertain future.
At any rate, and irrespective of the truth and details of the disagreement between al-Assad and his first cousin Makhlouf, however, the declaration of the dispute on social media has too much and so important indications. Once the dispute is made public, it means that the quarrel between most significant pillars in the ruling regime has reached the point of no return. This, in turn, reveals the underlying causes of this perilous conflict and the consequences that may lead to in the foreseeable future, given that Rami Makhlouf is the main bankroller of the war that al-Assad has waged against his opponents since 2011. Therefore, Makhlouf was one of
the pro-Syrian regime figures who faced financial and economic sanctions by US and EU since the first years of the Syrian civil war. According to many reports, this crisis has begun when the regime’s authorities seized Makhlouf‘s ‘Al-Bustan Association’ in 2019 and disbanded its armed groups. In December 2019, the Syrian government puts Makhlouf’s funds and companies under precautionary sequestration on charges of tax evasion and fraud. In this context, the expert on Syrian affairs, Fabrice Balanche, says: “In Syria, it must always be remembered that anti-corruption campaigns are many, but they are useless, and their goal is simply to drop the heads that stand out”.
On 10th May, the Sunday Times published a report entitled “Syria’s money man falls foul of Basher al-Assad’s ruling family”. The report stated that Rami Makhlouf, who was one of the most prominent funders of al-Assad’s regime during the years of the civil war, has become
excessively strong and may become a burden on al- Assad regime in the future. Therefore, alAssad has considered that it is the time to weaken the man and to strip him of his sources of power and influence.
There are several prime factors behind the dispute between the political, military and intelligence pole in the Syrian regime represented by Bashar al-Assad on the one hand, and the financial and economic pole represented by Rami Makhlouf on the other hand. The first factor, as previously mentioned, is that Makhlouf's role has exceeded the permissible limit, especially since the President’s wife, Asma, and his brother, Maher, are sharing the same hostile attitude towards Makhlouf family. The second factor is represented in the Syrian regime's urgent need for funds as a result of the suffocating economic crisis that is ravaging
Syria after nearly ten years of civil war. The third factor is al-Assad's desire to prove that he is still the most powerful man in Syria, especially after the harsh criticism levelled by the Russian media because of the corruption of his apparatuses and the weakness of his army.
In Syria, since al-Assad family's seizure of power in 1970, Rami Makhlouf case has not been the first, nor will it be the last, in which politics intertwined with the interests of the most powerful Alawite families in Syria. "Of course, this is a problem at the heart of the regime," says Blanche, noting that "Assad is toppling his relative like his father did with his brother Rifat, who forced him to leave the country in 1984”.
In the case of Rami Makhlouf, the Syrian president may be convinced this time to diminish Makhlouf's role or force him to leave Syria and live in exile. However, if Makhlouf becomes a real threat to al-Assad, then the latter will not hesitate to get rid of him because, under tyrannical and totalitarian regimes, no one is immune or out of danger
by : Jwan Dibo
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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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