Dutch Parliament Moves to Reinstate Sanctions on Syria
March 25, 2025, 11:05 am

Dutch Parliament Moves to Reinstate Sanctions on Syria

البرلمان الهولندي يتحرك لإعادة فرض العقوبات على سوريا

Some political parties and lawmakers in European Union countries are seeking to reevaluate their stance towards the new rulers in Syria, amid the Syrian authorities' failure to uphold promises related to the protection of minorities and the enhancement of participation from all components of Syrian society in managing the country's affairs.

In this context, the Dutch Parliament voted in favor of a memorandum urging the government to pressure within the European Union to reinstate sanctions that were recently lifted on Syria, in the event that the situation regarding minority rights continues to deteriorate under the de facto authority.

This memorandum was based, according to statements from academic and researcher Karam Shaar from the Newlines Institute and research director at the Policy and Operations Research Center, on recent events of violence in the Syrian coast and the constitutional declaration that excluded certain segments of the population.

The Dutch Parliament's memorandum received broad support from a multi-party coalition, warning that lifting sanctions on Syria should not be used as a pretext for increasing repression against minorities. The Dutch government did not object to this, facilitating the passage of the memorandum with significant backing.

In this context, Karam Shaar questioned the acceptability of reinstating sanctions that had previously been imposed due to crimes committed by the ousted Assad regime, indicating that any lifting of sanctions should occur unconditionally upon the regime's downfall. He emphasized the importance of monitoring the behavior of the new government in Damascus, stressing that the sanctions imposed during Assad's tenure are not the optimal political tool.

Since 2011, the European Union has imposed a series of sanctions on Syria in response to the former regime's oppressive policies against peaceful popular protests. These sanctions include an arms embargo, a ban on importing Syrian oil and petroleum products, as well as financial restrictions, freezing the assets of the Syrian central bank, and preventing European financial institutions from opening branches in the region, along with other restrictions on exporting equipment and technology that could be used for internal repression.

After the fall of the Assad regime on December 8, 2024, the European Union announced its intention to ease sanctions for the benefit of the Syrian people. Indeed, on February 24, 2025, it announced the suspension of sanctions affecting the energy, banking, and transport sectors, paving the way for potential future changes in policy towards 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.