Erdogan in Saudi Arabia: the beginning of a new era or a political manoeuvre?
May 1, 2022, 5:28 pm

Erdogan in Saudi Arabia: the beginning of a new era or a political manoeuvre?

Zara Saleh1

A month before his current visit to Saudi Arabia, the Turkish President Recep Tayyip Erdogan had transferred the file of the Saudi journalist Jamal Khashoggi to Saudi Arabia. Furthermore, the Turkish court withdrew the file that accused the Saudi officials of the murder of the US-Saudi journalist Jamal Khashoggi in the Saudi consulate in Turkey in 2018.

During his trip to Riyadh, the Turkish President expressed the importance of cooperation between Turkey and Saudi Arabia to "tackle the terrorism" and he said the stability and security of our brothers in the Gulf region as our own”. In contrast, Turkish President Erdogan has escalated the tension with Saudi Arabia in 2018 and he indirectly accused the Saudi leader of murdering the Saudi journalist Jamal Khashoggi. As a result, Saudi Arabia had to freeze its ties with Turkey, and also due to the Turkish support of the Muslim Brotherhood movement which has been listed as a terrorist group according to Saudi Arabia's officials.

Following his trip to Saudi Arabia simultaneously with dropping the file of Khashoggi as a step of reconciliation, the Turkish President Erdogan is seeking to improve his relations with Saudi Arabia as turkey is facing economic and political crisis at the same time. Turkey's economy is still in tense with the dramatical fall of the value of Turkish lira and inflation, and Erdogan expects Saudi Arabia could boost Turkey's economy as it has been pushed by other regional countries such as the United Arab Emirates, Egypt, Israel and Qatar. Besides that, the Turkish President Erdogan who is considered as supporter of the Muslim Brotherhood and a representative of the political Islamic movement, is facing parliamentary and presidential elections next year that might end his era of dictatorship in Turkey.

On the other hand, regarding the regional presence and in the Arab and Islamic world, Erdogan has failed to replace Saudi Arabia’s Kingdom of leading the Sunni and Islamic countries. By his visit, Erdogan is trying to use again the "historical moment" regarding Saudi Arabia-Iran tension due Iran's proxy sectarian wars in Yemen, Syria, Iraq and Lebanon. Simultaneously, for Saudi Arabia, Iran still seen as an enemy and now could be as a common enemy for both of the Sunni countries. Moreover, Riyadh is hoping that Turkey can play an important role in Yemen's war as they have a strong tie with Tehran. As a result, Turkey also can join the Saudi regional front that includes Egypt and Israel as a part of Saudi foreign strategy to find a solution with Houthis in Yemen who is backing by Iran and its Shia affiliated militias.

Despite the fact that Turkey and Saudi Arabia are both Sunni countries but their relation during Erdogan's leadership never been based on that point, they have some political differences in various aspects. Also, due to Erdogan's policy of intervention in regional countries, such relations between Saudi Arabia and Turkey could be a tactical for now because of distrust from Saudi side.

BY: Zara Saleh

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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.