Kurds.. The balance of profit and pressure in the region
November 12, 2024, 9:30 am

Kurds.. The balance of profit and pressure in the region

عز الدين ملا

It appears to everyone that the Middle East is heading towards radical geographical and political transformations, which may be based on new foundations and principles that align with the demands of the peoples of the region on one hand, and with political, economic, commercial, and even military interests on the other, placing the region at the heart of global and regional conflicts.

The ongoing conflicts and the active military presence of Israel, supported by the United States and Western countries, reflect strategic changes in how regional crises are managed.

Today, Israel's military power is more complex and diverse than ever, demonstrating strength and skill in dealing with events. It engages with Iranian arms, such as Hamas and Hezbollah, in a manner characterized by smart tactics and maneuverability. This military power is not merely a deterrent; it also includes precise offensive strategies aimed at undermining Iranian influence in the region. This situation makes Syria and Iraq hotbeds within this conflict, wavering between chaos and military threats, thus placing both countries under increasing pressure from Israeli attacks that may drive all Iranian arms in these countries to instigate disturbances and chaos among the peoples of the region, causing panic and fear that lead to migration and displacement, further increasing the pressure on the United States and European countries to accept negotiations and compel Israel to halt its military operations in accordance with Iranian conditions.

On the other hand, Turkey closely monitors developments in the Middle East, considering itself a key player in this scene and working to impose its policies to gain more influence and interests. After its attempts to enhance its regional position by re-establishing diplomatic relations with Egypt and Gulf countries, it is also striving to accept the Syrian regime for normalization with it. Thus, we see Turkey beginning to rearrange its political cards in line with current circumstances, especially after calls for peace with the Kurds internally. This approach comes at a critical time to prevent winds of unrest and change from reaching its shores, while the attack on the military space company in Ankara, claimed by the Kurdistan Workers' Party (PKK), serves Turkey to undermine any efforts toward peace and security in Turkey and the Middle East in general, particularly in the countries where the Kurds reside.

In another aspect, the Kurdistan Region serves as another example of regional complexities, facing pressures from Iranian arms and pro-Iranian Iraqi factions. The presence of these groups poses a threat to the region's security and stability, making it difficult for the Kurds to maintain their autonomy. At the same time, the changing conditions in the Middle East may provide the Kurds with an opportunity to enhance their role in regional and global politics.

I believe it is imperative for the Kurds to play a prominent role in the upcoming stage in Syria, Iraq, Turkey, and Iran. In Iraq, Kurdish forces may seek to enhance their influence by cooperating with Western powers to confront the challenges posed by Iranian-backed factions.

As for Syria, the more complex situation may compel the Kurds to negotiate with the Syrian regime and its supporters to achieve political gains, which I do not foresee unless the regime changes its behaviors and accepts the provisions of UN Resolution 2254. In Turkey, dialogue with the Kurds could be an opportunity for Turkey to enhance internal stability, while the Iranian stance may require the Kurds to balance achieving their national and ethnic goals with pressures from the Iranian regime until there is a change in its behaviors.

Therefore, the Middle East remains a theater of increasing conflicts and tensions, reflecting the complexities of political and military transformations. Under these circumstances, it seems that the Kurds will continue to play a central role in shaping the regional scene, as they represent a winning card and a pressure point simultaneously. This requires the Kurds in neighboring countries to adapt their internal and external strategies according to the needs of each state, in line with the changing dynamics in the regional and international arenas and ongoing challenges.

Levant: عزالدين ملا (Aziz al-Din Mala)

Syrian Regime Maintains Silence Over Israeli Development on Alpha Line Car Bombing in Al-Hasakah Claims the Lives of Two Syrian Democratic Forces Members

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.