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Political Transformations in Syria: Conditional European Support for Rebuilding Partnerships

The Syrian landscape is witnessing a significant transformation with the increasing European presence in political events, following a visit by a delegation of prominent leaders from France and Germany to Damascus. This visit is seen as support for the new Syrian administration, but it comes with conditions related to political transition and inclusivity in representing various components of the Syrian people.
German Foreign Minister Annalena Baerbock revealed from Damascus that European countries will not give money to new Islamic structures.
Baerbock said from the Syrian capital, Damascus: "The leader of the Syrian administration, Ahmad Al-Sharaa, told us that Europe will not give money to new Islamic structures," according to "Reuters."
She added: "Europe will support the country, but Europe will not be a sponsor of new Islamic structures."
Baerbock stressed the need to involve all sects in the reconstruction process in #Syria, noting that there is a need for reliable security guarantees for the Kurds in Syria.
These developments coincide with a critical transitional phase within Syria, where security, political, and economic challenges necessitate collective efforts to achieve actual stability. The visit of the French and German foreign ministers embodies Europe’s active desire to contribute to Syria's future.
In statements by Ahmad Bakour, a member of the political body of the Syrian National Coalition, he pointed out that the visit instills "optimism," but this is conditional on the fulfillment of several fundamental requirements, including the implementation of a genuine political transition and the formation of a technocratic government that includes all Syrian components.
Bakour also discussed the importance of the transitional phase in his conversation with the "News Room" program on "Sky News Arabia," emphasizing the need to achieve comprehensive consensus within Syria, including a focus on northern cities such as Raqqa and Al-Hasakah in the political process.
For his part, political activist Ali Muhammad Sultan considered that Europe has sent a "message of support" to the new administration, highlighting Europe’s conviction regarding the changes following the fall of the previous regime. Nevertheless, he stressed the importance of avoiding the imposition of strict conditions and instead offering proposals that contribute to strengthening partnerships and fulfilling the people's aspirations.
Political philosophy professor Dr. Rami Khalifa al-Ali emphasized that European support is "not unconditional" and requires tangible steps on the ground, especially concerning the formation of a participatory government that accommodates all parties. He noted European concerns about the continued Russian influence in Syria, which adds new challenges for the new Syrian administration.
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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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