Prospects For Rapprochement Between Ankara and Damascus
August 21, 2022, 9:37 am

Prospects For Rapprochement Between Ankara and Damascus

Jwan Dibo

Reconciliation between Ankara and Damascus has already started after hostility and estrangement for more than 11 years. The reason behind the antagonism and dispute between both states was the events of what has become known as the ‘Syrian Spring’ and Turkey's standing alongside the Syrian opposition loyal to Turkey.

The first signs of this normalisation between the two governments were embodied in Turkey’s military escalation against the Syrian Democratic Forces (SDF), with the consent of Damascus.

The ruling regimes in both countries are in urgent need of this reconciliation during the critical period they are going through, especially for the Justice and Development Party in Turkey. This move can even be considered for Erdogan and his party, such as winning the top prize in lottery.

Rebuilding relations with the Assad regime in Damascus will serve Erdogan's agendas on several fronts, especially in this stage that precedes the parliamentary and presidential elections in Turkey to be held in June 2023.

The issue of normalising relationships with Damascus is used by the Turkish opposition against Erdogan and his party in the media and electoral campaigns that precede the general elections. Moreover, the issue of more than three million Syrian refugees in Turkey, accusing Erdogan and his party of bringing and hosting them, which constituted an additional burden on the already exhausted Turkish economy. This issue, which negatively affects Erdogan's popularity, which has recently declined.

In this context, the Turkish opposition pledged to return all Syrian refugees in Turkey to Syria if it wins in the upcoming general elections. For this reason, Erdogan has threatened since May to launch a new military operation in north-eastern Syria against the Kurdish-led SDF forces and to construct a safe zone that accommodates about one million Syrian refugees currently residing in Turkey.

But after Erdogan failed to persuade Tehran and Moscow to give Turkey the green light to launch a large-scale military operation against Kurdish fighters in north and north-eastern Syria, Erdogan asked the Russian president to intervene to reform the situation between him and President Assad. Thus, if Erdogan succeeds in his endeavour, he will pull the rug from under the feet of the Turkish opposition and fight them with the same weapon they wanted to use.

Furthermore, Erdogan has become convinced that he will not be able to return the Syrian refugees to Syria or to fight the SDF forces without the approval and participation of the Syrian regime, which means in advance the approval and participation of Russia and Iran. Especially since hostility to the Kurdish forces and Kurdish aspiration in Syria is the most crucial common factor between Turkey, the Assad regime and Iran.

Likewise, accomplishing this matter serves Russia, since this will disturb the Americans who support the SDF forces. Thus, achieving this goal will negatively affect the American presence and role in Syria.

On the other hand, the Assad regime will seek to take advantage of this reconciliation by trying to re-establish its control over the Syrian opposition areas controlled by Turkey. The Assad regime will also benefit from the rampant Turkish hostility against the Kurds and SDF forces to be weakened and defeated and to acquiesce to the regime's unjust conditions.

All indications are that normalisation between Ankara and Damascus will inevitably take place. The reason is that achieving it is in the interest of the two ruling regimes in Ankara and Damascus. The biggest losers through this conciliation are the Kurds. The reason is not only because of the scarcity of options, but also because of political stupidity, if the expression is correct, and the failure of the Kurds to exploit all the available possibilities in the right place and time.

This is politics, as Otto von Bismarck said, “Politics is the art of the possible, the attainable — the art of the next best”.” But for Erdogan, it is also the art of making the possible.

Normalisation between Ankara and Damascus has already begun, and it is only a matter of time for the Turkish president to contact his Syrian counterpart and even meet him under the auspices of Moscow.

BY: Jwan Dibo

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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.