Russia...Iran and the source of tension in eastern Syria
July 13, 2019, 3:47 pm

Russia...Iran and the source of tension in eastern Syria

Tension between Russian and Iranian forces are increasing in Syria as Russian troops stationed in eastern Syria blocking Iranian allies from being emplaced at a number of points near the Iraqi-Syrian border.

Economic interests control the conflict between the Russians and the Iranians in Syria. However, the conflict does not escalate to a direct military confrontation as promoted. Russia has announced its unwillingness to hustle Iran out of Syria after the RUSSIAN-US-ISRAELI tripartite meeting in Jerusalem.

Russia's national security adviser, Nikolai Patrushev, strongly defended Tehran at the Tel Aviv summit. He stressed that Russia rejects the demonization of Iran and rejects Israeli attacks in Syria—saying it is unwelcomed.

The former deputy foreign minister of Iran, Hussein Gabri Ansari, had stressed earlier that Tehran and Moscow have different views regarding Israel. However, there are common interests with Russia in Syria.

The Russian-Iranian rivalry in Syria is still going on and away from foreign policies. The internal conflicts between the two sides have reached the level of the recruitment in the army and security forces of the Syrian regime. It is kind of imposing influence within the security institutions.

The appearance of the Syrian regime leader, Bashar al-Assad, at Khmeimim air base accompanied by Russian president Vladimir Putin, and then flying over to Iran to take some photos, was the absolute proof of the contention between the two sides to assert al-Assad’s influence in Syria.

The Russian fear of the Iranian military and economic expansion in Syria remains constant for many reasons. First, unveiling the Iran-Syria railway project via Iraq which passes through the province of Deir al-Zour where the last alert took place. Second, Iran's taking over Lattakia port which will be the last stop of the railway line.

Iran is seeking to secure the Iran-Syria railway route, which is planned to begin from the border town of Bou Kamal— now under joint control of Syrian regime forces and Iranian-backed militias.

This land route is a key goal for Iran; it ensures a supply route for arms transfers to Hezbollah in Lebanon and facilitates the movement of militias it supports, as well as being an alternative route to Gulf waters. Director of the Iranian railway lines, Saeed Rasooli, confirmed during a meeting with his Syrian and Iraqi counterparts a few days ago that the railway line would start from the port of Imam Khomeini in Iran, passing through Shalmja on the Iraqi border and the Iraqi city of Basra to reach the port of Lattakia.

The Russians and the Iranians have gathered to defend the weakened Syrian regime and Assad's survival at the helm of the system, but Russia's concern about Iran's presence on the Mediterranean is a strong source for confronting Iranian projects in Syria. Russia wants to be the main power on the east coast of the Mediterranean. Tartus port, which Russia has rented for 49 years, is its sole guarantee in the region.

The conflicting economic interests of both sides are likely to develop these skirmishes and disputes and turn them into a military confrontation, since the proliferation of Iranian militias in Syria poses a clear threat to the Russian presence in the region.

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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.