Russian Leadership Informs Syrian Government of Its Intention Not to Intervene in Any New Conflict
October 5, 2024, 4:19 pm

Russian Leadership Informs Syrian Government of Its Intention Not to Intervene in Any New Conflict

بشار الأسد وبوتين

Informed sources reported that the Russian leadership has notified the Syrian government that it does not intend to provide any assistance in the event of a new conflict between the government and Syrian opposition. This development comes at a sensitive time characterized by radical changes in the region, highlighting the deteriorating military and political balances in the country.

According to the details, sources confirmed that Moscow issued direct warnings to the Syrian government regarding the necessity to refrain from provoking opposition forces, pointing to the recent escalation carried out by pro-government forces affiliated with Hezbollah in the Aleppo countryside. This escalation serves as a reminder to Syrian officials that conditions in the region remain flammable, which could exacerbate tensions with opposition forces present in that area.

It is noteworthy that this Russian stance comes amid serious regional developments. Russia, facing significant domestic challenges and a war with Ukraine, seeks to avoid entering new conflicts that could drain its resources. Russia has repeatedly emphasized that it focuses on managing its internal challenges and avoiding entanglement in conflicts with any parties, whether regional or international.

This shift in the Russian position raises questions about the future of relations between Moscow and Damascus. Russia has been the main ally of the Syrian regime over the past years, providing substantial military and financial support when the conflict erupted in 2011. However, the current changes indicate that Moscow may be hesitant to provide direct support in future conflicts.

Additionally, the commitment not to intervene in new disputes may reflect Russia's desire to maintain its relationships with other regional and international powers, as the Kremlin looks to rectify its position on the global stage and strengthen its standing in diplomatic negotiations rather than becoming embroiled in new military conflicts.

These developments come at a time when tensions between the Syrian government and the opposition are escalating. Any provocative action by the Syrian army or its allies poses risks to the fragile stability that the country is experiencing. Thus, it is clear that what Syria needs now is political agreements and a peaceful resolution to end the suffering of the Syrian people, rather than escalating military confrontations that will not benefit any of the parties involved.

In conclusion, the recent Russian stance seems to serve as a breath of fresh air during a critical time and indicates that Syria's future relies more than ever on regional stability and achieving understanding among the concerned parties, away from the involvement of any armed forces in a new spiral of violence.

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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.