Sochi Summit: Sharing interests between old enemies
August 6, 2022, 5:29 pm

Sochi Summit: Sharing interests between old enemies

Zara Saleh1

In 2015, the escalation between Moscow and Ankara reached a peak and their relationship was at its lowest level after the Turkish military forces shot down a Russian warplane in the Syrian territories. As a result, the Russian response in the economic sphere has been expressed in banning tourism and stopping the imports of vegetables and fruits from Ankara.

However, Russia launched a diplomatic process of negotiation in Astana-Sochi on the Syria conflict in 2017 with the participation of Turkey and Iran as a part of Putin's strategy to regain control over the Syrian territories in Assad's regime's interest. Besides that, the controversial cooperation and mutual interests of the friendship of enemies between Moscow and Ankara were over the Syrian conflict. While Turkish President Recep Tayyip Erdogan has backed the Syrian opposition and its jihadi militias, Russian President Putin was on the opposite side and supported Assad's regime with Iranian assistance and its Shii-affiliated groups and Hizbullah.

Friday's meeting in Sochi between Putin and Erdogan which took around four hours has been described, from both sides, in a diplomatic way as they "underlined" the importance of their "cooperation and coordination to fight against all terrorist organisations" and hoping to bring stability in the region. Despite the importance of the trade and economical agreement that had been reached in Sochi, Erdogan's main aim during the summit still focuses on having a green light from Putin regarding a new launching military operation and invasion against Syrian Kurds. At the last summit in Tehran in July 2022 between Erdogan, Putin, and Iranian President Raisi, the Turkish President failed to convince its counterparts to further occupation of Kurdish areas in northeast Syria. Erdogan has cited the Syrian Democratic Forces (SDF) and was seeking to launch a military operation in Tel Rifat and Manbij in north and north-west Syria where there is a presence of Russian and Iranian militia.

On the other hand, Turkey's complex and controversial relations as a member of NATO have backed Ukraine by providing them with Drones but, at the same time, Ankara didn't join the sanctions against Russia. Simultaneously, Turkey in last month has played a mediation role between Russia and Ukraine with the direct presence of the UN regarding the delivery of Ukraine's grain from Ukrainian Black Sea ports which has become a global food crisis. Moreover, the common interests between Moscow and Ankara and they were mainly behind their trade agreement in Sochi's meeting and before that when both countries reached an agreement on the Akkuyu nuclear power plant project. Such economic agreements, of course, are inevitable for Turkey and Russia as they are facing a hard-economic situation due to the sanctions against Russia after its invasion of Ukraine, and Turkey is facing extremely high inflation and an economic crisis. In other words, Sochi's Summit between Erdogan and Putin could be seen, from Turkey's point of view, as another failure of Erdogan's "Kurdish Phobia" to launch a new occupation operation against the Syrian Kurd, and he will return back to Ankara with empty-hands.

BY: Zara Saleh

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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.