Stability in Syria: A Cornerstone for Security in the Middle East
January 9, 2025, 9:38 am

Stability in Syria: A Cornerstone for Security in the Middle East

قصي الضحاك مندوب سوريا الدائم في الأمم المتحدة

The Arab group at the United Nations Security Council reaffirmed its commitment to respecting Syria's sovereignty, independence, and territorial integrity in the context of its efforts to combat foreign interventions and terrorism. The group stated that Syria's stability is considered "a fundamental pillar for the security of the Middle East, and its security is an integral part of Arab national security."

This came during speeches delivered at a UN Security Council session on Syria, where Kuwait's representative to the UN, Tarek Al-Banay, addressed the positions of the Gulf Cooperation Council (GCC) countries, while Egypt’s ambassador to the UN, Osama Abdel Khalek, spoke on behalf of the Arab group.

Al-Banay noted that the GCC countries participated in the Security Council session solely to reiterate their commitment to assisting Syria politically, economically, and humanitarianly. He highlighted the fundamental principles to which the countries are committed regarding the Syrian crisis, including respect for Syria's sovereignty and independence, rejection of foreign interventions, and combating terrorism.

He explained that the council members call for supporting a comprehensive political transition and national reconciliation, as well as efforts to rebuild the state and strengthen national unity through an inclusive dialogue involving all components of the Syrian people.

Al-Banay emphasized that Syria's stability is a prerequisite for the security of the Middle East, and called for the withdrawal of Israeli forces from the occupied Syrian territories, stressing the necessity of lifting economic sanctions on Syria and providing humanitarian support to its people.

For his part, the Egyptian ambassador pointed to the full Arab support for the Syrian people, emphasizing the importance of the current transitional phase. He also mentioned that Arab states have made significant efforts to achieve political reform in Syria and to utilize appropriate frameworks to encourage the former regime to respond to change demands.

Abdel Khalek condemned the continued occupation of the Syrian Golan by Israel, calling on the Security Council to intervene to maintain peace and security and to stop Israeli aggression. He also stressed the Arab group's support for efforts to rebuild Syria through a comprehensive political process and a purely Syrian national leadership.

In conclusion, Abdel Khalek affirmed that the Arab group will continue its support for Syria, praising the importance of enhancing efforts to combat terrorism and extremism, with a focus on prioritizing the interests of the Syrian people to ensure the country’s stability and protection.

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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.