James Denselow

Whilst the eyes of the world may be focused on events in Ukraine a potentially significant policy change has opened the doors to a very different body politic emerging in the future for the north of Syria.

With little in the way of fanfare the US State Department announced a decision to authorise certain economic activities in certain non-regime-held areas of northeast and northwest Syria. The logic, so the statement explained, was to pursue a more active push for economic stabilization in areas liberated from the terrorist group ISIS’s control.

It comes on the heels of the D-ISIS Ministerial in Marrakesh, Morocco, where the United States announced nearly $110 million in stabilization funds for areas liberated from ISIS in Iraq and Syria and stressed the importance of continued Coalition efforts to erode support for violent extremism through initiatives designed to improve stability.

The Commander of the Syrian Democratic Forces (SDF) Mazloum Abdi welcomed the US announcement in a tweet that explained that “we appreciate the US General License for AANES areas to rebuild infrastructure and support our economy, a step that will counter ISIS and give hope to all Syrians,” Abdi said. “We welcome all companies to invest here.”

The decision comes following the Brussels Conference and, according to US spokespeople, months of sensitive negotiations with Syria’s Arab neighbours and Turkey in particular. There is of course an obvious logic to following up the vast military campaign with a similar effort for the next chapter, yet the pivot between defeating ISIS and deciding what happens next has been delayed by a Trump Administration’s indecision about the US posture in the country.

This delay has occurred during a time where a wider debate around post-war reconstruction across Syria was had, led by the Government in Damascus and its allies in Moscow in particular. Although violence in the country has significantly abated across new more frozen conflict lines and Syria’s relationships with its neighbourhood has improved in recent years, significant reconstruction strategies have not manifested.

Instead US-led sanctions and a sustained push back against forced returns of Syrian refugees has led to what is surely an unsustainable status quo with millions of Syrians continuing to live below the poverty line and dependent on humanitarian aid. Humanitarian aid itself in the northwest of the country relies on a UN Security Council Resolution which needs renewing on the 10th July 2022. With relations between the US and Russia worse than in previous years there is considerable uncertainty as to whether this will be extended and what happens to vast number of Syrians if it isn’t.

Meanwhile, the Regime in Damascus responded through the the foreign ministry which said that Syria was "determined to defeat this new conspiracy," encouraging people in the country's north to "bring it down." Yet what exactly ‘it’ is, is hugely uncertain at this time and the test of Washington’s new policy will be the confidence it gives to business investors. With the prospect of Trump returning to the White House after a 2024 election many may choose to hedge their bets.

But they may not and the Kurdish controlled parts of Iraq have traditionally been championed as an oasis of relatively calm and prosperity in a tough neighbourhood. Investing in non-regime controlled parts of Syria in a way that inspires and rejuvenates a part of the country that has seen far too much war and too little peace of the past decade could have a twin purpose of reducing the space for an ISIS revival and showing the wider Syria populace that a alternative future is possible to the eternal Assad dynasty.

Questions will be asked as to whether this opportunity for development will see ‘quick wins’ or longer term strategic development of infrastructure in what could be the most substantial commitment to a ‘statelet’ entity or entities in the north of the country. Iconic modern towers, Dubai-style, may be unlikely and can hardly been argued as a priority but anything that can symbolise and capture the direction of secure departure from a recently bloody history makes a lot of sense. Indeed, fast tracking the development of northeast Syria’s wheat production, ravaged by war and climate change, would be a suitably sensible decision in lieu of Ukraine’s war.

BY: James Denselow

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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.