The controversial partnership between the two sponsors of the Assad regime, Moscow and Tehran
January 8, 2022, 1:47 pm

The controversial partnership between the two sponsors of the Assad regime, Moscow and Tehran

Zara saleh

Despite the fact that Russia and Iran are the major sponsors of the Syrian regime due to mutual interests, and their partnership also is based on pragmatic reasons during the Syrian conflict. For example, in the military aspects, both countries are engaged with the key positions in the Syrian security forces and the Syrian military as well in purpose to maintain their decision-making influence. While Iran is trying to keep the presence of the Islamic Revolutionary Guards Corps (IRGC) and the other Shia militias affiliated with them such as Hezbollah and Iraqi Shia militia groups. Whereas the Russian essential role is to support and renovate the Syrian National Army. Furthermore, in 2015 Moscow started the military intervention to save the Assad regime by sending the air forces and that was also Iran's idea through the former Iranian leader Qasem Soleimani who was behind convincing the Russian President Vladimir Putin and cooperating with Iran. Later on, with the changing dynamic on the ground in Syria, Russia began a new initiative with Iran and Turkey as co-guarantors through the Astana Process as a parallel process to the UN-led Geneva talks for Syria to strengthen Assad’s legitimacy. However, both two countries do not share the same insights into Syria's future, and they’ll have to face serious strategic challenges on the ground.

At the same time, it has been obvious through the potential disagreement between the two allies. Tehran and Moscow have always been in competition as attempting to get access to the Syrian economic resources. Iran, on the other hand, has recently signed an agreement with the Iraqi government to implement the construction of a railway between Iran and Iraq known Shalamcheh-Basra railway. The project is expected to take place within the next month that aimed to establish a channel with Syria. It seems like a part of Syria's reconstruction deal as Iran is planning to do with its strategy to reconnect Tehran with Lebanon through Iraq and Syria. Consequently, it will entrench the Iranian influence and will be in advance of Tehran Shia logistic plan and to occupy more Arab countries in the Middle East.

Once the Syrian conflict enters the post-conflict reconstruction phase, Moscow and Tehran will almost continue to expand their influence and competition to get access to the main economic resources such as the energy sectors and phosphate mining. As both countries desire to recover financially their military cost of intervention in the Syria civil war. They also might continue to collaborate at some levels that entrench the legitimacy of the Syrian regime to return to the Arab League and to undermine the American Caesar sanctions. Such sanctions have already blocked the foreign investments to enter Syria and to participate in the reconstruction process in the post-conflict.

As a result, the growing Iranian military presence on the ground with Hezbollah and carrying heavy weapons will affect the security sectors and would exacerbate the state of military-civil relations in Syria. That will definitely, lead to more Israeli airstrikes on Hezbollah and Iranian bases which Russia has already agreed with the US and Israeli government as it was such a red line for Tel Abib. Consequently, Russia-Iran unravelling marriage of convenience might end up due to the increasing divergences in the battle of influences and that will pit them against each other as they don't share the same vision about Syria's future as a long-term strategy.

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.