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The Syria Gambit

The news that Russian General Aleksandr Dvornikov was being placed in command of Russia’s “special operation” in Ukraine would have sent a chill through many Syrians. It was Dvornikov who led the 2015 effort to reinforce Damascus and thus turn a tide that until then seemed unstoppable. Russian airpower blasted away the then balance of power and allowed a revitalised Assad to win back Aleppo and other strategic parts of the country.
Yet whilst eyes focus on Ukraine, Syria remains geopolitically fragmented and war-torn with millions still eking a living outside the country or dependent on humanitarian aid. The 11th anniversary of the conflict passed in March with barely a murmur. As acts of savagery emerge on the outskirts of Kiev, Syrians who’ve endured similar trials and tribulations must wonder if their arc of justice will come sooner, later or never at all because of events in the east of Europe.
Nowhere across the globe is immune from the reverberations of the Ukraine crisis, but some will feel it more than others. Some countries will be hit by the spike in food or fuel prices, others with see their defence supply chains and tradition power politics put into flux by Western-led attempts to build the harshest sanctions ever placed on a country.
Syria is a combination of all of these. Barely weeks into events it emerged that Russia had drawn up a list of 40,000 Syrians to deploy in Ukraine to aid its invasion of the country according to a UK-based activist group, the Syrian Observatory for Human Rights (SOHR) Syrian fighters experience of the brutal nature of urban warfare could make them an asset in cities in Ukraine that have stalled the Russian advance, goes the logic. Another logic says that with Russia having experienced, in their own words, “significant losses” they need all the help they can get.
Yet it is one thing to leverage the experience of Russian generals and Syrian fighters to try and gain advantage in Ukraine, it is another thing not to expect that to alter the balance of forces in Syria itself. Israel struck military positions inside Syria this week for reportedly the eighth time this year, but in a rare tactic did so in broad daylight. Meanwhile in the east on the banks of the Euphrates indirect fire led to light injuries to US troops in the areas and a subsequent airstrike against Iranian backed militias on the other side of the river.
It's hard to read too much into incidents that are not exceptional within the ebb and flow of Syria’s current violence, but fault lines can stay relatively dormant for years or they can product devastating earthquakes. The fact that Russia and the US, countries trying to re-establish the rules of this new Cold War, are both present in the country with proxies and armed allies makes for an obvious dangerous stew. However, Russia’s aims in Syria have always been focused on buttressing Damascus, whilst the US has until now been focused on anti-ISIS operations. Could that change?
Such is the debt that Assad owes to Putin that there can be little realistic chance of the Syrian leader refusing requests for support from Moscow, whether in the diplomatic arena or through the transfer of fighters. There does remains the question though as to whether Russia’s focus on Ukraine and Syria’s deployment of reinforcements will offer the opportunity for anti-Assad forces, perhaps revitalised by outside resource to change dynamics on the ground.
Turkey is a major player inside the country and the region but is trying to offer good offices to the Ukraine crisis and is unlikely to change tact significantly. Israel may feel less restricted in attacking targets in Syria with Russia less invested in the day to day there. However, in essence the critical question is whether the US feels it can and should squeeze Russia in Syria? More arms and training to the SDF in the northeast could see them make a push south for lines across the Euphrates or conduct ‘hit and run’ attacks to force a response from Damascus.
In the northwest of the country armed actors may seize what they see as an opportunity regardless of any change in US policy. Shelling near Idlib and Russian airstrikes has been reported in the last few days and should be considered a useful barometer as to how much Ukraine has changed the situation in Syria and whether anti-Damascus actors in the country consider it the opportune time to make a tactical or strategic gambit.
BU: James Denselow
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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