Turkey and Egypt Need to Walk the Talk
September 10, 2021, 6:00 am

Dalia Ziada

After the failure of the second round of exploratory talks on reconciliation between Egypt and Turkey, one can easily claim that neither the Turkish nor the Egyptian side is sincere about restoring ties. On September 7-8, Egyptian and Turkish diplomatic delegations, headed by deputy foreign ministers, met in Ankara for the second exploratory talks on normalizing ties. Following the meeting, a brief bilateral statement confirmed the two countries desire to progress on normalizing relations and agreeing to continue consultations on regional issues of common interest. Ironically, the press statement is very similar to the press release that was issued at the conclusion of the first round of talks that took place in Cairo, in early May. That simply means failure of talks.

It seems that Cairo and Ankara are satisfied with staying at this love-hate phase of the relationship and are not willing to put the appropriate effort and time into turning the ugly page of the past conflicts and starting a new page of cooperation. That can be seen very clearly if put in contrast with the successful reconciliation processes that have been happening in the region, since the beginning of the year; either between Turkey, Saudi Arabia, and the United Arab Emirates (UAE), or between Egypt and Qatar.

Since the beginning of Afghanistan’s fall in the hands of Taliban, an unprecedented diplomatic activity among the countries of the Middle East, especially in the Arab Gulf region, has been activated. The UAE, for example, managed to restore all of its broken regional ties, in less than ten days. That includes the relationship with its top two regional rivals, Turkey and Qatar. The surprising part about it is that the reconciliation happened in almost no time, despite long years of bruising fights and declared animosity.

On August 18th, UAE’s National Security Advisor, Sheikh Tahnoun Bin Zayid, traveled to Ankara to meet with Turkish President Erdogan and offered generous UAE investments in Turkey. This meeting was followed by a phone call between UAE’s most powerful leader, Sheikh Mohamed Bin Zayid, and Turkish President Erdogan. The phone call was “extremely friendly” as described in a statement by UAE’s Foreign Affairs Advisor.

A few days later Sheikh Tahnoun met with Prince Tamim of Qatar. This meeting was followed by a meeting between Prince Tamim and Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE, on the margin of Baghdad Summit on August 28th, wherein they confirmed the brotherly bond between Qatar and UAE and the need to drop their conflicts and start a new page in their relationship.

Saudi Arabia, too, has been able to fix its relationship with Turkey, however through a slower and more stable process, than Turkey-UAE almost overnight reconciliation. After the election of the Democrat Joseph Biden as President in the United States, in November 2020, Saudi Arabia decided to end its regional conflicts with Turkey and Qatar. The process started by high-level communications between Saudi and Turkish officials before and during the G-20 Summit. Then, in May, Saudi King Salman Bin Abdul Aziz and Turkish President Erdogan spoke on the phone to discuss reviving bilateral relationship. This call was immediately followed with an official visit by the Turkish Foreign Minister to Jeddah.

On another level, the relationship between Egypt and Qatar has been miraculously restored in a very short time. In January 2021, a declaration of reconciliation was signed between Qatar, UAE, Saudi Arabia, Bahrain, and Egypt, in the Saudi Arabian city; Al-Ula. Since then, the relationship between Cairo and Doha has been moving forward on a steady pace until it reached a peak point last month, when the Egyptian President El-Sisi and Qatari Prince Tamim held a cordially meeting on the margin of Baghdad Regional Summit, on August 28th.

Meanwhile, the reconciliation process between Turkey and Egypt is still stuck, despite the talks and flowery statements asserting the brotherly bond between the two countries, and the urgent need for them to cooperate for the good of the entire region. Most probably, the leaderships of both states are using these so-called dialogues to neutralize one another for as long as possible, so each can handle domestic and immediate regional problems in peace. The hot and cold blows between Turkey and Egypt have been going on for about six months, and the only thing they achieved is calming the loud noise of the media wars that have been going on between them for more than seven years. Yet, no tangible diplomatic or political progress has been achieved.

Egypt and Turkey need to take the reconciliation process between them more seriously. They need to go beyond the talk, to walk the walk necessary for making it happen and stay. Figuring out a reliable future path for sustainable long-term cooperation between Turkey and Egypt is essential for the security and stability of the heated regions of the Middle East, east Africa, and the eastern Mediterranean.

BY: Dalia Ziada

NHS England figures show patients waiting long time for ambulances Trial of suspects in November 2015 Paris terror attacks begins

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.