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War profiteers to benefit from resumption of religious flights from Iran to Syria

The Asharq AL-awsat reported that experts have ruled out the possibility that the resumption of religious tourism flights and trips from Iran to Damascus would help revitalize the economy in areas held by the Syrian regime.
However, companies and businesses that have emerged and benefited from the war are likely to be the winners from the flights.
Reports have said that the war profiteers will provide protection to the Iranian travelers as they cross from Iraq to southern Damascus.
An economic expert told Asharq Al-Awsat that the resumption of the trips may stem from the regime's economic need given that no end is in sight to its crises.
He added that the economy in regime-held regions is crumbling and the crises have intensified recently, especially amid a shortage in fuel, gas, electricity, wheat, medicine and foreign currency.

Iran resumed on Sunday religious flights to Damascus, two years after they were suspended due to the coronavirus pandemic.
The Iranians will visit the Shiite shrine of Sayyida Zaynab south of Damascus. The overcrowded predominantly Shiite area is home to the families of pro-Iran militias.
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Head of Iran's Hajj and Pilgrimage Organization, Alireza Rashidian said the cost of flying each traveler is roughly $350. The travelers will only visit Damascus and the Sayyida Zaynab shrine.
He added that the religious trips had stopped for two years because of the pandemic, but sources in the Sayyida Zaynab region confirmed to Asharq Al-Awsat that Iranian, Iraqi and Lebanese people had continued to visit the region in spite of the closure of religious sites during the virus outbreak.
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The economic expert said the resumption of trips could be tied to Iran's need to reimpose itself economically on the Syrian scene after it was outmaneuvered by Russia and hampered by American sanctions, imposed by former US President Donald Trump, and the pandemic.
He continued that the timing could be connected to the easing of American pressure on Iran during Joe Biden's term and his administration's attempts to revive the Iran nuclear deal.
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Another economic expert told Asharq Al-Awsat that the return of Iranian pilgrims is the least of the Damascenes' concerns.
He explained that the number of pilgrims will probably be not enough to make a dent in the economy.
The only sides set to benefit from the visitors are the economic groups relevant to the trips, such as companies that offer security services and others that organize the religious visits, he went on to say.
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Moreover, Iran's Mahan Air will also benefit from the flights, which may in turn be used to transport Iranian weapons to areas held by the regime, he speculated.
Tehran may also be using the flights to exert political pressure on Iraq whereby it could attract pilgrims to visit Syria rather than religious sites in Iraq, which will have a negative impact on its economy, he said.
Iraq is also gearing up to form a new government, a process that often takes weeks. Iran could be using the resumption of flights as a means to influence the formation process in its favor.
Source: aawsat
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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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