What next for Syria after Ukraine?
March 15, 2022, 1:47 pm

James Denselow

Whilst the eyes of the world are focused on the carnage in Ukraine, this week marks the 11th anniversary of Syria’s bloody conflict. Unlike previous years the emergence of relative quiet along the fractures of the divided country and the seeming stability of Assad’s rule has meant that for some the conflict is no more and that discussions about reconstruction or the return of refugees should be in the order of the day.

Yet for many we see in Ukraine what has already past in Syria. The horrors of urban warfare, of high explosive shells decimating the schools, homes and hospitals of civilians. Images of mass displacement and of emergency crews desperately digging for survivors amongst the rubble of once proud cities. Both conflicts have of course been fundamentally shaped by the Russians, and for those surprised by Ukraine they are rightfully accused of not paying attention to what was happening in Syria.

We can learn from Syria as we see what unfolds in Ukraine. Siege warfare, humanitarian corridors, the use of illegal weaponry or legal weapons fired with disregard to the harm to the civilian population all part of the day to day of Syria’s last decade. The laws and norms of the global post- World War Two architecture haemorrhaged in Syria. “Red Lines” around chemical weapons or the mass slaughter of civilians appeared and then disappeared taking with them ways of fighting modern conflict that have moved elsewhere.

Syria has set the scene for Ukraine. Global inaction, disinterest and inability to grasp the conflict and its complexity is the chapter that proceeds a Moscow policy designed to push in areas when there is least resistance. Yet what is happening in Europe is not isolated from the Syria of today and tomorrow and the reverberations from Ukraine could have serious impact on the country.

Firstly, will Assad rush to offer practical support to his Russian allies? Syria has already done this in votes at the UN General Assembly but could be about to significantly change the mode of its support. Reports have emerged of Syria’s military recruiting troops from its own ranks to fight alongside Russian forces in Ukraine, promising payments of $3,000 a month – a sum up to 50 times a Syrian soldier’s monthly salary. Syrian soldiers with experience of fighting in the rubble of Aleppo or the Damascus suburbs could offer valuable tactical advantage to Russian forces whose involvement in the Syrian conflict was mainly in the air war.

If Damascus reinforces Russia’s forces in Ukraine – it poses the interesting question as to whether the current lines of the map in Syria could change? Could a reduced Syrian military presence inside its own country embolden armed actors in the northwest to go on the offensive or disregard the agreements that have kept the recent peace? Will regional and global actors decide that now is the time – with Russia focused on Ukraine – to see if they can undermine what Moscow has established in the country? Syria has long been a chessboard for powers beyond its borders within its time at war and there is no reason to see that the Russian dominated status quo will be sustained in the new world that is emerging following the Ukraine invasion.

There are also the secondary impacts of events in Ukraine for Syria. The country’s economy and ability to feed its population will be challenged by the likely huge reduction in grain coming from the breadbasket of the world. This will also impact on Syria’s neighbours with the situation in Lebanon already extremely vulnerable before this latest turn of events. The rise in oil prices on both sides of the Atlantic could see the Syrian regime having to handle wholesale prices jumping for heating oil and other commodities in addition to wheat.

The only positive that can be imagined at this point is whether the Ukraine invasion signifies such a paradigm shift in our geopolitics that States, and the international system will no longer tolerate the existing of such devastating prolonged conflicts such as Syria’s. That there is consensus that being accepting of such violence and resulting suffering is a gateway act for even worse acts to follow. If Syria is the chapter that proceeds Ukraine, then it must be the chapter that follows it.

BY: James Denselow

Egypt to celebrate opening of first walkway along banks of Nile Corniche in Cairo Syria's rebel enclave of Idlib marks uprising with message for Ukraine

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.