Erdogan's U-turns and the possibility of a new Adana Accord
August 22, 2022, 10:40 am

Erdogan's U-turns and the possibility of a new Adana Accord

Zara Saleh1

Following his failure to obtain the green light from Russia and the US to launch a new military invasion against Syrian Kurds, Turkish President Erdogan who is well-known as a pragmatic politician began to look for an alternative plan that might fulfil his main strategy in Syria.

Furthermore, in recent two visits to Tehran and Sochi when Erdogan met with his Iranian and Russian counterparts at Astana Summit, then with Russian President Putin, he was completely sure of not having support from his counterparts. Despite his support for the Syrian opposition since the beginning of the Syrian conflict in 2011, Turkish President Erdogan now seriously looking for an agreement with the Syrian regime as both countries are following the Russian instructions and Putin's plan as an umbrella for a political agreement in Syria.

The significant signal of Erdogan's U-turns came straight away after his meeting with Ukraine leader Volodymyr Zelensky and he said, “We don’t have such an issue as whether to defeat Assad or not,”. Moreover, Erdogan was clear to declare his main strategy in Syria was to fight the Kurds and prevent any "Kurdish state or federalism" and, of course, he shares such interests with Assad as they both consider Kurds as a common enemy.

Since the beginning of the Syrian conflict in 2011, Turkey had four invasion military operations and had occupied Syrian territories. However, Erdogan now is ready for a political dialogue with Syrian President Bashar Al-Assad to "high steps" as he said as both countries never ever cut their security relations even during the conflict.

The possibility of diplomatic dialogue between Turkey and the Syrian regime under Putin's umbrella is, now, more likely as such a plan can fulfil the interests of all sides. In other words, Russia wants such strategic coordination against the United States' presence in northeast Syria and its ally the Syrian Democratic Forces (SDF).

In fact, Russia and Turkey have agreed that the Syrian Kurds are controlling northeast Syria and they put their hands over the main economic resources such as oil and water. Consequently, cutting the ties between the US and Kurds or any agreement between Assad and Erdogan, definitely, will be the main agenda of Putin and Erdogan and that will be of common interest to the Syrian regime and even the Iranian regime as well.

Based on the fact of international relationships and political interests which are the key to the relations between countries, Ankara and Damascus are more likely to begin political talks exceeding their intelligence ties under Russian supervision. The new Adana Accord agreement could be discussed between Erdogan and Assad on the Kremlin table of negotiations and without doubt, Ankara and Damascus are ready to reach an agreement especially when it comes to the Kurds.

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.