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European Parliament Approves Use of Frozen Assad Funds for Syria Reconstruction

In a significant move, the European Parliament approved a resolution on Wednesday allowing the use of frozen assets belonging to Bashar al-Assad's regime to support the political transition and reconstruction process in Syria. The resolution was approved by 462 MPs, while 76 opposed it and 106 abstained from voting.
The statement issued by the Parliament emphasized that "the European Union and its member states are called upon to support the transitional forces in Syria," stressing the need for Damascus to end its alliances with Tehran and Moscow. The Parliament also highlighted the importance of including all religious and ethnic components in the political transition process.
The Parliament noted that approximately 500,000 people remain internally displaced in Syria, and around 90% of the population lives below the poverty line, necessitating that the European Union continue providing humanitarian aid. It also underscored the importance of supporting neighboring countries hosting about 5.5 million Syrian refugees, welcoming a new humanitarian aid initiative worth 235 million euros.
The European Parliament called for assisting the new Syrian administration in rebuilding vital infrastructure, including in the areas of energy, water, health, and education. It urged the European Union to consider the possibility of using the regime's frozen assets to fund reconstruction and compensate victims.
The statement expressed concern for the stability of Syria and the region as a whole, and condemned recent events in the Syrian coastal area. However, the statement did not disclose the amount of frozen financial assets belonging to Assad's regime in EU member states.
In a related context, the French government warned on Wednesday that Paris would not agree to lift the sanctions imposed on Syria unless the violations that led to the deaths of over a thousand civilians in the western and central regions of the country in recent days stopped, and without holding those responsible accountable.
French Minister for Francophonie, Thani Muhammad al-Sulehi, stated before the Senate: "It is clear that we will not accept lifting the sanctions again if there are no guarantees for holding those responsible for these crimes accountable." He emphasized that France condemns all violations against civilians, regardless of the perpetrators, whether they are loyal to the Assad regime or from terrorist groups.
The French minister also indicated that the stability and prosperity of Syria will not be achieved without a political process that takes into account the rights and security of all communities. He welcomed the agreements made by the new Syrian authorities under Ahmed al-Shar' with the Kurds and Druze.
It is worth mentioning that the European Union announced in late February the suspension of sanctions imposed on key economic sectors in Syria to support reconstruction efforts and the transitional phase, despite the ongoing fragile security situation. According to the Syrian Observatory for Human Rights, at least 1,383 civilians have been killed since March 6 by security forces and groups allied with the regime, in operations targeting Alawite areas, the sect to which Assad belongs.
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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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