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Putin: filling the Trump gap ?

The Russian president’s timing was impeccable. Days earlier his American counterpart, Donald Trump, announced that he had agreed with Turkey’s Recep Tayyip Erdogan on the withdrawal of US forces from northern Syria and given the “green light” for a Turkish offensive against the Kurdish fighters who had spearheaded the defeat of Daesh.
Trump’s disruptive behavior has fueled the growing perception of US disengagement from the Middle East, ironically as part of his “Make America Great Again” policy. And the leader who has benefited most from that served the KGB loyally in the depths of the Cold War and now resides in the Kremlin.
Five years ago, following Russia’s annexation of Crimea and its undeclared war in eastern Ukraine, Putin faced international condemnation and punitive sanctions. Nowadays, however, he is being wooed. Emmanuel Macron, the French president, warned recently that Europe “would disappear” if it did not seek rapprochement with Russia. Putin’s role in Syria has been central to that change.
Moscow backed Bashar al-Assad from the start of the crisis in 2011. But the inaction of others helped it secure greater influence - and far beyond Syria. The “red line” that Barack Obama first declared and then ignored in August 2013 when the regime used chemical weapons in Eastern Ghouta was a highly significant one.
It not only eroded the sense that the most powerful country on earth was prepared to use force but also paved the way for face-saving Russian diplomatic involvement in the immediate crisis and for Putin’s military intervention in Syria in September 2015. That was aptly described by one commentator as a “sales demonstration” showing that “Russia will, if asked, intervene on the side of the incumbent ruler in the interest of stability, and it will do so quickly and without political strings attached.”
Trump’s moves have made things even easier for Putin. By strengthening his ally Assad and abandoning the Kurds, the man in the Oval Office reinforced the sense that the US can no longer be trusted. Turkey has never been so unpopular with other members of Nato, partly due to its decision to buy an advanced Russian missile defence system.
Still, none of that means that Moscow has replaced Washington as a global super-power. Russia has a naval base at Tartus in Syria and use of air bases at Hmeimim and elsewhere. The US has bases from Iraq to Qatar. The Fifth Fleet is based in Bahrain. The Pentagon and the CIA have intimate links to military and intelligence bodies in Israel, Saudi Arabia, Egypt and beyond.
In other words there is unlikely to be a repeat – in reverse – of Egyptian president Anwar Sadat’s expulsion of Soviet advisers in 1972, as a prelude to his pivot to America’s sphere of influence.
Russia’s diplomatic weight, however, does appear to be growing. It may not be liked by America’s traditional Arab allies but is respected for its decisive and pragmatic support for Assad and is now setting itself up as the go-to outside player. It benefits too from far closer relations with Iran than the US.
Iran, Israel, Turkey, Saudi Arabia and others have increased their engagement with Moscow. That looks set to continue. Another factor is that Russian policy is not subject to parallel scrutiny to US congressional oversight of arms deals. Russia is seen too as a reliable partner on both energy – where it pursues its interests with vigour – as well as security.
The economic facts, nevertheless, do not support the superficial assertion that Russian influence is supplanting America’s. California alone struck more deals with UAE in 2018 than Russia committed to during Putin’s recent visit. And US trade with the region far surpasses what Russia has to offer. US GDP is 12 times that of Russia. Moscow cannot and will not replace Washington in the Middle East for a long time.
There are strict limits to what Putin can offer US partners in the Gulf. That will mean Arab hedging and diversification rather than abandonment of the US, which is still the power best equipped to mobilise resources, form international coalitions and effectively oppose Iran.
One option for the Saudis, for example, could be to buy a Russian-made air defense system. Another might be for Moscow to ask Riyadh to restore links with Assad (the UAE and Bahrain have both re-opened their embassies in Damascus recently).
What is certainly clear is that as the American commitment to the Middle East is perceived as weakening, that offers opportunities to others – to Russia and of course to China as well.
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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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