Syria: Maritime Borders or Turkish Interests? Where is Syria headed?
December 26, 2024, 2:34 pm

Syria: Maritime Borders or Turkish Interests? Where is Syria headed?

أحمد منصور

Recently, discussions have resurfaced regarding Turkey's efforts to define maritime borders with Syria, a move that comes at a time when Syria lacks a legitimate elected government and a stable constitution that delineates the powers authorized to enter into international agreements. These efforts raise questions about their timing and objectives, especially since such agreements pertain to national sovereignty and the future of natural resources in the region. It is natural for resources to be at the heart of conflicts during times of strife, and it seems that Turkey, which shares a long land border and strategic interests with Syria, seeks to take advantage of the current situation to solidify its presence in the Mediterranean. Numerous reports indicate the existence of vast reserves of oil and natural gas beneath the seabed, specifically near the Syrian and Lebanese coasts, resources that could change the economic equation in the region. Discussions over the past years have involved secret talks among Turkey, Israel, Egypt, and Greece regarding the sharing of these marine resources. These talks, which did not lead to a final agreement, almost sparked a new conflict between Turkey and Greece in 2020. The Mediterranean, with its resources, remains a theater of regional and international competition.

Amid the ongoing Syrian political vacuum, which has become an opportunity with the absence of a legitimate Syrian government and a stable constitution, Turkey finds itself in a favorable position to negotiate agreements that could grant it control over a portion of the Syrian maritime resources. However, this move raises ethical and legal questions:
Can a temporary or weak government enter into agreements that affect the country’s future?
What if a new Syrian government comes to power that is not loyal to Ankara?
It is evident that Turkey is aiming to secure its gains in the current situation, as it may face greater challenges if the political balances in Syria change in the future. The regional struggle for Mediterranean resources is not a new phenomenon. In the last decade, it has evolved into a complex arena of political and economic conflicts among regional countries. While Turkey seeks to assert its influence, countries like Greece, Egypt, and Israel insist on protecting their maritime rights according to international law.

Based on the above, I believe that Turkey's maneuvers may be an attempt to strengthen its position before any political or constitutional settlement in Syria, but this approach carries significant risks. It may lead to new regional disputes and provoke international reactions, especially from countries that have economic and political interests in the Mediterranean.

In conclusion, there is a national question: the interests of Syria or the interests of others?
While the race for interests surrounding the delineation of maritime borders in the Eastern Mediterranean is merely a new episode in the series of geopolitical disputes plaguing the region, with every step taken by Turkey, Israel, and other countries in this direction, the urgent need for Syria to regain its full sovereignty through a legitimate government and a strong constitution that guarantees the rights of the Syrian society and its resources becomes clearer. The question remains: Will Syria be able to protect its resources in the face of regional ambitions? Or will the political vacuum continue to provide opportunities for the imposition of others' interests?

By: Political Opponent Ahmad Mansour

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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.