Tragedy in the Mediterranean: Syrians Drown off Cyprus with 7 Victims
This tragedy highlights the ongoing suffering of Syrians in coastal areas and emphasizes the urgent need for radical solutions that provide security, stability, and dignity for citizens across all Syr
March 18, 2025, 9:52 pm

Tragedy in the Mediterranean: Syrians Drown off Cyprus with 7 Victims

مهاجرون \ تعبيرية

Cypriot media revealed a new tragedy in the Mediterranean after a migrant boat that left the Syrian coast of Tartus with about 20 people on board capsized, resulting in the death of at least seven people in the Cypriot search and rescue zone.

Cypriot authorities reported rescuing only two people and recovering seven bodies, indicating that search operations are continuing for any other survivors or victims in an incident that reflects the ongoing suffering of Syrians seeking a better life.

The Deputy Commander of the Joint Rescue Coordination Center, Admiral George Economou, stated today, Tuesday: "The search for the missing continued throughout the night with continuous intensity in a massive operation," explaining that "our main concern is to find more survivors, after the two we found yesterday (Monday) and the recovery of seven bodies of men."

Economou indicated that "the bodies were transferred to the morgue of Limassol General Hospital, while the two survivors are receiving treatment at Larnaca and Famagusta General Hospitals, as they are in a state of distress, dehydration, and hypothermia," adding that "time is not on our side."

Several naval helicopters and police patrol boats are participating in the extensive search operation, as the incident occurred 30 nautical miles (55 kilometers) southeast of Cape Greco, at the southeastern tip of the island.

The Joint Rescue Coordination Center confirmed that the incident occurred within Cyprus's search and rescue responsibility area, but outside its territorial waters, while the Cyprus News Agency (CNA) reported that one of the survivors informed authorities that about 20 passengers were on board the boat, indicating that they were Syrians who departed from the port of Tartus in Syria.

In recent years, Cyprus has witnessed an increase in the number of irregular arrivals by boats departing from the coasts of Syria and Libya, mostly Syrians in addition to Lebanese and Palestinians, as the island is located less than 200 kilometers from the Syrian and Lebanese coasts.

The continuing phenomenon of Syrian migration by sea is an indicator of the ongoing difficult living and security conditions in their areas, especially in light of the tensions and successive events witnessed in the coastal region targeting Alawites and pushing many of them to seek safety for themselves despite the high risks associated with these sea journeys.

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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.