Poverty Strikes 14.5 Million Syrians in their Country
Despite the improvement in weather conditions, agricultural production in Syria declined due to the displacement of farmers (Syrian Agricultural Media Account)
Poverty Strikes 14.5 Million Syrians in their Country
Despite the improvement in weather conditions, agricultural production in Syria declined due to the displacement of farmers (Syrian Agricultural Media Account)
Two recent World Bank reports show that the poverty belt in Syria currently includes about 69 percent of the population, or about 14.5 million Syrian citizens.
For more than 10 years, Syria has been mired in conflict, leading to widespread devastation and humanitarian crises. The situation has worsened with the recent external shocks, as the two reports pointed to the continued lack of funding and limited humanitarian aid, which further depleted families’ ability to secure their basic needs, amid rising prices, a decline in basic services, and an increase in unemployment rates.
The Regional Director of the Middle East Department at the World Bank, Jean-Christophe Carret, said Syria witnessed multiple and overlapping shocks last year, more than a decade after the start of the bloodiest conflict of this century.
The economic situation in Syria continued to deteriorate in 2023, according to the updated monitor of the World Bank, a copy of which was obtained by Asharq Al-Awsat, as economic activity maintained its decline, and the value of the Syrian pound dropped significantly by 141 percent against the US dollar. At the same time, estimates indicate that consumer price inflation rose by 93 percent, due to the reduction in subsidies provided by the government.
Amid the economic slowdown, which is partly caused by the damage to infrastructure due to earthquakes and conflicts, public finance revenues continue to drop, prompting the authorities to further reduce spending, while tightly adjusting support programs.
Although agricultural production had improved due to better weather conditions over the previous year, the conflict severely affected the agricultural sector, with massive displacement of farmers and widespread damage to infrastructure and irrigation networks, leading to a decline in yields.
Conflict-related unrest has also severely affected foreign trade, and the collapse of domestic industrial and agricultural production has amplified Syria’s dependence on imports.
The Spring 2024 issue of the Syrian Economic Monitor expects the economic contraction to continue, as a result of the real GDP being exposed to an unprecedented state of uncertainty, leading to its decline by 1.5 percent during the current year.
A special section, which is focused on the main findings of the Syrian Household Well-Being Report, indicates that in 2022, poverty affected 69 percent of the population, or about 14.5 million Syrians.
Although extreme poverty did not actually exist before the outbreak of the conflict, it affected more than one in every 4 Syrians in 2022, and may have worsened due to the devastating effects of the earthquake in February 2023 and other several external factors, especially Lebanon’s financial crisis in 2019, the Covid-19 pandemic, and the war in Ukraine.
US Secretary of State Marco Rubio speaks with members of the media before boarding a plane en route to Uzbekistan, at Joint Base Andrews, Md., Saturday, Oct. 17, 2026. (Kylie Cooper/Pool Photo via AP)
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US Goes on the Offensive in Central Asia
US Secretary of State Marco Rubio speaks with members of the media before boarding a plane en route to Uzbekistan, at Joint Base Andrews, Md., Saturday, Oct. 17, 2026. (Kylie Cooper/Pool Photo via AP)
It's dealmaking time: despite the roiling geopolitical tensions embroiling Washington on several fronts, US Secretary of State Marco Rubio headed to Central and South Asia late Saturday to boost commercial ties -- and gain an edge over Russia and China.
With the United States mired in its war with Iran, and the conflict in Ukraine showing no signs of abating, Rubio has stepped up his foreign travel with recent trips to Europe and Latin America, smack in the middle of the US midterm election campaign.
He has largely ceded control of the contentious Iran, Ukraine and Gaza situations to US President Donald Trump's special envoys Steve Witkoff and Jared Kushner.
Rubio was instead leading a massive delegation of 200 business leaders to Uzbekistan, where he will take part on Monday in a ministerial meeting of five Central Asian countries.
"This is an important relationship," Rubio said shortly before his departure, calling the trip a strategic visit. "There's countries you'd like to get to because we want to build our relationships with them."
A senior State Department official told reporters on Friday that Rubio was demonstrating Washington's goodwill toward the "deepening partnership across Central Asia," especially in the energy sector.
Central Asia is a resource-rich region as vast as the European Union but only boasts a population of about 80 million people.
"We've been planning this for several months, and it's an incredible opportunity to bring the United States into a region of the world that is vitally important," said a second senior US official, on condition of anonymity.
During his visit to the Uzbek city of Samarkand, an emblematic stop on the historic Silk Road, Rubio will participate in a C5+1 meeting with ministers from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
In November 2025, Trump welcomed the leaders of those countries to the White House.
The former Soviet republics remain linked to Moscow by energy pipelines, as well as security and migratory networks, but Russian influence has eroded since the start of the war in Ukraine -- with China reaping the benefits.
Beijing is the main trade partner of all five Central Asian nations.
Chinese companies have signed a number of energy-related deals, seeking to buy natural gas in Turkmenistan, uranium in Kazakhstan and rare earths in Tajikistan.
The United States also has made sourcing rare earths and improving its energy mix key parts of its foreign policy.
The US ambassador to India, Sergio Gor -- who also serves as the special envoy for Central and South Asia -- has repeatedly emphasized the need for Washington to have better ties across the region.
- Trade deal -
After his visit to Uzbekistan, Rubio will head to India, with stops in Mumbai and Jamnagar in Gujarat state. Both are industrial hubs and major international port cities.
It will be the secretary of state's second official visit to India this year, after a May trip to New Delhi and Kolkata, signifying Washington's push in the region.
"We're very close" to a trade deal with India, the second senior US official said of negotiations that have dragged on for months.
Last February, the two sides reached a provisional agreement aimed at reducing US tariffs on Indian products.
But just a few days later, the US Supreme Court struck down many of Trump's tariffs, which fueled uncertainty about when a bilateral trade deal could take effect.
Ever since, Washington and Delhi have been locked in negotiations.
Relations were rattled when Trump imposed 25 percent tariffs on Indian goods in retaliation for Delhi's purchases of Russian oil, but those duties have since been lifted.
In Mumbai and Jamnagar, Rubio will offer the new US brand of so-called "commercial diplomacy" in his meetings with Indian business leaders.
He will notably raise plans by the Indian conglomerate Reliance Industries to finance a refinery in Texas. Reliance is led by billionaire Indian tycoon Anant Ambani.
GE Vernova Targets Annual Gas Turbine Production Capacity of 30 GW by 2030https://english.aawsat.com/business/5330742-ge-vernova-targets-annual-gas-turbine-production-capacity-30-gw-2030
GE Vernova Targets Annual Gas Turbine Production Capacity of 30 GW by 2030
The GE Vernova headquarters. (Asharq Al-Awsat)
Global electricity demand is rising as artificial intelligence applications and data centers expand and industrial activity grows, increasing the need for additional power generation capacity and more efficient, reliable electricity transmission and distribution networks.
To meet this demand, GE Vernova plans to invest about $11 billion in manufacturing and research and development through 2028, as part of a plan to increase its annual gas turbine production capacity to 30 gigawatts by 2030.
Hisham Al-Bahkali, President of GE Vernova Saudi Arabia, told Asharq Al-Awsat that accelerating electricity demand, driven by AI, data centers and industrial expansion, underscores the importance of securing additional energy sources to ensure supply security.
GE Vernova is a global US company specializing in energy technology, power generation and grid solutions, operating in approximately 100 countries worldwide.
The company has maintained a presence in Saudi Arabia for more than 90 years, with manufacturing, maintenance and research and development operations through its GE Manufacturing and Technology Center (GEMTEC) in Dammam and a grid solutions facility in Al-Khobar. Its exports from the Kingdom reach more than 40 countries worldwide.
Al-Bahkali said it was "unrealistic to talk about completely abandoning conventional fuels in favor of clean energy," adding that the practical solution lies in combining conventional and renewable energy sources while leveraging modern technologies to increase electricity generation and reduce emissions.
Natural gas helps meet rising demand
Al-Bahkali said the digital revolution had not diminished the importance of natural gas but instead reinforced its necessity, as data centers and large industrial facilities require continuous, reliable electricity around the clock, even as solar and wind energy projects expand.
He said modern gas-fired power plants were no longer limited to providing baseload electricity but had become an essential component in balancing power systems, allowing countries to expand renewable energy projects while ensuring stable electricity supplies to support economic and industrial growth and digital development.
Meeting the energy sector's needs requires a diversified mix of natural gas, renewable energy and nuclear power, alongside grid development, rather than relying on a single solution, he added.
Regarding data centers, Al-Bahkali explained that GE Vernova's role goes beyond supplying equipment to helping develop their infrastructure through heavy-duty gas turbines that provide stable baseload power and electrification solutions, including transformers, switchgear and software used to manage power transmission.
He said the company uses AI-powered diagnostic solutions and digital integration to help operators extend the operational life of assets, improve efficiency and prepare equipment for the future use of hydrogen blends.
Grid equipment shortages pose biggest obstacle to project expansion
Al-Bahkali said the energy sector should be viewed as an integrated, interconnected system because adding new power generation capacity would be of little value if electricity could not be transmitted and distributed to consumers efficiently and reliably.
"The pace of power plant construction and transmission and distribution grid upgrades is slower than the sharp increase in electricity consumption," he went on to say.
Developers face delays in connecting projects to the grid, mounting connection backlogs and aging networks in need of modernization, he added. These challenges are particularly evident in data center and AI projects, which cannot begin operating without a guaranteed power supply.
Hisham Al-Bahkali, President of GE Vernova Saudi Arabia. (Asharq Al-Awsat)
"Shortages of essential grid equipment, such as transformers and electricity transmission and distribution equipment, have become the biggest obstacle to project expansion," he stressed.
To address the problem, Al-Bahkali called for a two-track approach: accelerating the construction of new power lines while using digital software and smart systems to maximize the capacity of existing networks, making them more intelligent, flexible and efficient.
Saudi Arabia balances natural gas and renewable energy
Turning to the Saudi market, Al-Bahkali said the Kingdom was leading an energy sector transformation program under Vision 2030, alongside efforts to diversify and digitalize its economy, generating additional electricity demand while continuing to pursue carbon emissions reduction targets.
He said Saudi Arabia aims to achieve a power generation mix of 50% renewable energy and 50% natural gas by 2030.
Al-Bahkali expects greater integration between large-scale renewable energy projects, highly flexible gas-fired power plants, grid modernization projects and advanced energy management solutions.
He said GE Vernova was proud of its presence in the Kingdom for more than 90 years and continued to support efforts to modernize power plants, improve grid flexibility and expand local industrial capabilities.
The company's initiatives with Saudi partners include high-efficiency gas technologies, grid stability solutions and localization efforts aligned with Saudi Vision 2030 objectives.
Company expands annual turbine manufacturing capacity
On supply chains, Al-Bahkali said rising electricity demand, together with grid modernization and energy transition projects, had increased pressure on manufacturers and suppliers worldwide.
Delays in delivering essential equipment, including gas turbines, transformers and control systems, have become among the most significant challenges facing power companies, affecting project implementation schedules.
Addressing these challenges requires expanding manufacturing capacity, strengthening supplier partnerships and planning projects earlier, he said, noting that building new factories and increasing production capacity take time and require close cooperation among technology companies, governments and customers.
Against this backdrop, GE Vernova has allocated approximately $11 billion for capital expenditure and research and development through 2028 to expand its manufacturing capabilities and accelerate innovation.
The company is working to increase its annual gas turbine manufacturing capacity to 20 gigawatts, followed by 24 gigawatts by 2028 and 30 gigawatts by 2030, responding to growing demand for dispatchable power sources, driven largely by AI data centers and utilities.
Al-Bahkali said GE Vernova was increasing production at its existing facilities by applying lean manufacturing methods, gradually investing in equipment and expanding the use of automation and robotics, rather than building entirely new factories.
He also stressed the importance of localizing manufacturing, developing national talent and establishing domestic supply chains to strengthen resilience and create economic value.
Manufacturing and maintenance capabilities in Saudi Arabia
Al-Bahkali said GE Vernova has manufacturing, maintenance and research and development capabilities in Saudi Arabia, including its GE Manufacturing and Technology Center (GEMTEC) and an integration facility in Al-Khobar, both in the Eastern Region.
GEMTEC houses one of the company's largest gas turbine maintenance centers worldwide, alongside the GE Saudi Advanced Turbines (GESAT) facility, which specializes in manufacturing heavy-duty gas turbines, their auxiliary units and components.
The complex also includes a regional decarbonization center of excellence for the Middle East and North Africa, designed to help develop low-carbon solutions for the Kingdom's energy system.
According to Al-Bahkali, the complex's services have reached more than 40 countries worldwide.
The Al-Khobar facility provides power plant control and grid management technologies, helping ensure reliable integration of the Kingdom's grid infrastructure while supporting the modernization and expansion of its energy system.
Al-Bahkali said this local presence helps transform customer relationships from commercial transactions into long-term strategic partnerships, reducing delays, improving project planning visibility and accelerating implementation.
Vietnam Signs Free Trade Deal with Four European Countrieshttps://english.aawsat.com/business/5330716-vietnam-signs-free-trade-deal-four-european-countries
Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
Vietnam Signs Free Trade Deal with Four European Countries
Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
Vietnam and four European nations outside the EU signed a free trade agreement in Hanoi on Sunday, seeking to diversify their markets as US tariffs disrupt global commerce.
The deal, between Southeast Asia's fastest-growing economy and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway and Switzerland, eliminates or reduces customs duties, including on imports of industrial, fish and agricultural products.
The deal was signed in the capital in the presence of Vietnam's top leader To Lam and representatives of EFTA governments.
Vietnam said the agreement showed the parties' resolve to "reinforce the rules-based trading system amid continued volatility in the global economy", according to a government statement.
It was also expected to help Vietnam "diversify its import and export markets" and "integrate more deeply into global value chains", the government said.
Vietnam and EFTA concluded negotiations in July, more than a decade after the free trade talks officially began in 2012.
The parties relaunched negotiations in September last year, after they had stalled since 2018.
The agreement followed a global trade-disrupting tariff blitz by the United States under President Donald Trump which has left Vietnam with a hefty tax on its US exports amid ongoing negotiations with Washington.
Experts say the new deal reflected a shared initiative to diversify commercial ties and reduce reliance on major trading partners.
"As the US increasingly exerts trade pressure on European countries, the agreement is a joint effort to turn economic integration into greater strategic autonomy and to develop alternative commercial relationships rather than relying exclusively on their largest partners," history and politics scholar Do Dinh Lam Khang told AFP.
For Vietnam, closer ties with EFTA economies could support its ambition to move into higher-value-added activities, Khang added.
The agreement covers trade in goods and services, intellectual property rights, trade remedies and sustainable development, among other areas, both parties say.
Bilateral trade between the EFTA and Vietnam last year was valued at 4.8 billion euros ($5.4 billion), according to the association.
Electrical and mechanical machinery, fish and pharmaceutical products were the EFTA nations' top exports to Vietnam last year.
Machinery, footwear and apparel were manufacturing hub Vietnam's major exports to the EFTA.
The association was created as a counterpart to the European Economic Community, precursor of the European Union which its four member states are close to but have not joined.
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