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)
Despite the improvement in weather conditions, agricultural production in Syria declined due to the displacement of farmers (Syrian Agricultural Media Account)
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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)
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.



China’s September Refined Fuel Exports Surge Amid Iran War, Diesel Exports More Than Triple

A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port in Hong Kong, China March 19, 2026. (Reuters)
A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port in Hong Kong, China March 19, 2026. (Reuters)
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China’s September Refined Fuel Exports Surge Amid Iran War, Diesel Exports More Than Triple

A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port in Hong Kong, China March 19, 2026. (Reuters)
A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port in Hong Kong, China March 19, 2026. (Reuters)

China's exports of refined oil products in September surged 39.4% year-on-year, data showed on Sunday, with diesel exports reaching their highest in more than three years amid a tight global market as the Iran war and other conflicts curb output from the Middle East and Russia.

China, a key exporter of refined oil products in Asia, restricted exports of refined products, including diesel, gasoline and jet fuel, ‌in mid-March to ‌safeguard domestic supplies amid risks from ‌the ⁠Middle East, then ⁠eased the curbs in mid-July.

Exports of refined oil products, which include diesel, gasoline, jet fuel and marine fuel, rose 19% in September from the previous month to 7.16 million metric tons, the customs data showed, continuing the strong growth momentum seen in August.

In ⁠the first three quarters, the country ‌exported 41.4 million tons of ‌refined oil products, down 3.7% year-on-year.

China's combined exports of ‌gasoline, diesel and jet fuel totaled 4.41 million ‌tons in September, up 56% from last September and exceeding the 2025 monthly average of 3 million tons.

Jet fuel exports rose 16.7% year-on-year to 1.94 million tons in September. ‌In the first nine months, jet fuel exports totaled 13.7 million tons, down 11% ⁠year-on-year.

Diesel ⁠exports rose 262.3% year-on-year to 1.85 million tons in September to their highest since February 2023. In the first nine months, diesel exports totaled 6.68 million tons, up 31.6% year-on-year.

Gasoline exports stood at 620,000 tons in September, down 4.1% year-on-year. From January to September, China exported 3.04 million tons of gasoline, down 51.9% year-on-year.

The data also showed that LNG imports fell 1.4% year-on-year to 5.61 million tons in September. China's LNG imports totaled 44.62 million tons in the first nine months.


Arab Energy Fund to Asharq Al-Awsat: 54% of Investment Assets Located in Saudi Arabia

The Arab Energy Fund headquarters in Riyadh. (TAEF)
The Arab Energy Fund headquarters in Riyadh. (TAEF)
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Arab Energy Fund to Asharq Al-Awsat: 54% of Investment Assets Located in Saudi Arabia

The Arab Energy Fund headquarters in Riyadh. (TAEF)
The Arab Energy Fund headquarters in Riyadh. (TAEF)

Saudi Arabia accounts for around 54 percent of the total assets under management within the investments and partnerships sector of The Arab Energy Fund, which is studying new investment opportunities in the Kingdom and the region. These opportunities include data centers and their associated infrastructure, oil and gas field services, and fuel and petroleum product storage facilities.

Speaking to Asharq Al-Awsat on the sidelines of the World Petroleum Congress in Riyadh, Maheur Mourali, the Chief Investment Officer of The Arab Energy Fund (TAEF), said the Saudi energy sector is one of the most attractive markets in the region.

This attractiveness is due not only to the size of the market but also to the structural transformations it is undergoing under Vision 2030, alongside the expansion of industrial and infrastructure investments and the diversification of energy sources, he added.

The fund sees promising opportunities in a number of sectors, foremost among which are oil and gas services, petrochemical industries, energy infrastructure, logistics and storage services, alongside sectors related to the energy transition, including renewable energy, district cooling, water management, and energy efficiency solutions, he said.

Mourali explained that the fund focuses on investing in operational companies and platforms capable of scaling, whether through organic growth or acquisitions, in a way that supports building regional entities originating from the Saudi market.

He noted that the upcoming phase will provide significant opportunities for institutional investors capable of providing long-term capital, alongside sector expertise and strategic partnerships that support corporate growth and boost competitiveness.

The fund's total assets reached around 14 billion dollars by the end of the first half of 2026, recording a 16 percent annual growth, according to Mourali, who pointed out that this growth reflects the strength of the fund's financial position and its ability to continue expanding its financing and investment activities.

Data centers

Regarding investment opportunities associated with the expansion of artificial intelligence and data centers, Mourali said that the rapid growth in these applications will be one of the primary drivers for increased electricity demand in the coming years. This is due to data centers requiring substantial electrical capacity and reliable, continuous supplies, as well as advanced cooling and energy consumption management solutions.

He explained that this trend is gaining particular importance in Saudi Arabia with growing investments in digital infrastructure, artificial intelligence, and cloud computing.

Investment opportunities are not limited to the data centers themselves, but encompass their entire associated value chain, including power generation, renewable energy, energy storage systems, cooling, electrical infrastructure, and water management, he stressed.

Maheur Mourali, the Chief Investment Officer of The Arab Energy Fund (TAEF). (TAEF)

He added that investing in data centers and their related infrastructure represents one of the fund's strategic focuses in Saudi Arabia and the region, noting that the fund is currently studying and developing a number of opportunities in this field, which will be announced upon the completion of the necessary procedures and approvals.

New investments

On the level of existing investments and potential deals, Mourali explained that the fund continues to strengthen its presence in Saudi Arabia and the region through investments aimed at supporting the growth of companies operating in the energy sector and related fields, developing infrastructure, and bolstering energy security.

He noted that the fund announced in early 2026 a major investment in "APSCO," a company operating in aviation refueling and lubricants distribution, saying that the transaction reflects the fund's direction toward companies that enjoy a strong market position and potential for growth and expansion.

The fund's strategy relies on acquiring influential minority stakes in companies, in partnership with global infrastructure funds, international strategic partners, or local business groups, while focusing on companies that possess strong management teams and distinguished operational expertise, he went on to say.

The fund's role is not limited to providing capital, but extends to supporting the operational capabilities of companies and assisting them in geographic expansion and the development of their activities, he stressed.

Mourali mentioned that the opportunities being studied by the fund include infrastructure supporting the flexibility and continuity of energy exports, oil and gas field services, fuel and petroleum product storage facilities, alongside energy services in their broadest sense.

These opportunities are in varying stages of study, evaluation, and negotiation, he revealed, pointing out that the fund is looking forward to announcing new investments after completing procedures and obtaining the necessary approvals, in accordance with a selective investment approach that focuses on asset quality and achieving sustainable, long-term value.

The Arab Energy Fund, a multilateral developmental financial institution, was established in 1974 with the participation of 10 Arab oil-exporting countries. It started its operations in 1975 and is headquartered in Riyadh. The fund works to finance energy sector projects in the Middle East and North Africa region by providing debt financing solutions and equity investments, alongside advisory services.

The fund was previously known as the Arab Petroleum Investments Corporation (APICORP) before changing its name and corporate identity to The Arab Energy Fund in 2023.


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)
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)
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.