BEIRUT: Syria has begun rationing the distribution of fuel in the war-torn country amid concerns that shipments could be delayed because Egypt’s Suez Canal is being blocked by a giant cargo ship that has run aground, the Oil Ministry said Saturday.
The container ship remained stuck sideways in the Suez Canal over the weekend, as authorities prepared to make new attempts to free the vessel and reopen a crucial east-west waterway for global shipping.
Even before the Ever Given ran aground, Syria had been suffering from fuel shortages mostly caused by Western sanctions.
Syria has been struggling with deteriorating economic conditions, shortages of basic goods and medicine. Syrians have been forced to wait in long lines to buy subsidized bread and fuel.
The Oil Ministry said that fuel is being rationed to allow the basic services in Syria can continue while the Suez Canal remains blocked. Such services include bakeries, hospitals, water services and telecommunications centers.
Earlier this year, the Syrian government raised the price of fuel, including fuel products that had been subsidized, by more than 50%, in the third increase this year. It also raised the price of cooking gas.
Nearly 80% of Syrians live in poverty, and 60% are food insecure — the worst food security situation ever seen in Syria, according to the United Nations.
A decade of conflict has caused huge devastation to the Syrian economy, isolated its government and displaced its people, driving most of them into poverty. The pandemic restrictions have added to pressure on the economy, compounded by the financial crisis in neighboring Lebanon, which has been a bridge to Syria economically and financially.
More than half a million people have been killed in Syria’s 10-year conflict that has also left the country’s infrastructure in ruins and most of its oil and agriculture resources outside of government control.
Syria rations fuel as Suez Canal blockage pressures supply
https://arab.news/9uety
Syria rations fuel as Suez Canal blockage pressures supply
- The container ship remained stuck sideways in the Suez Canal over the weekend
- Syria has been struggling with deteriorating economic conditions, shortages of basic goods and medicine
GCC chambers plan Gulf Guarantee project to boost intra-regional trade
DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.
Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.
He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.
He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.
In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.
Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.
On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.
In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.
Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.
He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.
During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.
The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.
