To look forward in Syria, it is important to look back at the scale of damage left behind by the regime of former president Bashar Al Assad. For all the talk about huge investment pledges and rapid policy changes, the data shows the country is clawing its way along the long road to recovery.
People
The civil war raged for nearly 14 years and displaced more than 13 million people. At least 6.1 million Syrian refugees fled to live in Turkey, Lebanon, Jordan and beyond. Israel's attacks on Lebanon and the fall of the Assad regime in late 2024 led many people to return to Syria.
The intensity of strikes and fighting in cities such as Aleppo and Homs led to significant changes across the country; major urban areas became more sparsely populated. People were internally displaced, finding new homes in other parts of the country or creating new settlements on the periphery.
According to the UN High Commission for Refugees (UNHCR), the number of internally displaced people reached its highest mark at 7.6 million in 2014, three years after the start of the war. The figure remains consistent with the current estimate of 7.4 million displaced people for 2025.
However, many who initially fled the violence seem to believe it is safe to return. Since the fall of Mr Al Assad, more than one million refugees have returned, the majority travelling to Damascus, Aleppo and Idlib.
Economy
Syria’s GDP fell by about 1.5 per cent in 2024, after more than a decade of contraction and brutal war. The World Bank forecasts it will grow by about 1 per cent this year, even with a change in leadership and the easing of western sanctions.
For more than a decade, Syria's trade balance was in deep deficit, highlighting the collapse of its infrastructure and manufacturing. Before the outbreak of civil war, agriculture-related manufacturing amounted to about 25 per cent of the country's GDP. Other notable exports included petroleum products, cement and construction materials, as well as textiles. More than a decade of war has devastated all of Syria's industries.
Compared with 2010, the economy has shrunk by about two-thirds. Estimates from various monitors reveal a 64 per cent contraction in GDP, with output dropping from more than $60 billion before the war to about $20 billion.
Rebuilding Syria after more than a decade of conflict is expected to cost $216 billion, the World Bank says. That is almost 10 times Syria’s 2024 GDP and emphasises the vast disparity between the scale of the destruction and the size of the economy.
Yet the government of President Ahmad Al Shara has quickly drawn significant regional support. Within a year, investment and business commitments have been announced with countries including Qatar, Turkey and Saudi Arabia.
The US has lifted long-standing sanctions, while the UK and EU have also eased most restrictions. Saudi Arabia and Qatar reportedly paid off Syria’s debt to the World Bank, valued at $15 million.
Cost of living and salaries
About 90 per cent of Syrians live in poverty, according to the UN, with about 25 per cent of the population in extreme poverty. Despite the new government's focus on the economy, a structure damaged by decades of corruption does not disappear overnight.
Mr Al Shara moved to counteract the "bribery economy" with two decrees in June 2025, mandating a 30 per cent increase in salaries for state employees and raising pensions for retired people by 200 per cent. However, this raises the question of how the country keeps up with inflation.
However, food prices have eased compared with 2023, when Syria experienced the worst of its bread crisis. At its peak, the average cost of a loaf reached about $1.53, up from $0.25 in 2011. With sanctions partially relaxed and imports resuming, basic goods are back on shop shelves, though affordability remains a significant issue.
Fuel and lighting
One telling measure of national recovery is the use of light at night. During the war, fuel shortages and relentless destruction plunged large parts of the country into darkness. Since the downfall of the Assad regime, the government has moved quickly to restore electricity.
Analysis of satellite images by The National found that, among regions that showed a change in light use between October 2024 and October 2025, 77 per cent recorded an increase.
Fuel shortages had become so severe during the war, especially in winter, that the use of firewood surged. As a result, deforestation peaked in 2012 with an estimated 213 hectares of trees felled, especially in the coastal province of Latakia. Much of that was also driven by internal displacement, as more people fled fighting in cities such as Aleppo.
Safety and social cohesion
One of Mr Al Assad’s darkest legacies is the scale of death and disappearances. Estimates vary, but it is believed that more than 500,000 people were killed in Syria, most at the hands of regime security forces, the army and Russian and Iranian groups.
More than 100,000 are believed to have been tortured or executed, and another 100,000 remain missing. That is about one in every 70 Syrians. Mr Al Assad’s prison network was notorious, with thousands vanishing at detention centres. An Amnesty International investigation in 2017 reported that up to 13,000 people were hanged at Sednaya prison between 2011 and 2015.
Among the most horrifying atrocities committed by Mr Al Assad's regime was the 2013 sarin gas attack in the city of Ghouta, which killed more than 1,400 people. It was condemned as a war crime by the UN secretary general at the time, Ban Ki-moon.
Yet the fall of Mr Al Assad has not brought an end to violence. The new government has been accused of aiding or failing to prevent extrajudicial killings or attacks on minority groups, particularly in Sweida and Latakia, where Druze and Alawite communities faced violence, respectively.
Israel has also taken advantage of the transitional period, seizing more territory in the occupied Golan Heights and killing about 150 people in strikes and military operations in Syria.
Although the Assad regime is gone, the country has a long way to go to ensure its security and repair social fractures and ties between Damascus and minority groups.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE currency: the story behind the money in your pockets
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
Favourite spot in Abu Dhabi: Saadiyat beach
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Global state-owned investor ranking by size
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United States
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China
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
UAE currency: the story behind the money in your pockets
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
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