"With" phrases like this one explain a factor which is relevant to the main clause. In context, it may be the only factor, in which case it is a simple reason clause (like using "because").
We use this kind of expression to add variety, especially in journalistic writing, and/or sometimes when we want to make a connection between two ideas which is not quite as strong or clear as simple cause and effect. A similar expression is "in the light of...."