Arab News | Saudi Arabia calls for more Islamic finance in Syria to help recovery

RIYADH: Syria’s economic recovery is at a “crossroads,” according to senior Saudi official as he called for a greater role for Islamic finance in the country.

Speaking at an event on the sidelines of the UN General Assembly in New York, Advisor at the Royal Court and Supervisor General of the King Salman Humanitarian Aid and Relief Center Abdullah bin Abdulaziz Al-Rabeeah, called for “a clear and coordinated partnership approach” in Syria, based on a unified, actionable plan with priorities. timelines and viable projects.

Organized by Qatar and the Islamic Development Bank, the gathering came as Syria faces significant reconstruction needs following more than 13 years of conflict.

A World Bank report published in October estimated reconstruction costs at $216 billion, with nearly one-third of the country’s pre-conflict gross capital stock damaged.

“Syria stands today at a crossroads and faces an opportunity for a genuine transition from crisis to recovery, and we must not miss this opportunity,” Al-Rabeeah said, according to the Saudi Press Agency, adding: “Therefore, we stress the need for strong alignment among humanitarian, development and peace approaches, ensuring coherence between humanitarian action, development programs and the peace agenda to move from emergency response to sustainable development.”

Call to lift sanctions

The advisor noted that the Kingdom has consistently called for and supported the lifting of sanctions imposed on Syria, recognizing that these restrictions may hinder recovery efforts, limit access to essential resources, and impede the delivery of humanitarian and development assistance.

“We believe that removing these obstacles will contribute to greater stability and boost economic recovery,” he said.

Push for coordinated financing framework

Addressing the need for new developments in the country, Al-Rabeeah called for “a comprehensive financing framework” that brings together concessional financing, guarantees and investments, “as well as a greater role for Islamic finance, so that national priorities can be translated into bankable projects with sustainable development impact.”

He added that the Saudi Fund for Development is working with the Syrian Ministry of Finance to support projects in the energy, water, sanitation, housing and health sectors in the coming months.

Saudi projects span 25 sectors

Al-Rabeeah said that the Kingdom has provided tangible support to Syria through more than 600 projects with a total value exceeding $1.71 billion, covering humanitarian and development assistance across more than 25 sectors, including energy, health, and education, as well as food security and shelter.

Saudi investment push in Syria

The Kingdom’s engagement in Syria has extended well beyond humanitarian aid into large-scale investment.

In July 2025, Saudi Investment Minister Khalid Al-Falih led a 150-member delegation to Damascus, where Saudi and Syrian companies signed 47 agreements and memorandums of understanding worth nearly $6.4 billion, spanning energy, industry, and other areas.

Of that package, roughly $2.93 billion was earmarked for real estate and infrastructure projects, including the reconstruction of war-damaged areas.