Saudi Official Calls for Greater Islamic Finance Role in Syria’s Recovery

Syria’s economic recovery is at a “crossroads” and requires stronger coordination between humanitarian, development and peace efforts, a senior Saudi official said during a UN General Assembly event in New York.

Abdullah bin Abdulaziz Al-Rabeeah, adviser at the Royal Court and supervisor general of the King Salman Humanitarian Aid and Relief Center, called for a coordinated partnership approach built around clear priorities, timelines and projects that can attract financing.

Al-Rabeeah spoke at an event on Syria’s recovery, reconstruction and financial-sector renewal organised by Qatar and the Islamic Development Bank on the sidelines of the 81st session of the UN General Assembly.

“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.

He called for greater alignment between humanitarian assistance, development programmes and peace efforts to help Syria move from emergency support towards longer-term development.

The scale of the reconstruction challenge remains substantial. The World Bank estimated in October 2025 that rebuilding Syria’s damaged physical assets would cost about $216 billion. The assessment found that nearly one-third of the country’s pre-conflict gross capital stock had been damaged during more than 13 years of conflict.

Al-Rabeeah also reiterated Saudi Arabia’s support for lifting sanctions on Syria, saying restrictions could hamper recovery, limit access to essential resources and complicate humanitarian and development assistance. He said removing such obstacles would support stability and economic recovery.

The Saudi official called for a comprehensive financing framework combining concessional financing, guarantees and investment, alongside a larger role for Islamic finance. He said such a framework could help convert national priorities into projects capable of attracting sustainable funding.

Al-Rabeeah said the Saudi Fund for Development was working with Syria’s Finance Ministry on projects in sectors including energy, water, sanitation, housing and healthcare.

Saudi Arabia has also provided humanitarian and development assistance to Syria. Al-Rabeeah said the Kingdom had supported more than 600 projects worth more than $1.71 billion across more than 25 sectors, including energy, healthcare, education, food security and shelter.

Saudi economic engagement has expanded alongside humanitarian support. In July 2025, Saudi Investment Minister Khalid Al-Falih led a delegation of about 150 representatives to Damascus, where Saudi and Syrian companies signed 47 agreements and memorandums of understanding valued at nearly $6.4 billion, according to the figures provided in the source material.

About $2.93 billion of that package was allocated to real estate and infrastructure projects, including reconstruction-related developments.

The World Bank has separately said Syria’s recent transition provides an opportunity to begin recovery and reconstruction, while stressing that coordinated international support will be needed given the scale of the country’s needs.