diff --git a/sqlmesh/core/renderer.py b/sqlmesh/core/renderer.py
index 4078d718a6..89ea1f6f2d 100644
--- a/sqlmesh/core/renderer.py
+++ b/sqlmesh/core/renderer.py
@@ -542,6 +542,11 @@ def render(
             expressions = [e for e in expressions if not isinstance(e, exp.Semicolon)]
 
             if not expressions:
+                # We assume that if there are no expressions, then the model contains dynamic Jinja SQL
+                # and we thus treat it similar to models with adapter calls to match dbt's behavior.
+                if isinstance(self._expression, d.JinjaQuery):
+                    return None
+
                 raise ConfigError(f"Failed to render query at '{self._path}':\n{self._expression}")
 
             if len(expressions) > 1:
diff --git a/tests/fixtures/dbt/sushi_test/models/dynamic_graph_model.sql b/tests/fixtures/dbt/sushi_test/models/dynamic_graph_model.sql
new file mode 100644
index 0000000000..18da9c3c7b
--- /dev/null
+++ b/tests/fixtures/dbt/sushi_test/models/dynamic_graph_model.sql
@@ -0,0 +1,8 @@
+
+{% if execute %}
+    {% for dataset, nodes in graph.nodes.values() | selectattr("resource_type", "equalto", "model") | groupby('schema')  %}
+        {% if loop.first %}
+            SELECT 1 AS c
+        {% endif %}
+    {% endfor %}
+{% endif %}