Saudi Arabia's construction sector rebounded and recoded high growth in 2019 following negative rates in the previous few years, according to an official report.

The sector surged by nearly 8.03% last year after major projects were launched as part of the Gulf Kingdom's ambitious development blueprint dubbed "Vision 2030," showed the report by the Housing Ministry.

"After years of negative growth, the construction sector in the Kingdom grew by 8.03 percent in 2019 after large projects were launched, mainly in the housing building sector...growth boosted the sector's contribution to GDP to 12.6 percent," the report said.

The report showed housing projects in partnership with the private sector gained pace in 2018 and 2019, raising the level of house ownership by Saudis to nearly 62 percent at the end of last year, just below the 70 percent target at the end of Vision 2030.

Despite business curbs due to the spread of Coronavirus, the construction sector in the world's largest oil exporter is projected to record positive growth in 2020, it added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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