PIF buys 40% stake in Aramco and Jacobs Engineering joint venture

PIF buys 40% stake in Aramco and Jacobs Engineering joint venture
Published: 17 July 2019 - 7:45 a.m.
By: Carla Sertin

Saudi Arabia's Public Investment Fund has reportedly acquired 40% of Jasara Program Management, a joint venture between Saudi Aramco and Jacobs Engineering.

Bloomberg reported that PIF purchased 30% of Saudi Aramco's stake in the joint venture, and 10% of Jacobs' stake. This leaves Aramco with a 20% stake in Jasara, and Jacobs with 40%.

Jasara Program Management provides management services for social infrastructure projects. With the PIF acting as Crown Prince Mohammed bin Salman's primary vehicle for economic diversification, this investment could bolster its ability to develop the nation's social infrastructure.

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