Saudi sovereign wealth fund Public Investment Fund (PIF) has purchased a 40 per cent stake in Jasara Program Management Company, a joint venture between state oil giant Saudi Aramco and US-based Jacobs Engineering Group.
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Jasara was set up in 2017 to provide management services for social infrastructure projects in Saudi Arabia and across parts of the Middle East and North Africa (Mena) region.
In a major move, PIF has acquired 30% of Jasara from Saudi Aramco and 10% from Jacobs Engineering thus taking its total stake in Jasara to 40%.
Following this transaction, Saudi Aramco's stake in the joint venture has been trimmed to 20%, while Jacobs Engineering remains at 40%.
A leading US listed company, Jacobs had recently acquired global engineering company CH2M. The majority of Jacobs Engineering clients by revenue are public clients, according to first quarter 2019 company results.
