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.
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 per cent of Jasara from Saudi Aramco and 10 per cent from Jacobs Engineering thus taking its total stake in Jasara to 40 per cent.
Following this transaction, Saudi Aramco's stake in the joint venture has been trimmed to 20 per cent, while Jacobs Engineering becomes 40 per cent.
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.-TradeArabia News Service