PIF buys 40% stake in Aramco and Jacobs Engineering joint venture
Jasara Program Management was created in 2017 as a joint venture between Saudi Aramco and Jacobs Engineering to provide management services for local and regional social infrastructure projects
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.