Saudi sovereign wealth fund acquires 40% stake in Aramco-Jacobs JV
by Paromita Dey
Saudi Arabia’s Public Investment Fund (PIF) has completed an acquisition of a 40 percent stake in the share capital of Jasara Program Management Co., according to knowledgeable sources who confirmed to Argaam.
Jasara is a joint venture (JV) between Saudi Aramco and US-based Jacobs Engineering, Inc., established in February 2018 under the name of Pan Arabian Program Management Co.
The JV was created to provide consultancy and supervisory services on various aspects of construction, development and infrastructure projects, as well as adopting best practices to promote efficient and cost-effective project execution across all phases.
Saudi Aramco has not yet responded while Jacobs declined to comment on Argaam’s inquiries about the latest acquisition.
Earlier today, Bloomberg reported that PIF acquired 30 percent of Jasara Program Management Co. from Saudi Aramco and 10 percent of the JV from Jacobs, leaving the former with 20 percent and the latter with 40 percent.