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Saudi wealth fund acquires a stake in JV from Saudi Aramco and Jacobs

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Tuesday 16, July 2019 BY Kuda Muzoriwa

The Public Investment Fund (PIF) acquired 30 per cent of Jasara Programme Management Company from Saudi Aramco and 10 per cent of the joint venture from Jacobs.

Saudi Arabia’s sovereign wealth fund has acquired a 40 per cent stake in a joint venture between state energy producer Aramco and Jacobs Engineering Group, reported Bloomberg.

The venture was created in 2017 to provide management services for social infrastructure projects in the Kingdom and across the Middle East and North Africa.

At the time Jasara was established, the Saudi government had announced plans to transform Saudi Aramco from an energy company into an industrial conglomerate, as part of efforts to help the biggest Arab economy break its reliance on oil sales.

Saudi Aramco has built the King Abdullah Sports City in Jeddah at the request of the government and established the King Abdullah University of Science and Technology on the Red Sea.

Saudi Aramco is restarting preparations for a potential initial public offering (IPO), months after putting the planned listing on hold. The revived IPO plan will still face significant hurdles, including the ability of the Kingdom to achieve the $2 trillion valuations it’s been seeking for the company.

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