Saudi SWF Buys 40% Stake in Jasara Program Management Company
Posted on 07/16/2019
Saudi Arabia’s Public Investment Fund (PIF), the massive sovereign wealth fund, purchased a 40% ownership stake in a joint venture between Saudi Arabian Oil Company (Saudi Aramco) and Dallas-based Jacobs Engineering Group Inc. The joint venture is called Jasara Program Management Company, which was formed in 2017. PIF acquired 30% of Jasara from Saudi Aramco and 10% from Jacobs Engineering. Post-transaction, PIF will own 40% of Jasara, while Saudi Aramco will own 20% and Jacobs Engineering at 40%.
Jasara was formed to provide management services for social infrastructure projects in Saudi Arabia and across parts of the Middle East and North Africa.
Jacobs Engineering is a listed company that recently acquired CH2M. The majority of Jacobs Engineering clients by revenue are public clients, according to first quarter 2019 company results. Jacobs Engineering CEO Steve Demetriou is the U.S. co-Chair of the U.S.-Saudi Arabian Business Council.