Saudi Arabia’s Public Investment Fund (PIF) has bought a 40% stake in Jasara Program Management Company, a joint venture between Saudi Aramco and Jacobs Engineering Group, Bloomberg reported.
PIF acquired 30% of Jasara from Aramco and the other 10% from the US-based Jacobs, which leaves the Saudi company with a 20% stake, and Jacobs with 40%.
Jasara Program Management was established in 2017 to provide management services for social infrastructure projects in Saudi Arabia and across the Middle East and North Africa.
It was recently reported that the Saudi and Russian sovereign wealth funds, PIF and the Russian Direct Investment Fund (RDIF), are considering a $659-million project to produce equipment to mechanize oil production.
Saudi Aramco recently revealed that its first-ever earnings call has been scheduled for August. The Saudi company also announced in April that it has achieved a net income of around $111 billion during 2018, making it the world’s most profitable company.