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Saudi Crown Prince-led PIF buys 40% of Aramco-Jacobs JV Jasara

Jasara Program Management Co was formed in 2017 to provide programme and construction management services

PIF has reportedly bought a stake in an Aramco-Jacobs JV.
Reuters / Ahmed Jadallah
PIF has reportedly bought a stake in an Aramco-Jacobs JV.

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) – led by HRH Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Minister of Defence – has reportedly bought a 40% stake in a joint venture (JV) between Saudi Aramco and US engineering firm Jacobs, called Jasara Program Management Company.

According to Bloomberg, PIF has acquired 30% of the JV, with 10% reportedly bought from Dallas-based Jacobs, leaving Aramco and Jacobs with 20% and 40% of the JV respectively.

Both firms formed the JV in 2017 to provide professional progamme and construction management services for infrastructure projects in Saudi Arabia and the Mena region. 

The latest news comes amid a string of Aramo-related contract announcements.

American contractor McDermott won an engineering, procurement, construction, and installation (EPCI) contract worth up to $250m for the energy giant’s offshore Marjan and Zuluf fields.

South Korea-headquartered Hyundai Engineering and Construction (E&C) confirmed its receipt of $2.7bn (SAR10.1bn) contracts for Packages 6 and 12 of Aramco’s Marjan Development Programme, days after the oil and gas company said it had handed 34 contracts valued at $18bn (SAR67.5bn) for its Marjan and Berri oil field increment programmes.

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Construction Week - Issue 753
Nov 09, 2019