PIF Acquires Stake in Jasara Program Management Co., Agrees to $10b Loan Terms

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40% stake in Jasara Program Management Co., a joint venture between Saudi Aramco and Jacobs Engineering Group, three people familiar with the matter told Bloomberg.

The PIF acquired 30% of Jasara Program Management Co. from Saudi Aramco and 10% of the joint venture from Jacobs, one of the people told Bloomberg, leaving Aramco with 20% and Jacobs with 40%.

Saudi Arabia's Public Investment Fund.

Saudi Arabia’s Public Investment Fund.

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.

The news from Bloomberg comes as the PIF said it had agreed to initial terms for a $10 billion loan from a group banks, according to the Financial Times.

The loan will be paid towards the backend of 2019 following Saudi Aramco’s first payment to the fund of its $69.1 billion purchase of a 70 percent stake in Saudi Basic Industries Corporation (SABIC) from the SWF.