Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), has acquired a 40 percent stake in a joint venture between Aramco and US-based Jacobs Engineering Group, Bloomberg reported.

The PIF acquired 30 percent of Jasara Program Management from the Saudi Arabian oil company and 10 percent from Jacobs, leaving Aramco with 20 percent and Jacobs with 40 percent, Bloomberg reported citing people familiar with the matter.

Jasara Program Management provides professional program and construction management services for social infrastructure projects in the kingdom and across the MENA region.

Saudi's PIF has about $300 billion worth of assets, according to Institute of International Finance estimates. The value of the Jasara deal is not yet disclosed.

Jasara was created in 2017 when Saudi Arabia was planning to transform Aramco from an energy company into an industrial conglomerate, in its drive to break its dependence on oil sales.

Aramco is credited with building big projects such as the King Abdullah Sports City in Jeddah and the King Abdullah University of Science and Technology on the Red Sea.

(Writing by Seban Scaria, editing by Mily Chakrabarty)

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