PwC, a leading global accounting firm, is actively seeking to restore its relationship with Saudi Arabia and its sovereign wealth fund. This effort involves collaboration with the kingdom, as reported by sources familiar with the situation.
The Public Investment Fund (PIF) of Saudi Arabia, a significant client for PwC, has paused activities with PwC’s holding company, though its portfolio companies may still engage with the consultancy. The issue at hand is linked to a “client” matter rather than any regulatory concerns, as noted in an internal memo to PwC staff.
A Bloomberg report mentioned a directive for PIF executives to halt consulting assignments to PwC until early 2026. Both PwC and PIF have refrained from commenting on this development.
The exact financial implications remain unclear, but PwC’s operations in the Middle East have generated substantial revenue, with Saudi Arabia playing a pivotal role in the region’s economic diversification under the Vision 2030 initiative. This plan aims to reduce reliance on oil and foster new economic sectors.
In 2023, PwC established Riyadh as its regional headquarters, aligning with Saudi Arabia’s requirements for businesses involved in its major projects, including the ambitious Neom city.