PricewaterhouseCoopers (PwC) has resumed providing advisory services to Saudi Arabia’s Public Investment Fund (PIF), following the expiration of a one-year suspension that had temporarily restricted the firm’s advisory engagement with the fund.
According to sources familiar with the matter, PwC’s leadership has instructed its teams to restart preparing and submitting proposals for advisory mandates with the Saudi sovereign wealth fund, signaling a normalization of professional relations after a period of limitation.
PIF had previously imposed temporary restrictions on PwC’s advisory contracts without publicly disclosing the reasons behind the decision. The suspension did not apply to audit-related work, which continued uninterrupted throughout the period. As the ban reached its conclusion, PwC managers were internally informed that the firm could once again pursue advisory opportunities with the fund.
Representatives from both PwC and the Public Investment Fund declined to comment on the recent developments. However, available indications suggest that the decision to resume cooperation is already being implemented at the operational level within PwC.
Saudi Arabia: A Core Hub for the Consulting Industry
Saudi Arabia’s rapid economic expansion has emerged as a key growth engine for global consulting firms operating across the region, alongside major players such as McKinsey & Company and Boston Consulting Group. PwC reported revenues of approximately £1.97 billion from the Middle East in the twelve months ending June 30, 2024, highlighting the strategic importance of the Saudi market within its regional footprint.
A Strategic Commitment to the Saudi Market
PwC continues to expand its investments in Saudi Arabia as part of its long-term localization and growth strategy. The firm recently opened a large new regional headquarters in Riyadh, reinforcing its commitment to the Kingdom.
In parallel, PwC appointed a new senior partner to lead its Middle East operations, which employ more than 11,000 professionals across the region. Laura Hinton assumed the role, succeeding Hani Ashqar, who held the position for over 12 years.
The resumption of PwC’s advisory services comes at a pivotal moment as the Public Investment Fund plays a central role in delivering Saudi Vision 2030. This includes overseeing mega-projects such as NEOM, alongside multi-billion-dollar initiatives aimed at economic diversification, tourism development, and the transformation of historic regions into global destinations.
