Saudi Arabia’s Public Investment Fund (PIF) has barred PricewaterhouseCoopers (PwC) from offering advisory services for one year, dealing a significant setback to the firm’s expansion in one of the world’s most lucrative markets, according to sources familiar with the matter.
The $925 billion sovereign wealth fund has instructed over 100 of its subsidiaries not to award advisory contracts to PwC until February 2026. However, PwC’s auditing and financial review services will remain unaffected, the sources said.
Despite the widespread nature of this decision, PIF has not provided a specific reason for the ban in its communications with affiliated companies. Both PwC and PIF declined to comment on the matter.
PwC’s Presence in Saudi Arabia
The decision comes just two years after PwC secured a license to establish its regional headquarters in Saudi Arabia. The firm employs over 2,000 people in key Saudi cities such as Riyadh, Jeddah, AlUla, Khobar, and Dhahran, while also managing operations across 20+ locations in the Middle East.
PwC provides a broad range of advisory services, including mergers & acquisitions, tax consulting, and strategic planning. In its most recent fiscal year, the Middle East was PwC UK’s fastest-growing market, with regional revenue increasing by 26% to $2.5 billion in the 12 months ending June 30, 2024.

PIF’s Role in Saudi Arabia’s Vision 2030
As the driving force behind Saudi Arabia’s Vision 2030, PIF has established approximately 100 subsidiaries to spearhead multi-billion-dollar projects, including the $1.5 trillion NEOM megacity,
as well as historic developments in Diriyah and AlUla, aimed at transforming these areas into global tourism hubs.
Impact on the Advisory Industry in the Region
Saudi Arabia is a crucial market for major global consulting firms such as McKinsey & Co. and Boston Consulting Group, with strong demand for financial and strategic advisory services driving their expansion in the Middle East.
With PwC temporarily sidelined, competitors may step in to fill the gap, potentially reshaping the consulting landscape in Saudi Arabia.
Global Slowdown in Advisory Services
Like many major consultancies, PwC experienced a slowdown in global growth in 2024, driven by reduced demand for advisory services. The firm also saw declining revenues in key markets such as Australia and China.
In conclusion, PIF’s decision to block PwC from advisory work is a major blow to the firm in one of its key regional markets and could significantly alter the competitive dynamics of the consulting industry in Saudi Arabia and the wider Middle East.
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