The Scoop
Saudi Arabia’s sovereign wealth fund has ended a year-long ban on new advisory services from consultancy PwC, opening the door for the firm to rebuild its business in the kingdom after a bruising fallout with one of its biggest clients in the region.
Public Investment Fund has informed PwC that the restriction imposed in February 2025 has been lifted and invited the firm to start pitching for new work, according to people familiar with the matter.
PIF declined to comment, and PwC didn’t respond to a request for comment.
The ban, which limited new advisory contracts from PIF and its subsidiary companies, had been a major blow to PwC, which cut about 60 partners and 1,500 staff across its Middle East operations as a result.
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The fallout was sparked when PwC tried to hire the chief internal audit officer from NEOM, a company controlled by PIF, the Financial Times reported in March. Neither PIF nor PwC have commented on the ban since it was first reported. Only PwC’s consulting work was affected; its audit work continued.
While the end of the ban will be welcomed at PwC, the Saudi consultancy market has changed drastically over the past year. Belt-tightening has gripped the kingdom as the government plans to cut spending this year.
That has brought an end to several years of rapid growth in the sector. In the year ended June 2024, PwC said its Europe, Middle East, and Africa revenues rose 8.6%, making it the firm’s fastest-growing region.
Notable
- A slowdown in spending on advisory firms is roiling the consulting market, according to Bloomberg.