PwC seeks to ‘mend relations’ with Saudi Arabia following suspension
Bloomberg News reported that executives at the PIF have been told to stop handing out consulting projects to PwC until February 2026
PwC is working with Saudi Arabia and its sovereign wealth fund to mend relations with the kingdom, two people familiar with the matter told Reuters.
Saudi Arabia’s Public Investment Fund (PIF) and the kingdom as a whole are major clients for PwC, with over 2,600 of the consulting firm’s global workforce dedicated to projects in the country.
The kingdom has suspended activities between the $925bn fund’s holding company and PwC, while its portfolio companies can still engage the consultant, one of the people said.
Both spoke on condition of anonymity because the discussions are private.
PwC told its employees in a memo on Friday, that the situation with Saudi Arabia related to a “client” matter, and not a regulatory issue, one of the sources told Reuters.
The memo followed a Bloomberg News report that executives at PIF have been told to stop handing out consulting projects to PwC until February 2026.
A spokesperson for PwC in Dubai declined comment. PIF also declined comment.
Reuters could not establish how much business is at stake. PwC‘s Middle East activities generated $2.5bn of revenue in its last set of full-year accounts to 30 June 2024. It did not provide a breakdown for Saudi Arabia.
PwC selected Riyadh as its regional headquarters in 2023, a key requirement for consultants and businesses to be awarded work on the kingdom’s projects.
