PwC is seeking to restore relations with Saudi Arabia’s Public Investment Fund (PIF) after a consulting suspension that affects its workforce dedicated to the region. The issue pertains to client matters rather than regulation, and portfolio companies can still collaborate with PwC. The resolution of these discussions is crucial for PwC’s operations and future in the Middle East.
PricewaterhouseCoopers (PwC) is actively engaged in efforts to reconcile its relationship with Saudi Arabia, particularly with its Public Investment Fund (PIF). This engagement comes as PIF, a crucial client for the firm, has halted all consulting activity with PwC until February 2026. This situation involves over 2,600 professionals from PwC dedicated to projects within Saudi Arabia, emphasizing the significance of the relationship to both parties.
The suspension arises from client-related matters rather than regulatory issues, as indicated by internal communications from PwC to its employees. Nonetheless, portfolio companies within the kingdom are still permitted to collaborate with the consultancy, maintaining some level of engagement during this interim period. Despite a lack of clarity surrounding the business implications of this halt, it is notable that PwC generated substantial revenue through its Middle East enterprises, although specific numbers for Saudi Arabia remain undisclosed.
PwC made Riyadh its regional headquarters in 2023, reflecting an important strategic decision that enhances its competitive advantage in securing further contracts related to the kingdom’s development initiatives. At this juncture, it remains critical for PwC to mend relations with PIF and restore its position as a trusted advisor in the region.
In summary, PwC is striving to repair its relationship with Saudi Arabia’s Public Investment Fund after a suspension of consulting work. This development impacts a significant portion of PwC’s workforce and its operations in the Middle East, particularly given the firm’s recent strategic establishment of its regional headquarters in Riyadh. The outcome of these discussions will be pivotal for both PwC and its ongoing engagements with Saudi Arabia.
Original Source: gulfbusiness.com
