Finance PIF temporarily suspends PwC from advisory work By Pramod Kumar March 3, 2025, 10:10 AM PwC UK company PwC's non-audit services include mergers and acquisitions, tax advisory, strategy and consulting work Saudi Arabia’s Public Investment Fund (PIF) has temporarily barred UK company PwC from securing advisory and consulting contracts until February 2026, according to a news report. The ban extends to the sovereign wealth fund’s more than 100 subsidiaries, Bloomberg reported citing informed sources. However, auditing projects continue as before. In May 2023, PwC received a license to open a headquarters in the kingdom as part of a government programme to attract senior staff. It employs more than 2,000 people in Saudi Arabia, including more than 1,000 Saudi nationals. PwC’s non-audit services include mergers and acquisitions, tax advisory, strategy and consulting work. End of ‘blank cheque’ culture for Saudi consultancy SoftBank CEO admits failing to deliver returns to PIF Trump hails Saudi Arabia at investment event in Miami The Middle East has been PwC UK’s fastest-growing region, generating £1.97 billion ($2.5 billion) in revenue for the 12 months ended June 30, 2024, a 26 percent increase year on year, the report said. PIF is a major driver of Saudi Arabia’s ambitious Vision 2030 plan and has launched nearly 100 portfolio companies across various sectors.
