TFS Gulf 
- PwC’s Middle East business has been hit by one of its toughest challenges yet.
- In February 2025, Saudi Arabia’s $925 billion Public Investment Fund (PIF) banned PwC from bidding for new advisory work for a year.
- The result: 1,500 job cuts and 60 partner exits across the Middle East, with consulting and transformation teams hardest hit.
PwC fell out with PIF
PIF, which backs Saudi Arabia’s Vision 2030 megaprojects, including Neom, AlUla, Diriyah, Red Sea Global, Qiddiya and Roshn, had long relied on PwC as a trusted adviser.
PwC had scored big mandates: renewable energy advisory, PPPs in AlUla, and other PIF-backed initiatives.
But things soured when PwC tried to hire Jason Davies, Neom’s former Chief Internal Audit Officer (as reported by the FT).
Saudi authorities viewed this as a breach of trust. The ban came quickly and PwC was left reeling.
Revenues stalled
PwC Middle East had been flying high, with a 26% revenue surge in 2024, far outpacing the UK business.
But by 2025, revenues stalled at £1.98 billion ($2.61B).
Advisory demand slowed as:
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The PIF ban froze out projects.
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Vision 2030 megaprojects, especially Neom, faced budget cuts and delays amid lower oil prices.
Also read: PwC report reveals: Chinese companies are flocking to the Middle East
The layoffs
In September 2025, over 1,500 employees and 60 partners across its Middle East offices were let go.
- Divisions hit: Consulting roles linked to mega-projects like Neom were the hardest hit.
- Roles gone: Senior partners, some recruited just last year.
One insider told Financial Times the cuts “sent shockwaves through the Riyadh office,” with some staff blindsided after being moved into “growth roles” only months earlier.
Partners’ pay remains stable
Despite turmoil, partner pay hasn’t collapsed.
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2022: PwC partners averaged $1.31M.
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2025: Still $1.18M, in both the UK and the Middle East.
PwC still employs 11,000 staff and 500 partners in the region.
How the leadership responded
On June 25, 2025, Riyadh Al Najjar became the first Middle Eastern leader on PwC’s Global Board. That same month, the firm promoted 62 new partners in the region.
Starting October 2025, Laura Hinton, PwC UK’s Managing Partner, will co-lead PwC Middle East alongside Hani Ashkar, the current Senior Partner.
Jad Hajj has been appointed as the new Managing Director and Leader of Strategy & Middle East.
Translation: London wants more control.
Also read: PwC Middle East gets a seat at Global Board
Wrapping up…
Speaking of the Middle East, PwC isn’t pulling out.
But the aura of invincibility? That’s gone.
For finance and consulting professionals, one truth stands out: adaptability is the new job security.
FAQs
Q: Why did PwC lay off employees in the Middle East?
A: The layoffs were triggered by a year-long ban from Saudi Arabia’s Public Investment Fund (PIF) on new advisory contracts, declining advisory demand across the Gulf, and a slowdown in large-scale projects like NEOM. Consulting roles were hit hardest.
Q: Why did PIF ban PwC from taking on new advisory work?
A: The ban followed PwC’s attempt to poach Jason Davies, Neom’s former Chief Internal Audit Officer, which Saudi authorities viewed as a breach of trust. The PIF action was client-specific, not regulatory, and only affected advisory and consulting mandates—not audit services.
Q: How much do PwC UK and Middle East partners earn?
A: Partner pay remained largely stable, with an average of $1.18M in 2025, slightly down from $1.31M in 2022.
Q: Are other Big 4 firms cutting jobs?
A: Yes. EY US is cutting ~3,000 roles (~5%), KPMG US cut 330 positions (~4% of US audit staff), KPMG Australia cut 635 roles, and Deloitte UK cut ~180 advisory roles. Layoffs largely target consulting and transformation divisions.
