TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
The Finance Story
No Result
View All Result

Saudi Arabia’s PIF, $925Bn sovereign wealth fund bans PwC

Yes, PwC is restricted from all new advisory and consulting contracts like strategic consulting, mergers & acquisitions, tax advisory, and finance transformation. Guess what...PIF, one of the region’s largest buyers of these services! 

Preeti Mondal by Preeti Mondal
Published date: 5th March, 2025
Last edited date: 4th August, 2025
SHARE (0)
Share on FacebookShare on Twitter
  • The Public Investment Fund (PIF) and 100+ of its companies have been told to stop giving PwC any new advisory projects, including strategy, M&A, tax, and finance transformation.

  • This ban takes effect immediately and will last until February 2026.

  • Yes, this is a big deal as PIF is one of the region’s biggest spenders on such services!

First, what is the purpose of PIF in Saudi Arabia?

The Public Investment Fund (PIF) is a sovereign wealth fund of Saudi Arabia, Center of Saudi Arabia’s Vision 2030 (valued at $1.3 trillion!), a strategy aimed at diversifying the economy beyond oil.

The fund has invested heavily in sectors like artificial intelligence, clean energy, entertainment, sports, and tourism.

Saudi Arabia PIF’s Foreign investments include,

  • Blackstone
  • AccorInvest Group
  • French Private Equity Investment
  • Lucid Motors Inc.
  • Jio Platforms Ltd.
  • Softbank Group Corp
  • Reliance Retail
  • Uber Technologies Incorporation

Also read: PwC Australia lays off over 300 employees after leading bank breaks off 55-year audit relationship

How big is PwC Saudi Arabia?

PwC has been expanding rapidly, employing over 2,500 people in Saudi Arabia (overall Middle East 12000 employees)

It operates multiple offices across Saudi Arabia:

  • Riyadh: Central hub for PwC’s operations in the Kingdom.
  • Jeddah: Situated in Jameel Square on Al Tahliah Street, it caters to clients in the western region.
  • Al Khobar: Located in the Al-Hugayet Skyline Tower, serving the eastern province.
  • Dhahran: Operating within the Saudi Aramco complex, focusing on energy sector clients.
  • AlUla: In February 2022, PwC inaugurated an office in AlUla’s cultural oasis urban zone, marking its sixth office in the Kingdom.

Saudi Arabia is the largest consulting market in the GCC at $3.2 billion.

Also read: PwC fires 1,800 employees. What’s driving Big 4’s major U.S. layoffs?

Is the ban a Big Deal for PwC?

This is no ordinary fund.

PIF is a $925 billion sovereign wealth fund that owns stakes in many of the country’s major megaprojects and, of course, Vision 2030, such as:

  • Neom: A $1.5 trillion futuristic city on the Red Sea coast.
  • AlUla: A 7,000-year-old UNESCO World Heritage site is being transformed into a global tourist hub.
  • Diriyah: A historic area undergoing a multibillion-dollar redevelopment.
  • Red Sea Global: A luxury tourism project focusing on sustainable development along the Red Sea coast.
  • Qiddiya: An entertainment, sports, and cultural destination near Riyadh.
  • Roshn: A national community developer focusing on modern residential communities.

PIF has played a crucial role in driving growth for global consulting firms in Saudi Arabia (like McKinsey, Boston Consulting Group, including the Big 4s).

Why? To develop and execute these megaprojects worth billions and billions!

And PwC has established a significant presence in Saudi Arabia, aligning its operations with the Kingdom’s Vision 2030 initiative.

To give you some statistics, in the 12 months leading up to June 30, PwC UK’s Middle East revenue surged 26% to $2.5 billion. Why? Mainly because of projects in Saudi Arabia!

Now with this Ban, PwC will surely lose a major chunk of its Middle East revenues.

However…PwC is not new to being banned/suspended!

Australia ban

  • PwC Australia was banned from receiving new tax-related contracts for three months due to its misuse of confidential government tax plans.
  • The firm came under the spotlight after a former tax partner leaked confidential tax drafts meant to prevent corporate tax avoidance.
  • At least 67 current & former PwC employees were named in the leak.

Similarly, in 2024, China imposed a six-month ban.

EU markets: In 2023, PwC was called out in 2023 for actively helping Russian nationals to avoid EU sanctions and asset freezing!

But despite all of this, PwC’s global revenues have seen a growth of 4.5% leading to $55.4 billion in 2024!

What’s next for PwC Saudi?

Now, PwC is doing everything in its power to restore its relationship with Saudi Arabia and its sovereign wealth fund, according to Reuters.

Preeti Mondal

Preeti Mondal

Recommended for you

India’s IT layoffs driven by Global Capability Centres, not just AI?
GCC

India’s IT layoffs driven by Global Capability Centres, not just AI?

18th August, 2025 | 3 mins read
BCG surpassed McKinsey by headcount...Thanks to talent from India!
Management Consulting

BCG overtakes McKinsey in Headcount…Thanks to talent from India!

18th August, 2025 | 3 mins read
KPMG Australia’s layoffs highlight the mounting challenges facing consulting firms worldwide—where a cooling market, rising cost pressures, and the urgent push toward AI and offshoring are forcing a complete rethink of the playbook.
Big 4

KPMG Australia cuts 635 jobs, while Partners pocket 10.3% pay rise

14th August, 2025 | 3 mins read
PwC triple revenues in India by 2030. Create 20,000 new jobs
Big 4

PwC triple revenues in India by 2030. Create 20,000 new jobs

14th August, 2025 | 3 mins read
Big 4 losing AI race while midzed, small & boutique firms winning
AI

Big 4 struggle with AI adoption, while midsized & boutique firms win

12th August, 2025 | 3 mins read
KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term
Big 4

KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term

7th August, 2025 | 3 mins read
Next Post
Saudi Arabia sees massive surge in Data Centres

Saudi Arabia sees massive surge in Data Centres

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

Popular posts

  • Big 4 firms in India: Inside Deloitte, PwC, EY, & KPMG growth, careers and salaries

    Big 4 firms in India: Inside Deloitte, PwC, EY & KPMG career prospects, growth and salaries

    0 shares
    Share 0 Tweet 0
  • KPMG Partner quits and goes Boutique with high end advisory firm: Now has 5+ offices & 75+ team

    0 shares
    Share 0 Tweet 0
  • Designations in HDFC Bank: From Joining as an Assistant Manager to climbing to the rank of Managing Director.

    80 shares
    Share 0 Tweet 0
  • Big 4 India Partners jumping from one firm to another: High alert as Partner poaching surges

    0 shares
    Share 0 Tweet 0
  • CA Firms Kirtane & Pandit, Guru & Jana, SSKM unite to build India’s Next Big Global Consulting Firm

    0 shares
    Share 0 Tweet 0
  • Hierarchy level in ICICI Bank: Thinking of joining ICICI Bank? Here’s an overview of the employee grades.

    175 shares
    Share 0 Tweet 0
  • ICAI Under Fire: Women Removed from Front Row at CA Students’ Conference Following Guest’s Demand

    0 shares
    Share 0 Tweet 0
  • EY, PwC, Deloitte surpass 3,300 Partners. EY added 1000+ new Partners

    0 shares
    Share 0 Tweet 0
  • UK firm outsourced accounting work to India but quality dropped: Now established his own offshore unit

    0 shares
    Share 0 Tweet 0
  • Deloitte India offers ‘Golden Handshake’ to senior Partners aged 55 & above. Plans to elevate young partners.

    0 shares
    Share 0 Tweet 0
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert