Saudi Arabia’s Public Investment Fund (PIF) has officially lifted a year-long restriction that prevented PwC from offering new consulting services to the fund and its subsidiaries. This move marks a significant shift, allowing the global consultancy firm to re-enter one of its most important regional markets.
The ban, which was imposed in February 2025, had limited PwC’s involvement in advising on major projects linked to Saudi Arabia’s Vision 2030 initiative. During the freeze, PwC was still able to continue its audit work for PIF, but its consulting services were restricted. The suspension, which had significant repercussions for PwC’s operations in the Middle East, led to the reduction of around 1,500 jobs and 60 partners across the region.
The Reasons Behind the Ban
The reasons for the ban were not officially disclosed by either PIF or PwC at the time. However, reports suggest that the issue arose when PwC attempted to hire the chief internal audit officer of NEOM, Saudi Arabia’s $500 billion mega-project controlled by PIF. The hiring move raised concerns among Saudi officials about potential access to sensitive internal information, which reportedly breached trust between the two entities.
As a result, PwC’s consulting services were frozen. Despite the restrictions, PwC’s audit services remained unaffected, and the firm continued to engage in other advisory roles outside PIF projects.
PwC’s Efforts to Repair Relations
In the aftermath of the ban, PwC took several steps to mend its relationship with Saudi authorities. The firm’s global chairman, Mohamed Kande, visited Riyadh to meet with PIF executives. PwC also underwent a leadership reshuffle, with Laura Hinton appointed to lead the firm’s Middle East operations in late 2025, signaling the firm’s commitment to restoring its standing in the region.
The lifting of the ban comes at a time when Saudi Arabia’s consulting market is experiencing a slowdown, following years of rapid growth. With the government implementing cost-cutting measures and reducing external consultancy demand, the overall market has cooled. However, PwC’s Europe, Middle East, and Africa (EMEA) division still saw an 8.6% growth in revenue in the year ending June 2024, marking it as the firm’s fastest-growing region at the time.
PwC’s Return to PIF Projects
PwC has now resumed pitching for new advisory mandates with PIF and its subsidiaries. This marks the end of a challenging chapter for the firm in the Middle East and reflects a return to normalcy after the consulting ban.
The move is expected to have broader implications for the consulting sector in Saudi Arabia, particularly as the region continues to focus on ambitious development projects tied to Vision 2030. PwC’s return to PIF’s roster is seen as a positive sign for the firm’s future in the region, which remains a crucial market for global consultancy firms.
The lifting of PwC’s consulting ban by Saudi Arabia’s Public Investment Fund is a pivotal moment for both parties. As PwC returns to pitching for work, it signals the start of a new chapter in its relationship with the Kingdom, while also highlighting the evolving dynamics in Saudi Arabia’s consulting market. This move could have significant implications for the broader consulting industry as the region continues to navigate the challenges and opportunities of Vision 2030.
