PwC executives have asked teams to resume pitching for work with Saudi Arabia’s wealth fund, according to people familiar with the matter, as the one-year ban on the consulting firm in an important market comes to an end.
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Managers at PwC have been told internally that teams can now send proposals to the Public Investment Fund, the people said, declining to be identified as the information is confidential. That comes a year after the Saudi fund temporarily banned PwC from advisory and consulting services contracts.
Representatives for PwC and the PIF declined to comment.
Business from Saudi Arabia’s expansion drive has been a key driver of growth for consulting firms in the region, including McKinsey & Co. and Boston Consulting Group Inc. The Middle East generated £1.97 billion in revenue for PwC in the twelve months to June 30, 2024.
The PIF didn’t publicly provide a reason for its decision last year, and PwC’s auditing projects weren’t placed under the restrictions. Following the PIF ban, PwC’s Global Chairman Mohamed Kande flew to Riyadh for meetings with the wealth fund.
PwC has been investing heavily in Saudi Arabia, backing efforts to boost localization, and opened a huge office hosting its regional headquarters in Riyadh last month.
The firm has since appointed a new senior partner to lead over 11,000 employees in the region, with Laura Hinton succeeding Hani Ashkar, who has been serving in the post for more than 12 years.
The PIF is anchoring the kingdom’s economic transformation plan, Vision 2030. That includes Neom, a $1.5 trillion new city on the west coast, as well as other multibillion-dollar projects aimed at building out historic areas into tourist destinations.
