Aninda Chakraborty
1 min read
PricewaterhouseCoopers (PwC) has instructed staff to resume pitching for work with Saudi Arabia’s Public Investment Fund (PIF), according to a Bloomberg report.
The step comes after the sovereign wealth fund ended a restriction that had blocked new advisory work for the consultancy.
PwC managers have communicated internally that teams can again submit proposals to the PIF, the publication added, citing sources.
The temporary ban, imposed last year, prevented PwC from securing new advisory and consulting contracts from the PIF and some of its subsidiary companies.
The PIF did not publicly explain the decision when it introduced the restriction, which did not include PwC’s audit work.
After the ban was put in place, PwC global chairman Mohamed Kande travelled to Riyadh for meetings with the wealth fund, according to the report.
Notably, Saudi Arabia’s expansion programme has supported demand for consulting and advisory services in the region, with companies including McKinsey & Co. and Boston Consulting Group also active.
PwC generated £1.97bn in revenue from the Middle East in the 12 months ending 30 June 2024, the report said.
The company has also invested heavily in Saudi Arabia, focusing on localisation efforts. This includes opening a large office in Riyadh last month that hosts its regional headquarters.
It also appointed Laura Hinton as senior partner for the region, succeeding Hani Ashkar, who held the role for more than 12 years.
Recently, Teneo signed an agreement to acquire PwC New Zealand’s Business Restructuring Services unit. The move marks the further expansion of Teneo’s Financial Advisory business in the Asia-Pacific region.
“PwC to resume pitches to Saudi PIF after advisory ban lifted” was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
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