Global consulting firm PwC is working with Saudi Arabia and its sovereign wealth fund to address issues that have led to a suspension of new consulting projects, reported Reuters.
The Public Investment Fund (PIF), with assets worth $925bn (SR3.5trn) and more than 100 subsidiaries, has instructed its companies to halt project assignments to PwC until February 2026.
This comes two years after PwC received a licence to establish its regional headquarters in Riyadh.
The firm currently employs more than 2,000 individuals across various cities in Saudi Arabia.
The reasons behind the suspension have not been disclosed by the PIF, and both the fund’s representatives and PwC declined to comment on the matter.
However, internal communications at PwC have indicated that the issue pertains to a client-specific matter and is not related to regulatory concerns.
The latest directive could affect the firm’s operations in the region, especially considering their involvement in Saudi Arabia’s Vision 2030 economic transformation plan.
In November 2024, PwC Middle East agreed to acquire Emkan Education, a Saudi consultancy specialising in education and skills development.
This acquisition supports Saudi Arabia’s Vision 2030 to transform education and build a skilled workforce.
Meanwhile, in February 2025, PwC entered a partnership with fintech company altshare to improve the auditing process of 409A company valuations, a critical aspect for startups and private high-tech companies in the US.
This collaboration aims to modernise valuation audits by integrating altshare’s algorithm, representing a departure from conventional approaches.
Currently, operating in 149 countries and employs more than 370,000 people globally, PwC offers assurance, tax and advisory services.
