Saudi Arabia's PIF bans PwC advisory, consulting services: What to know

Saudi Arabia’s sovereign wealth fund has temporarily suspended the global professional services firm PricewaterhouseCoopers from advisory and consulting services contracts, according to a report published Friday, restricting its business in one of the world’s fastest growing markets.

Executives at the Public Investment Fund, which has more than 100 subsidiaries, have been told to stop granting consulting projects to PwC until February 2026, Bloomberg reported, citing people familiar with the matter. The sources said PwC’s auditing projects would not be affected. The reason behind the decision is unclear.

In 2023 PwC received a license to open its regional headquarters in the Saudi capital Riyadh. The company employs more than 20,000 people in more than 20 locations in the kingdom, Bloomberg reported. PwC also has offices in Jeddah, AlUla, Al Khobar and Dhahran.

The firm’s non-auditing services include capital markets deals, mergers and acquisitions and tax advisory.