The Saudi Public Investment Fund has ended its temporary ban, preventing British consultancy giant – PwC – from bidding for advisory and consulting contracts alongside the SWF.
The PIF had previously banned the consultancy from bidding for advisory and consulting contracts across more than 100 subsidiaries until February 2026. Auditing projects were exempt from the ban.
KSA officials never publicly commented on the ban yet The Financial Times reported that the PIF was irritated by PwC’s attempt to take a top auditor from one of its subsidiaries: NEOM. This included the chief internal audit officer at NEOM, Jason Davies, according to five people familiar within the dispute.
Last year, PwC generated approximately £2B ($2.7B) in revenue for PwC in the 12 months to 30 June 2024. In 2025 alone, the firm saw revenues grow by 2.5% to $22.5B in the EMEA.
More specifically, 90% of GCC CEOs are optimistic about revenue growth over the next year citing the PwC 28th Annual CEO Survey. The PwC TransAct 2025 report highlights M&A – including IPOs and cross-border acquisitions – as a key contributor to the top-line growth in 2025.
December 2025 saw the firm open its regional headquarters in Riyadh. PwC also named Laura Hinton as a new senior partner to lead its regional operations with over 11, 000 employees.
Stay Up to Date with the Latest Updates at Finance ME!
Analysis: IFC Oman is Carving a Niche in High-Growth Financial Sectors
Visa Creates CEMEA Region to Accelerate Digital Payments Growth
Mubadala CEO Khaldoon Al-Mubar
