According to Bloomberg, citing people familiar with the matter, PwC has started re-engaging with the sovereign wealth fund in Saudi Arabia, after a one-year advisory ban ended.
The report stated that the Senior executives at PwC have informed internal teams that they are now able to put forward proposals again to the Kingdom Public Investment Fund. The discussions remain confidential, and those familiar with the matter declined to be identified.
However, this action comes after a temporary suspension of PwC by the PIF last year, which limited the company to some advisory and consulting contracts. Bloomberg reported that the representatives for PwC and the PIF declined to comment.
The state-directed investment and growth initiative in Saudi Arabia is a key contributor to growth among international consulting firms in the Middle East, such as McKinsey and Co. and Boston Consulting Group.
The Middle East contributes to the revenues of PwC, with the 12 months to June 30, 2024, marking a significant growth in the region to the global operations of the firm, amounting to £1.97bn ($2.5 billion).
The PIF did not announce publicly the rationale behind the decision to suspend the advisory activity of PwC last year, but the restrictions were not imposed on the audit activities of the company.
Bloomberg stated that after the ban, PwC’s global chairman, Mohamed Kande, visited Riyadh for meetings with officials from the wealth fund.
PwC has remained committed to further developing its operations in Saudi Arabia with investments in localisation programs that correspond to the interests of the nation. The company also established a huge new office in Riyadh, which acts as its regional headquarters.
