Bloomberg: PIF bans assigning consulting services to “PwC”

Bloomberg revealed that the Public Investment Fund has imposed a temporary ban on PricewaterhouseCoopers “PwC” from contracting for consulting and management consulting services. The company had obtained a license to open its regional headquarters in the Kingdom two years ago.

According to the agency, the executives of the fund and its subsidiary were informed to stop assigning consulting projects to “PwC” until February 2026, indicating that the decision will not affect the audit and financial review projects implemented by the company.

According to the agency, the fund did not explain the reasons for this step, and the spokesperson for “PwC” did not respond to requests for comment.

PwC’s non-audit services extend to areas such as mergers and acquisitions, tax and strategy consulting, in addition to management consulting work. The Middle East region is the fastest growing region within “PwC” operations in the United Kingdom, which is responsible for the company’s work in the region.

The fund plays a pivotal role in Vision 2030, having established more than 100 subsidiaries, including NEOM, a $1.5 trillion futuristic city on the west coast, and other major projects aimed at developing historic sites such as Diriyah and Al-Ula as global tourism destinations. The decision comes at a time when the consulting sector is witnessing a global slowdown, with PwC reporting a decline in demand for consulting services in 2024, along with declining revenues in its markets in Australia and China, adding to the challenges facing the company internationally.