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PIF bans PwC advisory for one year

3 March 2025

Saudi Arabia's sovereign wealth vehicle the Public Investment Fund (PIF) has banned UK-headquartered PwC from securing advisory and consulting services contracts from the fund and its subsidiaries for one year, according to media reports.

It is understood that the ban, which excludes PwC's auditing business, will apply until February 2026.

Bloomberg reported that the directive "did not explain reasons behind the move", which has triggered speculation.

The ban could open up opportunities for other global and domestic consultancies.

MEED reported in 2022 that PwC had won a contract to provide advisory services for the second phase of the kingdom's renewable energy programme, which is being implemented by the PIF using the Price Discovery Scheme.

PwC was also part of the team that advised the Royal Commission of Al-Ula on a $100m hospital public-private partnership at the development.

In 2021, PwC bid for but failed to win the contract to advise Saudi Arabia on its first large-scale nuclear power plant project.

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Jennifer Aguinaldo

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