PwC to resume pitches to Saudi PIF after advisory ban lifted

PricewaterhouseCoopers (PwC) has instructed unit to resume pitching for enactment with Saudi Arabia’s Public Investment Fund (PIF), according to a Bloomberg report.

The measurement comes aft the sovereign wealthiness money ended a regularisation that had blocked caller advisory enactment for the consultancy.

PwC managers person communicated internally that teams tin again taxable proposals to the PIF, the work added, citing sources.

The impermanent ban, imposed past year, prevented PwC from securing caller advisory and consulting contracts from the PIF and immoderate of its subsidiary companies.

The PIF did not publically explicate the determination erstwhile it introduced the restriction, which did not see PwC’s audit work.

After the prohibition was enactment successful place, PwC planetary president Mohamed Kande travelled to Riyadh for meetings with the wealthiness fund, according to the report.

Notably, Saudi Arabia’s enlargement programme has supported request for consulting and advisory services successful the region, with companies including McKinsey & Co. and Boston Consulting Group besides active.

PwC generated £1.97bn successful gross from the Middle East successful the 12 months ending 30 June 2024, the study said.

The institution has besides invested heavy successful Saudi Arabia, focusing connected localisation efforts. This includes opening a ample bureau successful Riyadh past period that hosts its determination headquarters.

It besides appointed Laura Hinton arsenic elder spouse for the region, succeeding Hani Ashkar, who held the relation for much than 12 years.

Recently, Teneo signed an statement to get PwC New Zealand’s Business Restructuring Services unit. The determination marks the further enlargement of Teneo’s Financial Advisory concern successful the Asia-Pacific region.

"PwC to resume pitches to Saudi PIF aft advisory prohibition lifted" was primitively created and published by International Accounting Bulletin, a GlobalData owned brand.

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