Overview
- People familiar with the matter say PIF has removed its restriction on PwC and asked the firm to submit proposals for new mandates.
- The freeze, imposed in February 2025, applied to new advisory work for PIF and its portfolio companies, while PwC’s audit engagements continued.
- Financial Times reporting linked the fallout to PwC’s attempt to hire NEOM’s chief internal audit officer, which Saudi officials viewed as a breach of trust.
- PwC’s Middle East practice cut about 60 partners and 1,500 staff during the disruption and later named Laura Hinton to lead the region.
- Consulting demand in Saudi Arabia has cooled because of government spending cuts, and both PIF and PwC declined to comment on the reported reopening.