Wealth Fund Blocks Pwc From Advisory Work for One Year
The Saudi Arabia Public Investment Fund (PIF) has temporarily banned PwC from advisory and consulting services contracts, halting the firm's progress in one of the world's most lucrative markets. The decision comes two years after PwC received a license to open its regional headquarters in the kingdom, where it employs more than 2,000 people across several locations. This move raises concerns about the stability of professional services firms operating in the region.
- The impact of this ban on PwC's operations in Saudi Arabia will likely be significant, particularly given the firm's substantial investment in talent and infrastructure in the country.
- Will other professional services firms follow suit, or will they continue to navigate the complexities of doing business with a single, influential client like the PIF?