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PricewaterhouseCoopers (PwC) has instructed employees to renew pitching for work with Saudi Arabia’s Public Funding Fund (PIF), in response to a Bloomberg report.
The step comes after the sovereign wealth fund ended a restriction that had blocked new advisory work for the consultancy.
PwC managers have communicated internally that groups can once more submit proposals to the PIF, the publication added, citing sources.
The momentary ban, imposed final yr, prevented PwC from securing new advisory and consulting contracts from the PIF and a few of its subsidiary corporations.
The PIF didn’t publicly clarify the choice when it launched the restriction, which didn’t embody PwC’s audit work.
After the ban was put in place, PwC world chairman Mohamed Kande travelled to Riyadh for conferences with the wealth fund, in response to the report.
Notably, Saudi Arabia’s enlargement programme has supported demand for consulting and advisory providers within the area, with corporations together with McKinsey & Co. and Boston Consulting Group additionally lively.
PwC generated £1.97bn in income from the Center East within the 12 months ending 30 June 2024, the report mentioned.
The corporate has additionally invested closely in Saudi Arabia, specializing in localisation efforts. This contains opening a big workplace in Riyadh final month that hosts its regional headquarters.
It additionally appointed Laura Hinton as senior companion for the area, succeeding Hani Ashkar, who held the position for greater than 12 years.
Lately, Teneo signed an settlement to amass PwC New Zealand’s Enterprise Restructuring Companies unit. The transfer marks the additional enlargement of Teneo’s Monetary Advisory enterprise within the Asia-Pacific area.
“PwC to renew pitches to Saudi PIF after advisory ban lifted” was initially created and revealed by Worldwide Accounting Bulletin, a GlobalData owned model.
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