Saudi wealth fund blocks PwC from advisory work for one year

Saudi wealth fund blocks PwC from advisory work for one year

The firm’s auditing projects will not be affected, but the move will still halt the firm’s progress in one of the world’s most lucrative markets.

PwC working to mend ties with Saudi Arabia

Global consulting firm PwC is working with Saudi Arabia and its sovereign wealth fund to address issues that have led to a suspension of new consulting projects, reported Reuters.   The Public Investment Fund (PIF), with assets worth $925bn (SR3.5trn) and more than 100 subsidiaries, has instructed its companies to halt project assignments to PwC until February 2026.   This comes two years after PwC received a licence to establish its regional he…

PIF to anchor Goldman Sach’s new GCC-focused funds

Saudi Arabia’s Public Investment Fund (PIF) is to be an anchor investor in Goldman Sachs Asset Management’s new funds focused on Gulf Cooperation Council (GCC) countries, the Fund said in a statement. The two companies have signed a non-binding memorandum of understanding (MoU) focusing on private credit and public equity. The new funds aim to raise equity from global investors, with a substantial portion allocated for investment in Saudi Arabia…

Monday Morning Accounting News Brief: Young CPAs Should Be Scared, Says Guy; Accounting Tricks on Tax Plans

Hey. Want some news? In Footnotes on Friday we included a story about Saudi Arabia’s Public Investment Fund banning projects with PwC through next February of next year. This is significant because the Middle East has been carrying Big 4 firms the past year or two, that consulting money is critical to sustain their dry practices in the US, UK, and Australia. Reuters has a follow up on that story: PwC is working with Saudi Arabia and its soverei…

PwC seeks to mend relations with Saudi Arabia, sources say

Saudi Arabia's Public Investment Fund (PIF) and the kingdom as a whole are major clients for PwC, with over 2,600 of the consulting firm's global workforce dedicated to projects in the country