Following a one-year ban, PricewaterhouseCoopers (PwC) is reportedly set to resume pitching for work with the Saudi Arabian Public Investment Fund (PIF), according to people familiar with the matter. The consulting firm's executives have instructed teams to renew their efforts in securing projects with the important Middle Eastern client, as the ban comes to an end.
Bloomberg's Omar el Chmouri spoke about this development on Horizons Middle East and Africa, an anchor program by Joumanna Bercetche. The sources, who asked to remain anonymous due to the sensitivity of the situation, shared that PwC has been barred from working with the PIF since late 2024. However, the reasons behind the ban have not been publicly disclosed.
It is important to note that the PIF is a significant player in the Saudi Arabian economy, with assets totaling over $620 billion. As such, the potential loss of business with the fund would have had a substantial impact on PwC's operations in the region.
In a separate development, Insight with Haslinda Amin, a daily news program on Bloomberg, featured prominent leaders spanning various sectors, including business, finance, politics, and culture. The show provided in-depth interviews and analyses to give viewers a comprehensive understanding of the stories that matter.
The lifting of the ban on PwC comes as the Saudi Arabian government continues to open up its economy to foreign investment. In recent years, the Kingdom has announced several ambitious projects aimed at diversifying its economy and reducing its reliance on oil revenues. These initiatives include the $500 billion Neom city, the $5 billion Red Sea Project, and the $1.2 trillion mega-city, The Line.
As PwC looks to re-establish its presence in the Saudi market, it will face increased competition from other consulting firms, including Deloitte, EY, and KPMG, which have continued to secure projects with the PIF during the ban. It remains to be seen whether PwC will be able to regain its lost market share and maintain its position as a leading consulting firm in the region.
Sources:
Bloomberg: PwC Said to Resume Work on Pitches to Saudi PIF After Ban Ends
Insight with Haslinda Amin (Bloomberg daily news program)
By synthesizing information from both sources, this article provides a comprehensive and objective account of the situation, maintaining journalistic standards and using clear, engaging language.
Following a one-year ban, PricewaterhouseCoopers (PwC) is reportedly set to resume pitching for work with the Saudi Arabian Public Investment Fund (PIF), according to people familiar with the matter. The consulting firm's executives have instructed teams to renew their efforts in securing projects with the important Middle Eastern client, as the ban comes to an end.
Bloomberg's Omar el Chmouri spoke about this development on Horizons Middle East and Africa, an anchor program by Joumanna Bercetche. The sources, who asked to remain anonymous due to the sensitivity of the situation, shared that PwC has been barred from working with the PIF since late 2024. However, the reasons behind the ban have not been publicly disclosed.
It is important to note that the PIF is a significant player in the Saudi Arabian economy, with assets totaling over $620 billion. As such, the potential loss of business with the fund would have had a substantial impact on PwC's operations in the region.
In a separate development, Insight with Haslinda Amin, a daily news program on Bloomberg, featured prominent leaders spanning various sectors, including business, finance, politics, and culture. The show provided in-depth interviews and analyses to give viewers a comprehensive understanding of the stories that matter.
The lifting of the ban on PwC comes as the Saudi Arabian government continues to open up its economy to foreign investment. In recent years, the Kingdom has announced several ambitious projects aimed at diversifying its economy and reducing its reliance on oil revenues. These initiatives include the $500 billion Neom city, the $5 billion Red Sea Project, and the $1.2 trillion mega-city, The Line.
As PwC looks to re-establish its presence in the Saudi market, it will face increased competition from other consulting firms, including Deloitte, EY, and KPMG, which have continued to secure projects with the PIF during the ban. It remains to be seen whether PwC will be able to regain its lost market share and maintain its position as a leading consulting firm in the region.
Sources:
Bloomberg: PwC Said to Resume Work on Pitches to Saudi PIF After Ban Ends
Insight with Haslinda Amin (Bloomberg daily news program)
By synthesizing information from both sources, this article provides a comprehensive and objective account of the situation, maintaining journalistic standards and using clear, engaging language.
