PricewaterhouseCoopers (PwC) has instructed staff to resume pitching to work with Saudi Arabia’s Public Investment Fund (PIF), according to a Bloomberg report

The move comes after the sovereign wealth fund ended a restriction that had blocked new advisory work for the consultancy.

PwC officials have communicated internally that the teams can resubmit proposals to the PIF, the publication added, citing sources.

The temporary ban, imposed last year, prevented PwC from securing new advisory and consulting contracts with the PIF and some of its subsidiaries.

The PIF did not publicly explain the decision when it introduced the restriction, which did not include PwC’s audit work.

After the ban was implemented, PwC global chairman Mohamed Kande traveled to Riyadh to meet with the wealth fund, according to the report.

In particular, Saudi Arabia’s expansion program has supported demand for consulting and advisory services in the region, with firms such as McKinsey & Co. and Boston Consulting Group also active.

PwC generated revenues of £1.97 billion in the Middle East in the 12 months ending June 30, 2024, the report said.

The company has also invested heavily in Saudi Arabia, focusing on localization efforts. This includes the opening of a large office in Riyadh last month that houses its regional headquarters.

He also appointed Laura Hinton as senior partner for the region, succeeding Hani Ashkar, who held the role for more than 12 years.

Recently, Teneo signed an agreement to acquire Business Restructuring Services Unit of PwC New Zealand. The move represents a further expansion of Teneo’s financial advisory business in the Asia-Pacific region.

“PwC to resume launches in Saudi PIF after advisory ban lifted” was originally created and published by International Accounting Bulletina trademark owned by GlobalData.

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