Saudi Wealth Fund Blocks PwC From Advisory Work for One Year

Saudi Arabia’s wealth fund has temporarily banned PwC from advisory and consulting services contracts, people familiar with matter said, halting the firm’s progress in one of the world’s most lucrative markets.

Executives at the $925 billion Public Investment Fund and its more than 100 subsidiaries have been told to stop handing out consulting projects to PwC until February 2026, the people said, declining to be identified as the information is confidential. The firm’s auditing projects will not be affected, they said.

The PIF did not explain reasons behind the move in messages sent to its portfolio companies. Representatives for the ...