Via Hadeel Al Sayegh, Federico Maccioni and Abinaya V in reuters.com: PwC is working with Saudi Arabia and its sovereign wealth fund to mend relations with the kingdom, two people familiar with the matter told Reuters. 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 firms global workforce dedicated to projects in the country. The kingdom has suspended activities between the $925 billion funds holding company and PwC, while its portfolio companies can still engage the consultant, one of the people said. PwC told its employees in a memo on Friday, that the situation with Saudi Arabia related to a client matter, and not a regulatory issue, one of the sources told Reuters. Reuters could not establish how much business is at stake. PwCs Middle East activities generated 1.97 billion pounds ($2.5 billion) of revenue in its last set of full-year accounts to 30 June 2024. It did not provide a breakdown for Saudi Arabia.
