Saudi Arabia’s Public Investment Fund (PIF) has imposed a temporary ban on PricewaterhouseCoopers (PwC) from securing advisory and consulting service contracts until February 2026, sources familiar with the matter revealed. This move halts PwC’s growth in one of the world’s most lucrative markets. The firm’s auditing services, however, remain unaffected.

The $925 billion PIF, which oversees more than 100 subsidiaries, did not disclose the reasons for the suspension in communications to its portfolio companies. Representatives for the fund declined to comment, and PwC has not responded to inquiries.

PwC, which employs over 2,000 professionals across Riyadh, Jeddah, AlUla, Al Khobar, and Dhahran, received a license to open its regional headquarters in Saudi Arabia two years ago. The firm provides non-audit services, including mergers and acquisitions, tax advisory, strategy, and consulting.

The Middle East has been PwC UK’s fastest-growing market, generating £1.97 billion ($2.5 billion) in revenue for the fiscal year ending June 30, marking a 26% increase from the previous year. The company anticipated continued growth in the region through 2025 and 2026, though at potentially slower rates than in prior years.

The Saudi market has been a key growth driver for global consulting firms like McKinsey & Co. and Boston Consulting Group, benefiting from PIF-led projects under the Vision 2030 economic transformation plan. PIF has been instrumental in major developments, including Neom, a $1.5 trillion megacity, and historic site revamps in Diriyah and AlUla.

PwC’s suspension comes amid challenging global market conditions, with the consulting sector experiencing slower growth in 2024, particularly in Australia and China.