With PricewaterhouseCoopers’ relations with Saudi Arabia’s Public Investment Fund (PIF) souring, the British multinational professional services network is preparing to cut at least 1,500 jobs in the Middle East.
Reports reveal that the PIF had banned PwC from accepting any contracts in the Kingdom of Saudi Arabia following a dispute.
Since demand for advisory services had already started falling, the ban further prevented PwC from accessing attractive projects via the Saudi sovereign fund adversely affecting business.
PwC had begun to trim its workforce in the region in February itself. As a result, many partners and employees across PwC offices in the Gulf region were let go.
However, PwC reportedly tried to keep the remuneration of its partners stable amid the job cuts in an attempt to protect and retain its staff members who were significant to the firm’s profitability and growth.
The consultancy firm’s total revenue is reported to have gone up marginally from about £6.33 billion in 2024, to about £6.35 billion in 2025.In the UK itself, where there were job cuts, the revenue remained stable at £4.2 billion, while in the Middle East, despite the cuts, the revenue was about £1.98 billion. Partners at PwC reportedly earned an average of £865,000 as on 30 June 2025, which is higher than the £862,000 they earned the year before.
PwC is not the only trying to trim its workforce. Many other consulting firms have also been trying to cut costs and reduce headcount as part of companywide restructuring.
