PwC's Sudden Move: Saudi Ban Sparks Major Staff Cuts

Imagine waking up to find your entire department reshuffled, your colleagues saying their goodbyes, and the buzz in the office shifting from ambition to uncertainty. For 60 partners and 1,500 staff members at PwC in the Middle East, this scenario recently became their reality. The catalyst? A potent combination of internal friction and the substantial external force of Saudi Arabia’s Public Investment Fund (PIF) ban.

Unforeseen Challenges: The PIF Ban

In February 2025, the sands of time shifted for PwC as the PIF enacted a year-long ban on new advisory contracts for the firm. This was no ordinary occurrence; it was transformative if not disruptive, pushing PwC to reassess its operations and strategies in the region. According to International Accounting Bulletin, this harsh decision was the culmination of strained ties over the firm’s priority preference for consulting over auditing—an imbalance that led to significant repercussions.

Leadership in Transition

The sudden need to respond swiftly led to a shake-up at the top. Starting October 2025, Laura Hinton, PwC UK’s managing partner, is set to co-lead with current senior partner Hani Ashkar in what appears to be a strategic coup of leadership, aiming to stabilize and restructure. The internal memo from Marco Amitrano has sparked cautious optimism; however, it’s a race against time for them to mend relationships and regain lost ground.

Consulting Cuts Amidst Ambition

The job cuts focus predominantly on “transformational” consulting roles. Interestingly, even as PwC trims its workforce, the firm remains focused on growth ambitions in the Middle East. In ironic counterbalance, PwC promoted 62 new partners and continues its recruitment thrust in high-demand areas. It’s a chilling lesson of corporate resilience in the face of adversity.

Surviving the Storm

Despite deep cuts, PwC’s presence in the Middle East persists with roughly stable headcount due to strategic re-hiring. As the fiscal year closes, the firm retains a formidable cohort of approximately 500 partners and 11,000 staff, largely anchored in the pivotal hubs of the UAE and Saudi Arabia. There is a testament to continuing ambitions, source familiar with the company indicated, and PwC’s strategy seems to focus on reconfiguring for future resilience.

Future Prospects and Unanswered Questions

As the Finance Times reported, PwC acknowledges these staff cuts as part of broader industry slowdowns, yet refrain from elaborate comment. The burning question remains—how will this significant operational change reshape PwC’s future strategy in a region so ripe with potential? With PIF’s influence still looming large, the journey ahead demands both vigilance and renewed vigor from this accounting giant.

Stay up to date and informed. According to International Accounting Bulletin, as businesses worldwide realign their priorities and emerging domains take precedence, PwC’s Middle East story is a stark reminder of the volatile interplay between local regulations and global consultancy giants.