PricewaterhouseCoopers (PwC) is preparing to cut at least 1,500 jobs across the Middle East after a fallout with Saudi Arabia’s Public Investment Fund (PIF) triggered a slowdown in business.
Reports indicate that the sovereign wealth fund barred PwC from taking on new contracts in the Kingdom following a dispute, shutting the firm out of lucrative projects. Combined with weakening demand for advisory services, the move has dealt a major blow to PwC’s regional operations.
The firm had already begun reducing headcount in the Gulf earlier this year, with both partners and staff affected. Despite the cuts, PwC is said to have kept partner remuneration steady in an effort to retain key talent.
Globally, PwC reported only a marginal revenue rise to £6.35 billion in 2025 from £6.33 billion the previous year. UK revenues held flat at £4.2 billion, while Middle East revenues reached £1.98 billion despite restructuring. Partners earned an average of £865,000 as of 30 June 2025, slightly higher than the previous year.
PwC joins a number of consulting giants that are cutting costs and reducing staff amid slowing demand and global restructuring.
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