Latest Symptom of Strains in Saudi Economy: PwC to Cut Middle East Staff

The development reflects the constraints of an economic model stretched across multiple high-cost commitments that yield limited immediate revenue.

Image: Eye of Riyadh

Since February, PwC has cut 1,500 staff and 60 partners across its Middle East operations, following a year-long suspension from Saudi Arabia. The Public Investment Fund (PIF) barred the firm from new advisory contracts after a dispute linked to NEOM, with PwC’s regional revenue growth falling from 26% to just 0.4% within a year. The development underscores mounting pressures within the Vision 2030 programme, as the Kingdom scales back megaprojects that are consuming significant capital without yet delivering commensurate returns.