PwC boosted by Saudi Arabia as Kingdom goes on spending spree

PwC boosted by Saudi Arabia as Kingdom goes on spending spree

PwC has been a significant beneficiary of Saudi Arabia’s global spending spree as the Gulf state looks to grow its economy beyond oil and gas.

Strong demand for its advice from Middle Eastern clients helped drive a 30pc jump in the “Big Four” company’s consulting revenues last year, new accounts show.

Kevin Ellis, chairman of PwC, told the Telegraph: “Saudi Arabia is the biggest driver in the Middle East, although the other parts of the Middle East are good [too].”

“You’ve got the oil transformation. In the Middle East, they’re spending a lot of money on it and moving faster with their ESG transformation, things like Neom.”

Neom is the name for a new city that Crown Prince Mohammed bin Salman wants to build near the Red Sea in an expanse of desert the size of Belgium.

The project is estimated to cost $500bn and is the centrepiece of the Crown Prince’s Vision 2030 plan to diversify the Kingdom away from oil and gas.

PwC would not disclose which specific projects it had worked with Saudi Arabia on. Public filings show it has worked with the Kingdom’s Public Investment Fund (PIF), its huge sovereign wealth fund.

Some of PIF’s most high-profile investments include Newcastle United, which was