[Middle East] PwC makes dramatic cuts to partner and staff roles

PwC has made dramatic job cuts to its Middle East operations, eliminating the positions of approximately 60 partners and 1,500 staff, Yahoo reports. 

According to Financial Times reporting, downsizing began in February 2025, in the wake of a year-long ban by Saudi Arabia’s Public Investment Fund (PIF) on new advisory contracts for the firm. The ban had a huge impact on PwC's business prospects in the region.

It reportedly led to a reassessment of PwC’s strategy and operations, with leadership seeking to address an anticipated "large" revenue shortfall for the current and upcoming fiscal years.

A regional leadership shake-up subsequently followed. PwC UK’s managing partner, Laura Hinton, will co-lead the Middle East business from October 2025, alongside the current senior partner, Hani Ashkar.

Ms Hinton is expected to take over as the sole senior partner after a year, the Financial Times said. It cited staff-wide mail sent by PwC UK boss Marco Amitrano.

The job cuts primarily affected consulting roles, particularly those associated with "transformational" projects. PwC had reportedly been a key consultant for major PIF projects, including the ambitious Neom development.

This decision follows PwC allegedly facing "friction and angst" for prioritising consulting contracts over audit work and the “attempt to hire Neom’s chief internal audit officer”, which ultimately led to the PIF ban.

PwC's headcount in the Middle East remains “roughly level”, despite the job cuts, thanks to new hires in areas with strong client demand.

PwC's operations in the Middle East consisted of approximately 500 partners and 11,000 staff members by the end of the last financial year. The majority are based in the UAE and Saudi Arabia.

It reportedly promoted 62 new partners in June and continues to recruit lower-level staff. Sources familiar with the firm's strategy indicated to the Financial Times that PwC still has ambitions to grow in the Middle East.

At the time of its recent results announcement, PwC UK acknowledged job cuts, citing a general slowdown. PwC declined to comment on the situation in the Middle East.

Source: Yahoo (via International Accounting Bulletin)

PwC has made dramatic job cuts to its Middle East operations, eliminating the positions of approximately 60 partners and 1,500 staff, Yahoo reports. 

According to Financial Times reporting, downsizing began in February 2025, in the wake of a year-long ban by Saudi Arabia’s Public Investment Fund (PIF) on new advisory contracts for the firm. The ban had a huge impact on PwC's business prospects in the region.

It reportedly led to a reassessment of PwC’s strategy and operations, with leadership seeking to address an anticipated "large" revenue shortfall for the current and upcoming fiscal years.

A regional leadership shake-up subsequently followed. PwC UK’s managing partner, Laura Hinton, will co-lead the Middle East business from October 2025, alongside the current senior partner, Hani Ashkar.

Ms Hinton is expected to take over as the sole senior partner after a year, the Financial Times said. It cited staff-wide mail sent by PwC UK boss Marco Amitrano.

The job cuts primarily affected consulting roles, particularly those associated with "transformational" projects. PwC had reportedly been a key consultant for major PIF projects, including the ambitious Neom development.

This decision follows PwC allegedly facing "friction and angst" for prioritising consulting contracts over audit work and the “attempt to hire Neom’s chief internal audit officer”, which ultimately led to the PIF ban.

PwC's headcount in the Middle East remains “roughly level”, despite the job cuts, thanks to new hires in areas with strong client demand.

PwC's operations in the Middle East consisted of approximately 500 partners and 11,000 staff members by the end of the last financial year. The majority are based in the UAE and Saudi Arabia.

It reportedly promoted 62 new partners in June and continues to recruit lower-level staff. Sources familiar with the firm's strategy indicated to the Financial Times that PwC still has ambitions to grow in the Middle East.

At the time of its recent results announcement, PwC UK acknowledged job cuts, citing a general slowdown. PwC declined to comment on the situation in the Middle East.

Source: Yahoo (via International Accounting Bulletin)