PwC Profits Rise with Saudi Arabia’s Generous Spending Spree

PwC has chosen not to disclose the specific projects it has collaborated on with Saudi Arabia. However, public filings reveal its involvement with the Kingdom’s Public Investment Fund (PIF), a large sovereign wealth fund. Notable investments made by PIF include the purchase of Newcastle United by a Saudi-led consortium in 2016, as well as the establishment of the LIV Golf Tournament.

The strong business performance in the Middle East has contributed to a 30% growth in consulting revenues, amounting to £1.7bn, for PwC UK, the overseeing corporate entity for the region, in the fiscal year ending in June. Overall revenues for PwC UK, encompassing the Channel Islands as well, experienced a 16% increase, reaching £5.8bn in 2023.

Although profits declined from £1.5bn to £1.3bn due to a one-time windfall from the sale of its global mobility practice in 2022, each of PwC’s 1,057 partners still received an average of £906,000 last year, a 1.5% decrease from 2022. With a workforce of approximately 26,000 in the UK, PwC also hired 1,600 graduates in the twelve-month period leading up to June.

Mr. Ellis, who has previously emphasized the importance of office presence to avoid being replaced by artificial intelligence, noted that recent graduates face challenges when it comes to acquiring “soft skills.” He stated, “The younger generation was particularly affected by the challenges of COVID, which impacted their education and ability to learn from others. We are actively encouraging them to develop and acquire soft skills, which we consider to be crucial. We now have five generations working in our organization, and I believe that bringing people together in the office and facilitating face-to-face learning will be vital for a business like ours.”