PwC laying off 1500 employees & 60 partners in the Middle East

The reports suggest that the layoffs, which began earlier this year, are the result of losses from a downturn in consulting demand across the Gulf, compounded by an interim ban from Saudi Arabia’s Public Investment Fund (PIF) on awarding new advisory and consulting contracts to PwC until February 2026. The ban did not stem from regulatory or legal issues but rather from a client-specific disagreement with PIF. 

As Gulf Magazine quoted, “PIF takes its partnerships seriously. Any misalignment in staffing or strategy can prompt swift action, as seen in this case.” The report also hinted that PwC had attempted to poach top executives from Saudi Arabia’s high-profile projects, which led to a breach of trust. 

Following the ban, PwC sought to restore relations with PIF by taking corrective measures, including the removal of senior executives from the region. This also triggered the resignations of Mohamed ElBorno, Head of Assurance, and Emma Campbell, Head of Partner Affairs in the Middle East. However, as the year-long ban persisted, the demand for advisory services continued to slow, causing PwC to incur heavy losses. This ultimately led to significant layoffs, largely impacting consulting roles.

“The restructuring affected both partners and rank-and-file employees across the Middle East offices,” media reports added. While PwC cut its workforce, compensation for partners in the UK and Middle East businesses remained largely unchanged. 

According to a Bloomberg report, partners earned an average of USD 1.18 million in the year ending June 30. This stagnation reflects broader pressures on the firm’s profitability, particularly in light of declining deal activity.

The job cuts also included some partners from the UK and Middle East regions as part of ongoing internal restructuring during the financial year.

PwC’s overall revenues showed minimal growth, rising slightly to $8.35 billion USD in 2025 from $8.31 billion USD the previous year. The UK market remained steady at $5.52 billion USD, while Middle East revenue held flat at $2.61 billion USD. The muted revenue performance follows several years of declining M&A activity and tougher economic conditions, both globally and within the Gulf Cooperation Council (GCC) countries. 

In 2022, when M&A was booming, PwC’s average partner pay had topped $1.31 million USD, a figure that now seems difficult to sustain as economic tailwinds have diminished. 

Currently, the list of partners in the Middle East includes Muhannad Al-Qaddomi, Abdelkhaleq Ahmad, Ammar Hindash, Riyadh Al Najjar, Rami Nazer, Sally Jeffery, and Eyhab Abdeen. However, PwC has not disclosed the names of the partners who have been laid off.