Saudi Arabia reportedly hiring PwC to advise on cost cutting

Saudi Arabia’s Ministry of Economy and Planning will be hiring the consulting firm to review $69 billion worth of of government contracts. (Shutterstock)

Saudi Arabia is reportedly working with PricewaterhouseCoopers on plans to cancel about $20 billion of projects as the kingdom seeks to shore up its finances, according to two sources who spoke to Bloomberg.

Saudi Arabia’s Ministry of Economy and Planning will be hiring the Audit and assurance, consulting and tax services firm to review $69 billion worth of of government contracts with a possibility in reducing a third of the costs them, the two sources told Bloomberg.

The news comes amid falling global oil prices and Saudi Arabia having informed customers about lower oil supplies starting this month, in line with the reduction in output agreed by OPEC.

With the announcement of its Budget 2017, the Saudi government is set to lay down a new program to achieve fiscal balance during the year to tackle the economic challenges facing the country without passing the burden to its citizens.

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Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48
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