King Salman's decision was announced Sunday in a report on the state-run Saudi Press Agency, and it comes as a New York Times report suggests the royal family's crackdown was far from the moral crusade it purports to be.
If Saudi Arabia opted to list shares of the company overseas, officials that spoke with FT said they expected a domestic and foreign listing to occur at roughly the same time, potentially in the first half of next year, the paper said.
The FT report said London has a "good chance" of securing the listing, citing insiders briefed on the negotiations.
Prior to the game, Saudi Arabia's King Salman promised to build Iraq a stadium if they won on February 28.
"Speaking up your mind, this is a crime in Saudi Arabia".
"Saudi Aramco is too big and too important for the kingdom to be subjected to that kind of risk".
A view of an oil facility in the Khurais oilfield, 160km from Riyadh, Saudi Arabia.
Passive investment funds that replicate MSCI indexes would need to put 4% of their funds allocated to emerging market indexes into Saudi shares to match the country weighting. They are preparing them for the implementation of the Royal Order in June this year.
The two leaders also discussed how to enhance and strengthen cooperation between their countries, and the Iraqi-Saudi Joint Coordination Council, a body created last October to improve strategic relations and help rebuild devastated areas retaken from militants in Iraq.
With the prospect of a listing in London and NY receding, sources familiar with the IPO told Reuters that Hong Kong was now emerging as an increasingly likely compromise because Riyadh wants to help Asian nations that are expected to become cornerstone investors.
NY and London have been front-runners to host the company's worldwide flotation, alongside a Riyadh listing. Petrol giant Saudi Aramco's initial public offering, potentially the largest stock sale ever, had been originally scheduled for the second half of this year.
Tadawul's chief said in October that his exchange hoped to be the only venue.
The government said it raised more than $100 billion from financial settlements made with the detainees in exchange for their freedom.
Some people in the energy industry say that Aramco could face pressure from investors because the company has not gone through the cost-cutting that western oil companies, like Exxon Mobil, have undertaken in recent years.
"They can do a nominal 2% to 2.5% listing", one of the sources said.