Saudi Arabia recently shelved plans to sell a 5 percent stake in state-owned energy giant Aramco, reportedly amid valuation and regulatory concerns. Nonetheless, the IPO remains critical to Crown Prince Mohammed bin Salman's ambitious plan to overhaul the kingdom's economy.
So far, Saudi Arabia's stock market — also known as Tadawul — is the only confirmed listing exchange for Aramco.
"I think the Saudi stock exchange will continue to develop its markets to be ready for Aramco and other issues," Khalid Al Hussan, who heads the exchange, told CNBC's "Street Signs" on Wednesday.
Saudi Arabia hopes to attract a $2 trillion valuation for Aramco — the world's largest oil company — though some external observers have pegged its value at half that amount.
Amin Nasser, CEO of Aramco, told CNBC earlier this year that his company was prepared for a public offering in the second half of 2018, but was waiting for the government to choose an exchange. Indecision over the listing venue is widely thought to have snarled the process.