The Tadawul will provide Aramco’s primary listing. A float may be delayed until it receives ‘emerging market’ status. This means mid-2019 at the earliest.

Since plans for a 5% listing of Saudi Aramco were unveiled in April 2016 as the centerpiece of the Saudi Vision 2030 plan, scrutiny over the pace of progress on the IPO has remained near the headlines.

The ability of the state oil giant to stick to its targeted IPO date of late-2018 has been called into question on...