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Saudi Arabian Oil Co. hired Moelis & Co. to advise on its initial public offering, according to people familiar with the matter, as it pushes ahead with plans to pursue the world’s biggest share sale.

The boutique investment bank had been shortlisted along with Evercore Partners Inc. as a potential adviser for the deal, people familiar with the matter said last month. Aramco, as the company is known, was seeking a bank to help it select underwriters for the sale, make decisions on potential listing venues and ensure the IPO goes smoothly, the people said at the time.

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The mandate is a coup for New York-based Moelis, a firm founded in 2007 by former UBS Group AG dealmaker Ken Moelis. While the bank has advised on other large deals in the Middle East, such as the US$25-billion debt restructuring of Dubai World LLC, this listing is its biggest ever role.