King Salman's decision was announced today in a report on the state-run Saudi Press Agency.
The report said the king's decision came from "his concern over combating corruption in all its forms aiming to protect the homeland and its resources, maintain public money and protect the integrity of the public employment."
The decision comes after Saudi Arabia arrested dozens of princes, business leaders and government officials in early November in a push led by Crown Prince Mohammed bin Salman.
Critics say the arrests were more to consolidate Crown Prince Mohammed's power.