But Joshua wants the rematch on home soil so he can benefit from the British fans being behind him for a fight that could ruin his career if he loses.
The bout will take place in Diriyah, which incorporates the UNESCO World Heritage site of Al-Turaif, on the outskirts of Riyadh - a dramatic contrast to the iconic Madison Square Garden which hosted the first fight between the two men which ended in a seventh-round stoppage.
Joshua has come under scrutiny for his preparations before his fight against Ruiz, with his promoter Eddie Hearn claiming that the 29-year-old was not "war ready" before his debut in the United States.
Ruiz, who took the fight as a replacement for fellow American Jerrell Miller on seven weeks notice, was reportedly guaranteed $7 million for his upset win.
'Joshua's going to fight, yeah, boom, knock them out, so from walking into a gym, to three years later competing in the Olympics, from turning professional to three years later becoming world champion, it seemed like this was already written in the stars.
"I feel strong enough and I feel I can correct my wrongs", Joshua told Sky Sports. "I think they're trying to change now", he added.
"There's other terms that need to be met to finalise the fight".
'My goal for that fight was, 'am I fighting Wilder next?'.
'So beating Ruiz, I could be sitting here now and it wouldn't have meant as much to me as it is to train for the rematch.
Joshua also admits he looked for a quicker knockout once he heard the crowd booing after the end of the second round.
The bout, dubbed "Clash on the Dunes", will see Britain's Joshua trying to reclaim the International Boxing Federation, World Boxing Association and World Boxing Organisation titles he sensationally lost to American Ruiz in NY in June.
But Friday's announcement has been denounced by human rights campaigners, with Amnesty UK calling on Joshua to "inform himself of the human rights situation and be prepared to speak out about Saudi Arabia's abysmal record".
"But its fine, I don't mind fighting in America as I've done it before and I'd love to fight here because I had no reason to go there in the first place".