Dubai's biggest bank wins approval to open 20 branches in Saudi Arabia

Emirates NBD expansion comes as Saudi Arabia opens up its economy to foreigners as part of a plan to diversify away from oil
Dubai's biggest bank wins approval to open 20 branches in Saudi Arabia
By Bloomberg
Wed 17 Jul 2019 02:00 PM

Emirates NBD on Wednesday said it has received approval to open 20 more branches in Saudi Arabia as Dubai’s biggest bank expands in the Arab world’s largest economy.

The state-controlled lender currently operates two branches in Riyadh, one in Jeddah and another in Khobar in the east.

The expansion comes as Saudi Arabia opens up its economy to foreigners as part of a plan to diversify away from oil. The country’s cabinet last year gave approval to First Abu Dhabi Bank, Emirates NBD’s rival in the neighbouring emirate, to open three branches in the kingdom.

Emirates NBD said it opened additional branches in Egypt and got regulatory approvals to buy Moscow-based Sberbank’s wholly-owned unit in Turkey.

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