Emirates NBD Gets Approval to Open 20 Branches in Saudi Arabia - Bloomberg:
Emirates NBD PJSC said it 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 PJSC, Emirates NBD’s rival in the neighboring emirate, to open three branches in the kingdom.
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