(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.
Read More: Dubai's Biggest Bank Posts 49% Profit Jump on Network Sale
Emirates NBD said it opened additional branches in Egypt and got regulatory approvals to buy Moscow-based Sberbank PJSC's wholly-owned unit in Turkey.
Read More: Dubai's Biggest Bank Gets Key Approval for Turkey Denizbank Deal
To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net
To contact the editors responsible for this story: Dana El Baltaji at delbaltaji@bloomberg.net, Shaji Mathew, Claudia Maedler
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