Dubai-based lender Emirates NBD has secured regulatory approval to open 20 additional branches in Saudi Arabia.

The move comes at a time when Saudi Arabia is opening up its economy, which is largely dependent on oil production.

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Currently, Emirates NBD has four branches in the kingdom, two of which are located in Riyadh. The other two are situated in Jeddah and Khobar.

Last year, First Abu Dhabi Bank (FAB), one of its main rivals, secured approval to open three branches in Saudi Arabia. In May this year, FAB launched its first branch in the country at Riyadh.

Recently, Emirates NBD also opened branches in Egypt, as it eyes further expansion across Middle-East.

The company reported an 80% year-on-year rise in second quarter net profit. In a statement to the Dubai Financial Market, it said that the bank’s net profit jumped to Dh4.74bn.

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The increase was primarily attributed to the proceeds received through the sale of a stake in Network International, its payments processing unit.

Earlier this month, Emirates NBD secured the go-ahead from the BDDK to acquire Turkish lender Denizbank.

Emirates NBD will acquire 99.85% stake in Denizbank from Sberbank. Originally, the transaction was valued at TRY14.6bn ($3.2bn), which was revised to TRY15.48bn ($2.8bn) earlier this year.