The need for greater economic diversification in Saudi Arabia and the opportunities that diversification will create for local and international banks will be reviewed at an upcoming Euromoney conference in the kingdom.

The Euromoney Saudi Arabia Conference 2015 take place on May 5 and 6 at the Al Faisaliah Hotel in Riyadh, Saudi Arabia.

Weak global growth and soaring output combined to drive the price of oil significantly lower this year, said a statement.

This will have significant implications for the kingdom’s economy, which is still dependent on the energy sector – approximately 80 per cent of government income and 90 per cent of export earnings relies on oil, it said.

To examine this dramatic global shift, this year’s conference will host a ‘Bank Strategy’ panel discussion during its opening day, which will examine whether oil price volatility has impacted the banking sector.

Richard Banks, Euromoney Conferences’ regional director, said: “The volatility in the price of oil is one of the major economic stories of the year, both globally and for the Kingdom. We want to get under the skin of the issue, and use international and local insight to understand the new challenges and opportunities this situation is creating.”

The conference will also include special breakfast workshops on the macro-economic picture, as well as panel discussions on the role of capital markets in the current climate. - TradeArabia News Service