InfoAnda - Britain's Brown arrives in Gulf for whirlwind tour

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: Britain's Brown arrives in Gulf for whirlwind tour AFP - Sunday, November 2 RIYADH (AFP) - - British Prime Minister Gordon Brown arrived in Saudi Arabia on Saturday at the start of a whirlwind tour of Gulf states hoping to get them to give extra funds to help countries hit by economic turmoil. Brown was met by Saudi Foreign Minister Prince Saud al-Faisal at Riyadh airport, an AFP correspondent travelling with him reported. He was later holding dinner and talks with King Abdullah. Brown will spend four days in the oil-rich region holding talks with leaders as he pursues his efforts to help coordinate the global response to the world economy's dramatic plunge. He wants the International Monetary Fund's 250-billion-dollar (195-billion-euro) bailout fund for countries hit by the financial crisis to be extended to prevent "contagion" spreading to other nations. The former finance minister, who has seen his struggling premiership boosted by his handling of the economic woes, says Gulf states and China should be among the biggest donors to an expanded scheme. "The Saudis and other countries in the Gulf states are very important, they are the countries with great revenues and oil wealth," Brown said, just before leaving London. "Everybody has got a part to play in solving the world downturn. I think the oil rich states will want to play their part." Brown is travelling with Lord Peter Mandelson, the former EU trade commissioner and now British business minister, as well as Energy Secretary Ed Miliband and a delegation of 27 leading figures from British business. They includes senior representatives from countries including BAE Systems, HSBC Holdings and Royal Dutch Shell. Britain faced heavy criticism from anti-corruption campaigners in 2006 after the Serious Fraud Office dropped a probe into claims that BAE Systems ran a massive slush fund for Saudi officials. The party will also be drumming up investment in British business, although a Downing Street spokesman denied that the trip amounted to going "cap in hand" to the Gulf states. The spokesman added that Brown would also be emphasising the importance of "transparency and stability" in the price of oil and urging Gulf states to invest in renewable energy sources in the long term. The trip comes ahead of a meeting of G20 leaders in Washington including Saudi Arabia's King Abdullah on November 15 which will discuss a restructuring of the world financial system, including the IMF. Brown said he has discussed the plan with IMF chief Dominique Strauss-Kahn, as well as French President Nicolas Sarkozy and German Chancellor Angela Merkel. The IMF is set to bail out Hungary, Ukraine and Iceland, while Pakistan is reportedly poised to apply for IMF assistance over its balance of payments crisis. But Brown could face a struggle to persuade the Gulf states, despite strong historic and trade links with Britain. The states, whose main economic driver is oil, have been hit by its price dropping below 60 dollars a barrel this week from record highs of nearly 150 dollars in July amid fears of falling demand because of the slowdown. And Brown clashed with leading oil producing countries last week over their emergency cut in production. The Organisation of Petroleum Exporting Countries (OPEC), whose top producer is Saudi Arabia and which counts the United Arab Emirates and Qatar as members, says it sees no reason why it should bail out a crisis which originated in the United States. OPEC's Secretary General Abdalla Salem El-Badri said on Tuesday it was "surprising" that OPEC countries, which produce around 40 percent of the world's crude, were being asked to help by keeping prices down. The trip comes after British high street lender Barclays said on Friday it would raise 11.7 billion dollars mostly from oil rich investors in Abu Dhabi and Qatar. This could see Abu Dhabi's Sheikh Mansour bin Zayed al-Nahayan, owner of premiership football club Manchester City, holding up to 16.3 percent of Barclays. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed US presidential race enters final weekend Consumers curb spending, deepening recession fears Bali bombers await firing squads as Indonesia stands guard Australian F1 race posts record financial loss Millions remember Philippine dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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