RIYADH (AFP) — Prime Minister Gordon Brown said the International Monetary Fund (IMF) needs "hundreds of billions of dollars" to help countries at risk of collapsing amid the world financial crisis.

Saudi King Abdullah bin Abdul Aziz (R) welcomes British Prime Minister Gordon Brown

Brown, who is in Saudi Arabia, told reporters Saturday during a four-day tour of Gulf states that countries which had benefited from recent high oil prices could contribute to the plan.

Brown also stressed that Britain welcomed investment from Gulf sovereign wealth funds "as long as they play by our rules and operate in a commercial manner."

Brown, whose struggling premiership has been boosted by his leadership in the financial panic, wants the IMF's 250 billion dollar bailout fund for affected countries to be extended to prevent "contagion" elsewhere.

He has not previously indicated the amount of cash by which he believes the IMF, which is set to bail out Hungary, Ukraine and Iceland, needs to boost its coffers.

"If we are to stop the spread of the financial crisis, we need a better global insurance policy to help distressed economies," he said.

"That is why I have called for more resources available for the IMF -- hundreds of billions (of) dollars on top of the 250 billion they already have available -- to lend to those countries at risk of financial collapse.

"The oil producing countries, who have generated over one trillion dollars from higher oil prices in recent years, are in a position to contribute."

The trip comes after high street lender Barclays said 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 Nahyan, owner of premiership football club Manchester City, owning up to 16.3 percent of Barclays.

Brown hailed the Gulf states as "an increasingly important source of inward investment to the UK."

"As long as they play by our rules and operate in a commercial manner, we welcome investment from sovereign wealth funds in the UK," he said.

Business Secretary Lord Peter Mandelson, travelling with Brown, also said he saw no problem with sovereign wealth funds investing in Britain.

"They want to generate a good return, they are the first to steer clear of politics," he said.

The Barclays plan reportedly sparked fury from some large shareholders who said that Barclays had paid a high price to avoid raising capital from Brown's government, which has insisted on limits on bonuses.

The Gulf states have been hit by oil prices dropping below 60 dollars a barrel in recent days from record highs of nearly 150 dollars in July on fears of falling demand because of the slowdown.

Brown is also expected to push for a more stable oil price after clashing with the Organisation of Petroleum Exporting Countries (OPEC) last month over its emergency cut in production, which aimed to buoy up prices.

He is travelling with Mandelson, the former EU trade commissioner, as well as Energy Secretary Ed Miliband and a delegation of 27 leading figures from British business.

The delegation will also be drumming up investment in British business. Miliband is keen to promote Gulf states' investment in green energy technology.

The trip comes ahead of an international summit in Washington including Saudi Arabia's King Abdullah on November 15, in which leaders from rich nations and emerging powers will discuss a restructuring of the world financial system, including the IMF.

Brown said he has discussed the plan for extra funds for the IMF with its chief Dominique Strauss-Kahn, as well as French President Nicolas Sarkozy and German Chancellor Angela Merkel.

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