Gordon Brown claimed success yesterday in his attempt to persuade Saudi Arabia to help stricken economies by pumping more money into the International Monetary Fund.

“The Saudis will, I think, contribute so we can have a bigger fund worldwide,” he said.

But he has also been warned not to treat Saudi Arabia as a “cash cow” because it already has its own plans to spend the billions generated by the oil price surge.

The Prime Minister did not reveal the scale of the Saudi pledge, saying that figures would be revealed at the summit in Washington in the middle of this month.

British officials have been urged by the Saudis not to make too large a claim on windfall profits made during the period of exceptionally high oil prices. Mr Brown previously called for hundreds of billions to be made available by Gulf states for countries whose economies are now in peril.

Privately Saudi officials have acknowledged that in recent decades the state has failed to invest in the country’s infrastructure and public services and now want to rectify this. They intend to invest in education and skills, as well as to improve the living conditions of ordinary families.

The domestic priorities of Saudi Arabia could well be put before helping Western economies, which have been put at risk by global economic turmoil.

“Saudi Arabia does not want to be seen as a milch cow,” said a senior British government figure. At a three-hour meeting with King Abdullah on Saturday night, Mr Brown secured his agreement to attend the summit on November 15 to discuss reform of the international financial system. The pair dined, then talked long into the night through an interpreter

Lord Mandelson, who was also at the dinner at the Royal Palace, said Mr Brown wanted to ensure that the Saudi King was “on the same page” over the causes of the financial problems and the solutions. “We are seeking ‘buy-in’ from Saudi Arabia and other Gulf states to the necessary response that we all need to make to the turmoil of the international financial system. If we don’t get that money we will fail,” Lord Mandelson said.

The economic downturn has made the West more dependent on the Gulf states because of the huge reserves of money they hold in sovereign wealth funds.

The visit comes days after Barclay’s Bank announced £3.5 billion of investment from Abu Dhabi’s ruling family and £2.3 billion from Qatar, where Mr Brown arrived yesterday afternoon. He is being accompanied by 27 business leaders from banking, energy and construction, who are looking to invest in the region.

Mr Brown said that, although Britain was “open for business”, he did not want Middle Eastern countries to try to use investment to gain political influence. “As long as they play by our rules and operate in a commercial manner, we welcome the investment of sovereign wealth funds,” he told reporters on the flight to Riyadh.

Until now, Middle Eastern investment in British business has proved relatively uncontroversial. This contrasts with the United States, where attempts in 2006 by the authorities in Dubai to buy a large stake in major ports were blocked by Congress, even though President Bush backed the measure. Opponents argued that the deal could pose a security risk.

Lord Mandelson said that the Saudis and other Gulf states would now expect a bigger role in global institutions in return for their investment. “These are the new kids on the block. And we can’t do this by simply paying lip service to these emerging economies. We have to treat them as equals.”

Mr Brown also struck an upbeat tone about the British economy on this trip. He said that borrowing could be allowed to rise because the Government had relatively low debt, adding: “Of course, we have also got low interest rates compared to previous world downturns, so the building blocks for a recovery are in place.”

Times Recommends

• Secret files show Thatcher's role in coup plot
• Veterans to boycott Shell after ban on poppy sales
• 'I survived so please let Baby RB live too'