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KUWAIT CITY – Kuwaits government has given the green light to the countrys banks to finance a KD30 billion ($104.3 billion) development plan and is prepared to back them with guarantees, newspapers reported on Thursday.

The four-year plan, passsed by parliament in February, is aimed at decreasing the Gulf states dependence on oil for state revenues, and boosting private sector participation in projects.

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JEDDAH – JPMorgan Chase & Co. plans to become the first US bank to open a full-service commercial branch in Saudi Arabia this year, six years after Citigroup Inc. exited a venture in the worlds biggest oil exporter.

The firm, building on an investment banking office, is adding services to attract more corporate and institutional customers, said Daniel Cotti, the New York-based banks executive for global trade services. It obtained a full commercial banking license from the Saudi government in 2005 and is now the only US financial firm to hold one. The expansion is part of a plan to accelerate growth in emerging markets also including Asia, South America and Eastern Europe.

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DUBAI – The number of American companies operating in Dubai Airport Freezone is on continuous increase to explore business opportunities in the region, said Dr. Mohammed Al Zarooni, director general of Dubai Airport Freezone.

Speaking during a meeting with the American Consul General Justin Siberell at his office in the Dubai Airport Freezone, Dr. Zarooni pointed out that the American companies operating in the Freezone are of valuable quality and major contribution in the global and local economy.

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TOKYO – Saudi Arabia will store 3.8 million barrels of crude oil in Japan, helping the Pacific nation stock up its reserves while giving the top oil exporter better access to Asian markets.

The well-flagged deal between Japans trade ministry and state oil firm Saudi Aramco would see the crude start arriving later this year at the Okinawa Oil Base (OCC), according to a trade ministry statement.

Industry sources have said the size of its facilities and the fact OCC allows supertankers to dock directly at port to transfer crude oil makes it a good destination for the Saudi crude.

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KUWAIT/DOHA – Gulf oil ministers on Tuesday played down the slide in oil prices below $70 a barrel and said OPEC had no plans to call an emergency meeting to discuss supply policy.

US crude tumbled below $68 on Tuesday and has fallen by nearly $20 in three weeks on growing fears that Europes debt crisis would derail the global economic recovery.

The price is below the $70 to $80 range that top oil exporter Saudi Arabia and others in OPEC have said is fair for both producers and consumers.

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JEDDAH – Gulf region economies seem to have put their recent trials behind them and are embarking on a new growth chapter, still fuelled by hydrocarbons, but armed with strengthened regulatory regimes and in some cases, a better handle on contingent government liabilities, Nomura, the leading global investment bank headquartered in Japan, said in a report looking at the prospects for the Gulf economies of Saudi Arabia, United Arab Emirates (UAE), Qatar and Kuwait.

The report by Ann Wyman, managing director and head of Emerging Market Research, Europe, said: “Saudi Arabia, the Gulf regions largest economy, is setting a course for continued strong economic performance. Its swift and pre-emptive actions to maintain confidence in the banking sector during the credit crisis, followed by a decisive and substantial fiscal response to the global economic slowdown, have helped it to weather the storm. While the countrys medium-term growth prospects remain inextricably tied to hydrocarbon production, it is making strides toward economic diversification. Business and consumer confidence is returning, and bank lending looks to have resumed, albeit at a slower, and healthier, pace.”

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JEDDAH – Saudi Arabias Tadawul All Share Index (TASI) rose to a 17-month high on Tuesday as rising oil prices, increased US consumer spending and expectations of improved domestic first-quarter earnings bolstered sentiment.

The index jumped 0.66 percent to 6,814.99 points.

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VIENNA – With oil prices steady around $80, OPEC countries are returning to energy investment projects postponed at the height of the economic crisis, while foreign firms are playing a major role.

OPEC nations used the sidelines of this weeks meeting of the Organization of Petroleum Exporting Countries to speak about their plans for significant investments in energy infrastructures.

And with oil demand set to rise over the long term, investment in the energy sector, from drilling projects to building new refineries is essential.

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AL-KHOBAR – Demand for steel in top oil exporter Saudi Arabia is expected to rise this year by 8 percent with consumption nearing 6.4 million tons, Saudi Arabian Basic Industries (SABIC) said on Wednesday.

Saudi Arabian authorities in 2008 imposed restrictions on exports of steel and scrap metal due to tight supply in the domestic market. SABIC, which controls the kingdoms biggest steel producer Hadeed, said on its website that total production capacity at local plants run at full tilt is about 7.3 million tons.

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DUBAI/LONDON – Lenders to Dubai World will get a range of options including full repayment once Abu Dhabi decides how much additional support it will provide its debt-strapped neighbour, sources close to the discussions said.

Bankers in London and the Gulf are divided over how Dubai should restructure the $26 billion debt pile dogging its flagship holding company, leading the emirate to consider parallel offers in an effort to please all, the sources said.

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