Japanese mega banks are boosting their efforts to attract Middle East oil money, which is in abundant supply thanks to soaring crude oil prices. Sumitomo Mitsui Banking Corp., a core unit of Sumitomo Mitsui Financial Group Inc., established a representative office in the Qatari capital of Doha in April. Mizuho Corporate Bank, the wholesale banking unit of Mizuho Financial Group Inc. , plans to set up an office in Riyadh, Saudi Arabia. Bank of Tokyo-Mitsubishi UFJ intends to boost its operations in the Middle East by utilizing its overseas network, including European offices. According to SMBC, there is strong demand for project financing related to resource businesses in Qatar, as the country is rushing to build industrial infrastructure on the back of increases in liquefied natural gas and crude oil production. Given that an increasing number of Japanese companies are moving into Qatar, an official at SMBC said the bank expects calls for financing to increase. Mizuho Corporate Bank plans to establish an office in Saudi Arabia as early as the end of this year after the bank receives approval from Saudi authorities. Saudi Arabia is considering setting up a sovereign wealth fund worth $6 billion, according to news reports .
