Rep. Wayne Owens, D-Utah, was to leave Thursday for the Middle East - his sixth visit in 11/2 years - to promote his idea of a Middle East development bank.

During his week-long visit, Owens plans to meet President Hosni Mubarak of Egypt, President Chiam Herzog of Israel, King Hussein of Jordan and King Fahd of Saudi Arabia.Owens, a member of the House Foreign Affairs Committee, has traveled extensively through the Middle East since he was re-elected to Congress in 1986 - including a meeting in Tunisia last month with Palestine Liberation Organization leader Yassir Arafat, the first such meeting with an American in almost two years.

Owens formally introduced a bill this week that would form a development bank to use public and private assistance from the United States and other free-world allies such as Japan to bolster local financing for all countries in the Middle East.

He envisions Israelis and Arabs working together on such ventures as water and irrigation projects and attracting tourism.