For starting the process of restructuring the debt laden conglomerate, the Dubai Officials will meet representatives from 100 banks who advanced them money.

The officials are in talks with the creditors for the repayment of the loans taken by subsidiaries of the Dubai World group.

Sheikh Ahmed bin Saeed al-Maktoum, Dubai Ruler’s Uncle was sent to London to discuss the debt problems faced by the country.

"They made clear there were a number of options the government of Dubai saw as feasible and desirable for Dubai World and repayment in full was one of them”, it has been reported.

After a payment of 4.1 billion dollars by property subsidiary, Nakheel, the total outstanding debts of Dubai World subsidiaries that are to be restructured amount to 22 billion dollars.

A coordinating committee is being formed by its creditors which is chaired by Royal Bank of Scotland, which has exposure of $1bn (£619bn) and $2bn. Other British including Lloyds Banking Group and HSBC are thought to have combined exposure of about $5bn.

Central bank of the United Arab Emirates, Abu Dhabi also paid 10 billion dollars to Dubai for covering its debts. Dubai's total debt is estimated at between 80 and 100 billion dollars, with Dubai World's debt amounting to 59 billion dollars.