It was confirmed by Dubai World Group that its debt restructuring procedure of $26 billion would be relevant only to the Dubai World and the Nakheel and Limitless.

In a statement on the state-owned firm's debt obligations, it was explained that the process would not contain Infinity World Holding, Istithmar World and Ports & Free Zone World (which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone).

The group told that all of these were on a stable financial footing.

A statement added, "The total value of debt carried by the companies subject to the restructuring process amounts to approximately $26 billion, of which approximately $6 billion relates to the Nakheel sukuk Islamic bond."

The statement added that the early debates have also commenced with the banks of Dubai World and are progressing in the right direction. Dubai confirmed last Wednesday that it will look for seek a six months freeze until up to May, on debt repayment of its main investment arm Dubai World, which has $59-billion debts.

To advise on the Dubai World restructuring with Rothschild, Moelis & Company have been appointed, who will continue their ongoing role as financial advisor.

Dubai World told that it planned to accept the policy of regular communication and would give further updates as the process develops.