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The purpose of the meeting was to provide an update to the banks on the development of the group's restructuring plans as it seeks to reach an agreement with creditors, the official WAM news agency reported.
Monday's meeting is the first formal session of talks between Dubai World and creditor banks aimed at resolving the group's debt position.
Dubai World's appointed advisers also attended the meeting, according to the report.
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An aerial view of the Burj Dubai, the world's tallest tower, in Dubai December 21, 2009. State-owned Dubai World did not ask creditors for a standstill on $22 billion of debt at a meeting on Monday, adding to uncertainty for investors who have been in the dark for weeks and hurting local bank shares |
"Dubai World is committed to working closely with the banks' appointed coordinating committee to work towards a consensual solution for the benefit of all lending banks, trade creditors and other stakeholders affected by the restructuring," the report said.
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An aerial view of the Burj Al Arab hotel in Dubai December 21, 2009. State-owned Dubai World did not ask creditors for a standstill on $22 billion of debt at a meeting on Monday, adding to uncertainty for investors who have been in the dark for weeks and hurting local bank shares |
The government of Dubai, a member of the oil-rich federation United Arab Emirates (UAE), announced on Nov. 25 that it would ask Dubai World's creditors to agree to a debt moratorium of at least six months as a first step towards restructuring.
On Dec. 1, Dubai World confirmed that its debt restructuring process related to a total debt of 26 billion dollars, of which a 4.1-billion-dollar Sukuk, or Islamic bond, owed by its property subsidiary Nakheel was due on Dec. 14.
Nakheel, the real estate developer which built the famous Palm Jumeirah island near Dubai's coast, said it would pay back the Sukuk within two weeks last Monday, hours after Abu Dhabi injected a 10-billion-dollar bond in order to save Dubai World from immediate default.