Dubai World is today expected to present its first concrete proposals to local banks on restructuring $22 billion (Dh80.8bn) of debt, according to sources familiar with the matter.

The government-owned group has requested meetings with Emirates NBD and Abu Dhabi Commercial Bank to present its proposals, which bankers say will probably include a number of options to settle the debt, ranging from immediate repayment of part of it to full repayment over a longer period but with little or no interest.

“This is the first discussion on the refinancing,” a source involved in the negotiations said. “So far, all the discussions have been on the standstill.”

The National