An insider to the Dubai government said that an offer to creditors for rescheduling of approximately $22bn of debt will be offered by the state-owned Dubai World following its advisers finalize valuing the properties of the companies.

The executive said that the ultimate offer will be made after meetings with the Abu Dhabi government and the UAE’ central bank. Abu Dhabi’s government, the central bank, and two commercial banks of the emirate loaned $20bn last year to Dubai’s monetary support fund to assist state-owned companies throughout the credit crisis.