Dubai progressing in debt talks: U.K. Minister

Mervyn-DaviesU. K. Trade Minister Mervyn Davies said that the state owned Dubai World has been progressing in talks with creditors and soon there could be a fruitful result for the crisis ridden state firm, that shocked the entire World by announcing standstill on its debt payments for at least six months in November last year.

After holding discussions with Sheikh Ahmed Bin Saeed al-Maktoum, the Chairman of Dubai Supreme Fiscal Committee and other high level officials, Mervyn Davies told, "There are signs of some progress being made from what I hear from the banks and therefore I am hopeful that this progress can continue."

Davies, who is also the Chairman of Standard Chartered Plc, said that the restricting process of the Dubai World has have impact over the confidence level of banks and investors.

A person concerned with the restructuring exercise told that the debt laden Dubai-World would forward its case before the creditors after completion of the valuation of its assets.

Sultan bin Saeed al- Mansouri, the Economy Minister of UAE, hoped earlier outcome of its discussions with the creditors.