DUBAI: State-owned conglomerate Dubai World will meet with creditors next week to begin renegotiating 22 billion dollars of debt, The National reported on Wednesday.

Dubai World would meet more than 90 bank creditors on Monday, beginning a "long, drawn out process" of negotiations, said the newspaper, which is owned by the government of Abu Dhabi.

The talks should cover the remaining 22 billion dollars of debt the company has said it wants to renegotiate.

Thanks to a hand-out from Dubai's deep-pocketed neighbor Abu Dhabi, the emirate was able to cover 4.1 billion dollars of Dubai World subsidiary Nakheel's debt that was due on Monday.

Dubai faces financial difficulties due to debts estimated at between 80 and 100 billion dollars.

The emirate announced on November 25 that it sought a six-month debt moratorium for Dubai World, sparking global fears of a Dubai debt default.

Dubai World, which has debts estimated at 59 billion dollars, announced on November 30 that it would restructure ten companies comprising the group, including Nakheel, and renegotiate a portion of their debts valued at 26 billion dollars.