Discussions have opened between Dubai World and its creditors, many of whom are banks with significant operations in Britain, in an attempt to hammer out a repayment deal, the BBC reports.

Representatives of banks including HSBC and RBS are attending the talks, the first since the firm requested an extension in the repayment of its loans last month.

British banks have loans of more than $50 billion (£31 billion) in the United Arab Emirates and Dubai World’s failure to repay its debts sparked fears reflected on stock markets around the world.

The BBC’s Dubai correspondent Jeremy Howell said that British banks are keen to help Dubai World and its subsidiaries such as property company Nakheel avoid liquidation.

If banks are unable to recoup their loans, Dubai’s financial problems could impact on the number of banking graduate jobs which are available.

"It is in their interest to prop up the company in the hope that they might get their money back eventually," he told the news provider.

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