Dubai World in talks to stall bond payments

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The luxury property developer asked for a six-month standstill on repayments two weeks ago as it warned that it could go into default, sending Dubai and other stock markets tumbling.

If Dubai World misses repayments on Monday, it will have another fortnight's grace until 28 December before it risks default.

Saud Masud, a UBS analyst in Dubai, said: "It's not just about $3.5 billion. It's about restructuring $26billion of obligations. This is a complex deal at many levels and I think to reach a meeting of the minds by 14 December - or even a fortnight later - is an aggressive target."

Dubai World, whose Nakheel subsidiary is behind huge developments such as the Palm Islands, posted a $3.64billion loss for the first half of 2009 this week.

Revenues have been hit by a 50% slump in property prices and a sharp rise in home-buyers defaulting on purchases.

Investors have been spooked after the UAE's government refused to say it would help to underwrite Dubai World's losses.