Dubai World and its creditors signed a deal to finalise the conglomerates nearly $15bn debt restructuring on 23 March.

The contract is part of a wider $25bn debt restructuring carried out by the Dubai-government owned firm and its subsidiaries.

The Dubai World deal restructures bank debt into a five year tranche of $4.4bn and an eight year tranche of $10.3bn. The average interest rate on the loans will be 2.4 per cent.

Dubai World is also restructuring several billions of dollars of debt at subsidiaries including Nakheel and Limitless.