Dubai Group, a unit of conglomerate Dubai Holding, is setting up a committee of banks to discuss its debt commitments, and said on Thursday it will continue to service its debts.
"These discussions are making good progress and Dubai Group is confident of a positive outcome that is beneficial to all stakeholders," said a spokesman for the group.
Dubai Group has a $1.5 billion murabaha facility due in August 2011 in which 25 banks have participated.
Dubai Holding''s other units, including Dubai International Capital (DIC) and Dubai Holding Commercial Operations Group (DHCOG) sought delays for credit obligations earlier this year.