Dubai World Group has confirmed that its debt restructuring process of $26 billion would

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apply only to the Dubai World and the Nakheel and Limitless.

In a statement on the state-owned firm's debt obligations, it clarified the process would not include Infinity World Holding, Istithmar World and Ports & Free Zone World (which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone).

The group said all of these were "on a stable financial footing".

"The total value of debt carried by the companies subject to the restructuring process amounts to approximately USD 26 billion, of which approximately USD 6 billion relates to the Nakheel sukuk (Islamic bond)," a statement added.

"It is envisaged the restructuring process will be carried out in an equitable way for the benefit of all stakeholders and will comprise several phases, including long-term plans and commitment of stakeholders;... And the formulation of restructuring proposals to financial creditors and their implementation," it said.

The initial discussions have also started with the banks of Dubai World are moving in the right direction, it added.

Last Wednesday, Dubai said it would seek a six months freeze until up to May, on debt repayment of its main investment arm Dubai World, which has USD 59-billion debts.