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"UK banks have an aggregate exposure to Dubai World of about $5 billion... Confirming them as the biggest creditor group at the crisis-hit emirate holding company," the Financial Times said.
Quoting bankers close to the situation, the daily said of the $40 billion debt of Dubai World, RBS has an exposure between $1 and $2 billion, while other UK banks has liabilities of up to $1 billion each.
Citing a senior banker, the FT said Emirates National Bank of Dubai was the biggest single creditor with outstanding lending of about $3 billion.
Pursuant to the $26 billion debt restructuring of Dubai World, RBS' exposure would be reduced by $700 million, while for StanChart it would be $350 million, the FT said citing sources.
The other top 15 creditors include international banks such as BNP Paribas, Societe Generale and Calyon.
The report added in recent days anger has been mounting among investors as they felt that they were duped by assurances given this year from Dubai's rulers as to the emirate's creditworthiness.
On September 8, Sheikh Mohammed bin Rashid al-Maktoum had said he was 'not worried' about Dubai's debt position, after which international investors piled into Nakheel bonds.
"Nakheel is one of the most leveraged companies I've seen in my entire career. People bought it because they'd assumed there was some kind of state guarantee, which there wasn't," a hedge fund manager told FT.
Emerging markets fund manager Ashmore was a substantial buyer of Nakheel bonds this year, as it increased its holdings in debt issued by the property developer by as much as 25 per cent, the FT said.
The report added the other large institutional money- managers thought to be involved include Blackrock, Julius Baer and Bank of America Merrill Lynch.
The first of the Nakheel sukuks (Islamic bonds), a $3.52 billion issue, is due to be redeemed on December 14.
Ashmore and hedge fund QVT are understood to be among the leading bondholders, the report added.
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