One of Dubai's top government officials said on Sunday that he expects state-owned conglomerate Dubai World to reach a deal on renegotiating its debt repayment schedule in the near future.

"I can say for sure we will reach it. It is there and you will hear about it soon," Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee told reporters when asked whether Dubai World has reached a deal with creditors.

He was speaking on the sidelines of a real estate event in the emirate, one of seven which make up the United Arab Emirates.

Dubai World is offering creditors a series of incentives to lengthen a $25 billion debt restructuring deal, including shares in global ports firm DP World as collateral, sources told Reuters earlier this month. – Reuters