Dubai's ruler has indicated continued confidence in Sultan bin Sulayem, chairman of Dubai World, the government-owned conglomerate that is seeking to restructure more than $20 billion in debt.

"Sultan bin Sulayem, chairman of Dubai World, continues to hold his position," the office of the emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum, said in a statement carried by state media. It did not elaborate.

Dubai World rocked global markets on November 25 when it said it would seek a debt standstill on $26 billion.

The conglomerate staved off a $4.1 billion bond default by its real estate unit, Nakheel, after receiving a $10 billion bailout from the neighbouring emirate of Abu Dhabi, holder of most of the oil reserves of the UAE, the world's third largest crude exporter.

In December a banking source said that Dubai World told creditors it would pitch a standstill proposal in mid-January. A Dubai World spokesperson said last month the company was aiming to have a restructuring plan in place by April.-Reuters