It is well known that Dubai had earlier roiled markets with a request to delay debt payments late last year, but the latest update is that it now is aiming at repairing the damage to its reputation.

Nick Anstee, the 682nd lord mayor of the City of London, explained, "They are absolutely determined to mitigate that reputational damage by arriving at a solution because they want to continue to deal and trade with people who have been part of building Dubai to what it's today."