Dubai International Capital, the investment arm of Dubai Holding, the conglomerate owned by Dubai's ruler, remains locked in negotiations with banks over extending the deadline for a $1.25bn loan that matured November 30 as part of efforts to secure a larger debt restructuring deal about double the loan size, a company spokesperson said on Tuesday.

"We are in a de-facto extension period whilst we seek to achieve a long-term consensual agreement," the spokesperson told Dow Jones without providing any further details.