An emergency restructuring team from Deloitte has been called in to help Dubai World, which is estimated to have debts of £36 billion.
Dubai World has admitted it cannot pay its debts and is hoping accountancy group Deloitte can assist in its recovery.
Aiden Birkett, managing partner, corporate finance at Deloitte, has been appointed as chief restructuring officer to Dubai World to oversee the restructuring process.
In a statement, Deloitte said that Mr Birkett's first priority "will be to evaluate the extent of the restructuring required" and he will oversee the process working closely with management, reports the Guardian.
Government-owned holding company Dubai World has funded both local and international developments including Palm Jumeirah, the world's biggest manmade island.
The effects of the debt problem in Dubai on the European financial markets were seen yesterday after the FTSE 100 index saw its biggest one-day loss since March, tumbling 170 points.
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