As per the media reports, a second $10 billion is to be raised in November by Dubai for the program, which set up a $20 billon fund to help state-related companies hit by the credit crisis.

Emaar Properties PJSC chairman, Mohammed Alabbar said: "I am not sure of the date, October, November? November is a more reasonable date." He also led the government committee that evaluated the impact of the global credit crisis on Dubai. He explained that financing will be majority government and minority private sector in my opinion."

The initial $10 billion was borrowed by the fund by selling bonds to the United Arab Emirate's central bank in February, with the aim of helping state-related companies dealing with problems raising cash amid the global credit crunch.

Earlier, a sum of more than $80 billion was borrowed by Dubai with the aim of transforming the economy into a tourist and financial services hub.

Alabbar said: "Dubai's government has debt of $9 billion only and that's only for the utilities. The other debt, people classify it as a government debt but it's not government debt. It's debt for companies in business that are owned by the government." Last week, Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee expressed his optimism that Dubai shall be successful in paying its debt.