Moody’s Investors Service on Tuesday said Dubai and its state-owned non-financials have outstanding debt of $101.5bn and could require further financial support to meet their obligations.

The credit rating agency’s report showed that it remains concerned about the emirate’s maturing debt in spite of the “significant process” made by the authorities and state-owned companies to deal with it.

Figures published by the agency showed that Dubai’s government has about $27.9bn of direct debt, while State-owned corporations have $68.6bn in debt.

The FT reported quoting an unnamed senior government official that Dubai may restructure by next year some issued bonds to assist these companies to meet their $3.8bn debt payments.