Dubai Group, an investment company owned by Dubai's ruler, has agreed to a $10bn debt restructuring with its main bank creditors after three years of talks, potentially lifting a cloud of uncertainty that has engulfed the emirate since the financial crisis.

If it goes through as expected, the restructuring will be a major step in the broader reorganisation of Dubai's government companies in the wake of the financial crisis, analysts say. Under its terms, Dubai Group would get up to 12 years to repay its banks as it tries to sell assets and generate cash, according to a person familiar with the talks.