Most Dubai World creditors have agreed to the terms for restructuring the troubled conglomerate's debts, a state-owned daily said Diesday.

"Most of the banks have agreed on the offer after studying the size of the obligations remaining on the group and the amounts it will pay," Al-Bayan said, citing an unidentified negotiator who represents the banks.

It is likely "that all the banks will sign the contract presented by the company," the newspaper quoted him as saying. He said the banks would respond within two weeks, the report added.

"Standard Chartered welcomes the deal," a senior bank official, requesting anonymity, told Dubai-based Emirates Business daily.

Others, like Royal Bank of Scotland CEO Stephen Hester described the proposal as "a welcome start," while HSBC Bank's Middle East CEO Simon Cooper called it "fair,” the daily said.