DIFC Investments, DP World, Emaar Properties, and Dubai Holding Commercial Operations, among others are being placed on negative watch by Standard & Poor, the well renowned rating agency.

The agency says that it was unambiguous whether the Dubai government would step in to support these groups in the middle of "deteriorating fundamentals" and talk of debt restructuring.

Keeping in consideration that oil-rich Abu Dhabi has already come to the rescue of Dubai's ruling Maktoum family with a $20bn (£13.5bn) emergency loan, the latest development has come as a big surprise. It won't be wrong to say that systemic stress has being created by the bursting property bubble in Dubai. It was reported by a report by Colliers International that a fall in prices has been seen by 41pc in the first quarter of 2009, perhaps the world's most spectacular property crash.

S&P informed that it was initiated by reports that Dubai's building group Nakheel, a subsidiary of state-owned Dubai World, is discussing "all options" for a change in terms on a $3.5bn bond due this year.

Farouk Soussa, S&P's analyst for the region said, "What we are left with is uncertainty."

"Dubai's external funding needs this year are 109pc of its reserves. Dubai's entities need to roll over $19bn by next year as the bill comes due for its frenetic expansion," concluded the International Monetary Fund.