The talks with US, European and Malaysian lenders, were delayed due to "administrative matters," Al-Ittihad reported, citing DEWA's Chief Executive Saeed Mohammed Al-Tayer.

The negotiations with foreign lenders were due to begin last Thursday, the newspaper reported.

Dewa officials were not immediately available to confirm the report.

Tayer said earlier this month he expected the debt issue to be finalized by the first week of April. DEWA's chairman has said the bonds would be used to cover short-term financing.

DEWA abandoned plans to tap debt markets after the state-owned conglomerate Dubai World said in November it would restructure about $26 billion of its debts. Dubai World is in final stages of proposing a debt offer to its creditors.