Dubai World, the flagship company at the center of a $26 billion debt restructuring, characterized the meeting as an expectation management exercise. The conglomerate is due to make a two-hour presentation from 0930 GMT (4:30 a.m. EST).
Some 300 people were expected to attend the meeting, the first full gathering of Dubai World's creditors since it requested a standstill agreement on its debt on November 25.
But, in the wake of a Dubai email advising banks not to expect too much from the event, far fewer were expected to attend, the source said.
Bankers filtering into the Sheikh Maktoum hall at Dubai's World Trade Center complex on Monday were quickly ushered into the meeting as a phalanx of security guards kept media away.
The committee consists of UK banks Standard Chartered
Sources said Dubai World chairman Sultan Ahmed bin Sulayem will attend the meeting.
Dubai World representatives are expected to leave after their presentation and questions, handing over the meeting to a bank steering committee made up of major lenders.
Lenders will take Dubai World's requests back to their credit committees, which are expected to agree the standstill request early in the New Year, several bankers said.
(Reporting by Rachna Uppal, Nicolas Parasie; Writing by Amran Abocar; Editing by Sitaraman Shankar)