Despite debt, it's show business as usual at Dubai film gala

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Despite an alarming debt crisis, Dubai is rolling out the red carpet with its usual splendour for movie stars as the Gulf state's sixth annual film festival kicks off on Wednesday.

Matt Dillon, Christopher Lambert, Mandy Moore, Christina Ricci and Omar Sharif will lead the parade of Hollywood actors at the opening of the Dubai International Film Festival, held at the pompous Madinat Arena, part of the luxurious Madinat Jumeirah resort.

Bollywood will be represented by Indian screen legend Amitabh Bachchan and his son Abhishek, in addition to Ranbir Kapoorm, while Arab stars attending include Khaled al-Sawy, Mostafa Fahmi, Ilham Shaheen and Sumaia al-Khashab.

The Dubai spectacle features 168 films from 55 countries, with some being shown for the first time worldwide.

"Most of the stars play in the films that will be presented in this edition," festival president Abdulhamid Juma told reporters, highlighting the event's ambition to become a link "between different cultures."

The festival convenes against a backdrop of a severe Dubai financial crisis triggered by the emirate's alert last month that it needs to freeze debt repayments for its largest conglomerate Dubai World - liable for a staggering 59 billion dollars.

Fears Dubai would default on the debt rocked global markets and sent shares in the oil-rich United Arab Emirates tumbling.

But the extravaganza will go ahead in Dubai, whose festival has become an international event since its debut in 2003, despite challenges from film fests in nearby Abu Dhabi and Doha.

This year the show opens with Rob Marshall's "Nine," based on Federico Fellini's 1963's classic film "8 1/2," and starring Nicole Kidman, Daniel Day-Lewis, Penelope Cruz, Sophia Loren and Marion Cotillard.

"Avatar," the new science fiction flick from "Titanic" maker James Cameron, will get a screening on December 15 - three days before it hits US movie theatres.

The first long film directed by an Emirati to make it onto the festival list is the "City of Life," made by Ali Mostafa.

In the multi-lingual feature film, set in Dubai, the paths of a privileged Emirati male, a disillusioned Indian taxi driver and a European woman's collide and irrevocably impact one another's lives. British actor Jason Flemyng takes part in the movie.

Among the documentaries, the festival presents "Budrus," entitled after a village in the West Bank threatened to be wiped out by Israel's separation barrier.

Directed by Brazilian filmmaker Julia Bacha, the film follows the peaceful struggle by Palestinians and Israeli civilians to stop the wall.

The best films of this edition will we awarded with "Muhr" or stallion prizes with a total value of 575,000 dollars.

The Dubai film festival will also honour Bollywood legend Bachchan and famous Egyptian actress Faten Hamama, who is dubbed "the lady of the Arab screen."

The festival has also dedicated a prize for a film which should be focused on defending human rights.

An auction will also be held over a gala dinner organised for the third year consecutively to raise funds for the American Foundation for AIDS Research (amFAR).

Queen Noor of Jordan is expected to attend the dinner, during which a collection made by fashion designer and artist Karl Lagerfeld will be auctioned, along with jewellery from Cartier.