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Final preparations are underway for the biggest red carpet event of the year... the Academy Awards.

Avatar, the most expensive film ever made, costing $500 million, is one of the favourites for the Best Picture award.

But it is facing strong competition from a film that cost a fraction of that - The Hurt Locker. Filmed in Jordan and taking a look at a US army bomb disposal unit, the film has already won a host of other awards.

They are both up against eight other nominees for the top prize, including Up in the Air and District 9.

Despite the variety of films on this year's list, critics say the Hollywood movie industry has lost its edge.

Al Jazeera's Jane Dutton talks to Ali Jaafar, the former editor of Variety magazine.

Source: Al Jazeera