Pop icons Erasure will be leading the celebrations

It marks the 11th anniversary of the city's New Year celebrations and organisers have promised it will be bigger and better than ever.

Topping the bill at this year's event are Erasure supported by The Coral, along with a host of DJs and traditional artists.

At the stroke of midnight, thousands of fireworks will light up the skies of Edinburgh as they are launched from seven sites across the city.

And an expected 100,000 revellers will also be encouraged to "join hands" at three minutes past midnight to sing Auld Lang Syne.

We know how to party in Edinburgh and I think it will be the biggest and best Lesley Hinds Lord Provost of Edinburgh

Edinburgh's Lord Provost Lesley Hinds said the celebrations, which run from 29 December to 1 January, should generate �30m for the local economy.

"It manages to promote the city of Edinburgh throughout the world, we know how to party in Edinburgh and I think it will be the biggest and best," she told BBC Radio's Good Morning Scotland.

"I believe that the people of Edinburgh think it's money well spent and it promotes the city.

"It's also not just about the Hogmanay night, there's events leading up to Hogmanay and also after Hogmanay and therefore there are jobs brought to the city, whether it be in hotels, restaurants, bars or other events.

International flavour

"I think that's what people are interested in, bringing jobs to the city throughout the year."

The launch pad for the Hogmanay extravaganza will be a torchlight procession and fire festival on Monday 29 December.

The carnival will travel from through the Old Town to Calton Hill, lighting up the streets on its way.

The four-day celebrations will also have an international flavour.

On Tuesday 30 December, George Street will be transformed into a massive Indian party based on the theme 'Bollywood meets Hollywood'.

Up to 500,000 revellers are expected in the capital

For those who feel they may have over-indulged, organisers are offering a New Year's Day programme of outdoor activities.

On 1 January, Holyrood Park will play host to Parklife, a series of free family events, including mass outdoor aerobics, salsa dancing and a traditional run down the Royal Mile.

Despite being over six weeks away, more than half the tickets for the celebrations have been sold.

Twelve months ago the four days of partying generated �34m for the city's economy and a further �7m for the rest of Scotland.

A crowd of about 500,000 is expected in the capital for the final hours of 2003.