  We study the issue of gauge-invariant observables in d=4, N=4 noncommutative
gauge theory and UV-IR relation therein. We show that open Wilson lines form a
complete set of gauge invariant operators, which are local in momentum space
and, depending on their size, exhibit two distinct behaviors of the UV-IR
relation. We next study these properties in a proposed dual description in
terms of supergravity and find agreement.
