ABU DHABI – The World Economic Forum placed UAE first on the Arab level and 23rd on global level for the sixth consecutive year in the category of the Innovation-based Economy. The Global Competitiveness Report 2011-2012 released Tuesday assessed the ability of the world countries to promote innovation and knowledge in order to push their economies to compete globally. The UAE participated in the annual meeting of the World Customs Organization, which was held recently at the headquarters of the World Customs Organization in Brussels in conjunction with the celebrations of the sixtieth anniversary of the organization. The World Customs Organization was established in 1952 and currently has a membership of 177 countries including the United Arab Emirates which joined the organization in 1979. The UAE delegation to the meeting headed by Khalid Ali Al Bustani, acting Director General of the Federal Customs Authority included representatives from the local and federal customs entities. Al Bustani said that the meeting represented an important opportunity to find out the latest developments and issues in the arenas of world economies and customs, pointing out that the UAE's participation in the meeting reflected the country's keenness to exercise an effective role in the map of world trade. The participation also emphasized UAE's role in pushing ahead the functions of customs into higher standards, thus helping to support fair trade and peaceful community life. Separately, Dubai Properties, a subsidiary of Dubai Properties Group, today confirmed an agreement with Emirates REIT, the UAE's first real estate investment trust. Under the agreement, Dubai Properties contributed the revenue generating property “Office Park” to the fund. – WAM
