as well as responding to international organization requirements, concerned in combating such crimes. 2. executing decisions of the security council and united nations with regard to subjects or issues, relating to money laundering crimes or terrorist acts and fighting their finance. 3. implementing the aml ( 40 ) recommendations and the ( 9 ) special cft recommendations, issued by financial action task force ( fatf ), as well as other international aml / cft initiatives and directives. 4. establishing the appropriate legal frameworks to protect uae economic security in a way that ensures co - operation with the international community, within the context of international efforts exerted to combat crimes, including aml / cft crimes. this included establishing laws which criminalize such acts, preventive penalties against criminals as well as regulating the relationship among relevant authorities in the country and their responsibility with regard to these crimes, in a way that ensures cooperation and coordination among relevant authorities. 5. establishing the appropriate regulations and procedures to protect the financial and commercial establishments as well as individuals in the society and all its establishments. such regulations contain the means necessary to encounter the dangers resulting from money laundering or terrorism financing, in addition to issues which require special attention, subjecting them to examination and inspection, mechanics of reporting these crimes if they occur and verifying and documenting information. 6. emphasizing and supporting international and regional cooperation at all levels, particularly with regard to encountering money laundering, terrorist acts and all types of crime in accordance with international and regional conventions, agreements and initiatives. your highnesses, ladies & gentlemen, on this occasion, i would like to stress the appreciation of the central bank of the uae for the support we receive from h. h. the president ( may allah protect him ), his brother vice president and prime minister of uae ( may allah protect him ) and the council of ministers to encounter money laundering and combat terrorism financing, whether regionally or internationally. i would also like to stress that we receive cooperation and support from all emirates and from federal and local institutions. maintaining the achievement realized and seeking to achieve progress and development of legislations, regulations and procedures relating to encountering all types of financial crime, including money laundering and terrorism financing, shall ensure economic security and stability to our country and the region at large and shall enhance progress and prosperity within framework of cooperation and transparency. your highnesses, ladies & gentlemen, uae has set among its priorities holding international, regional and local conferences and seminars in order to train experts of all authorities

this year. but norges bank's regional network enterprises are a little more optimistic than they were earlier this year and expect some increase in activity ahead. there are still wide differences across industries. companies supplying goods and services to the petroleum industry are still doing well. in the construction industry, activity is low and companies expect a further decline ahead. sales of new homes are sluggish, but activity in the secondary home market is high and prices have risen markedly so far this year. labour market tightness has eased in recent years, as have recruitment difficulties facing businesses. registered unemployment has increased somewhat from a very low level. at the same time, employment has continued to edge up and the employment - topopulation ratio is high. chart : wage growth is high wage growth has risen over several years. while pay increases have been high, they have not kept pace with the rise in prices. we expect wage growth to reach 5. 2 percent this year, which is the same rate as last year. chart : inflation has slowed, but is still above target inflation has fallen markedly since the end of 2022. in may, consumer prices were 3 percent higher than one year ago. excluding energy prices, which have decreased, inflation is around 4 percent. in norway, like in other trading partner countries, goods inflation has fallen sharply, particularly imported goods inflation. services inflation is still elevated, partly owing to the sharp rise in labour costs in recent years. with modest growth in productivity, higher pay increases mean that businesses are facing higher costs. this could contribute to keeping inflation elevated ahead. chart : the policy rate will probably be kept unchanged for some time in order to bring inflation back to target within a reasonable time horizon, it will likely be necessary to maintain a tight monetary policy stance for somewhat longer than envisaged earlier. in recent months, inflation has been a little lower than expected. at the same time, the economy appears to be performing slightly better than we had expected, and wages appear to be rising faster. both developments indicate that it will take longer to bring inflation back to target. if the policy rate is lowered prematurely, inflation could remain above target for too long. if the economy evolves as we currently envisage, we will keep the policy rate at 4. 5 percent to the end of the year before a gradual easing of monetary policy can begin. towards the end of the projection period, the policy rate will be close to what we now assess to be a neutral range somewhat