‘Local vehicle prices witness significant' decrease after reducing taxes'
According to the Jordan Automotive Dealers Association (JADA), the price drop on new vehicles, across various types and models, ranges between JD1,600 and JD10,000, depending on engine capacity, the Jordan News Agency, Petra, reported.
In June, the Cabinet approved an amended regulation to the 2025 Special Tax Law, which included reductions in the general and special taxes on vehicles.
The move is part of a broader set of government measures aimed at stimulating the economy and alleviating financial pressures on the public.
Petra on Wednesday monitored several promotional advertisements from car dealerships and agencies offering discounts of up to JD5,000, particularly on newer models.
JADA Secretary Zaid Abdallat said that automobile showrooms have experienced increased activity thanks to the government's reform package, which has "positively" impacted car prices across all categories and driven consumer interest in purchasing new vehicles.
Abdallat added that the tax cuts have 'restored balance' among different vehicle categories, giving consumers more freedom to choose from a wider range of options at "unprecedented" prices.
He noted that new vehicles with manufacturer warranties have now become a "viable" alternative to used or imported cars, which often lack warranty coverage and after-sales support granted from authorised dealers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Bawaba
26 minutes ago
- Al Bawaba
LuLu Exchange Expands Footprint with New Customer Engagement Center at Zakher Mall, Muscat
LuLu Exchange, a leading global financial services company and the regional fintech partner of the Argentine Football Association (AFA), has opened its new Customer Engagement Center at Zakher Mall, Al Khuwair, in Muscat. The inauguration ceremony was graced by the esteemed presence of LuLu Exchange Oman Director, Sheikh Mohammed Hamed Ali Al Ghazali, and Mr. Adeeb Ahamed, Managing Director of LuLu Financial Holdings, along with senior management of LuLu Financial event marked a pivotal milestone in LuLu Exchange's ongoing commitment to advancing the standard of financial services within the community. The newly inaugurated Customer Engagement Center has been strategically established to enhance the overall customer experience while streamlining financial transactions for residents of Mohammed Hamed Ali Al Ghazali shared his thoughts on the occasion. 'The opening of this Customer Engagement Center represents more than just an expansion. It reflects our dedication to serving the people of Oman with excellence and trust. We are proud to bring world-class financial services closer to our customers, ensuring convenience and reliability at every step,' he Lathish Vichitran, General Manager of LuLu Exchange Oman, said, 'With the launch of this center, we are reinforcing our promise of customer-first service. Our goal is to create a seamless experience where every transaction is efficient and reassuring for the people we serve.'As a proud regional fintech partner of the Argentine Football Association (AFA), LuLu Exchange is extending its global partnerships to enhance brand trust and community engagement. This affiliation with the world champions reflects the company's global credibility and deep-rooted values of teamwork, trust, and excellence — values mirrored in every service offered at the new centre. LuLu Exchange looks forward to serving the Omani community better through its Zakher Mall Customer Engagement Center, providing a wide range of financial services tailored to meet the evolving needs of customers in the region. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Al Bawaba
an hour ago
- Al Bawaba
Burgan Bank Reports Stable Financial Performance for H1 2025
Burgan Bank ('Burgan' or 'the Bank') announced its financial results for the first half of 2025 (H1'25), for the period ending June 30, 2025. The results indicate continued operational progress and consistent performance across key business the first half of the year, the Bank recorded revenues of KD 126 million, representing a 14% increase year-on-year (y-o-y) compared to H1'24. The growth was primarily supported by an increase in Net Interest Income, which rose to KD 83 million, marking a 16% y-o-y increase. This was driven by stronger Net Interest Margins, which improved to 2.2% in H1'25 from 2.1% in the same period last year, along with continued expansion of the loan portfolio. Non-interest income also grew by 9% y-o-y to KD 43 million in H1'25, largely reflecting the contribution from United Gulf Bank (UGB) starting this by healthy top-line momentum, Burgan Bank delivered Operating Profit of KD 49 million and Net Income of KD 21 million, reflecting operational stability relative to the same period last the balance sheet front, the Bank demonstrated resilient asset growth. Total assets increased by 14% y-o-y, reaching KD 8.7 billion as of June 30, 2025. The loan portfolio stood at KD 4.6 billion, up 4% y-o-y. The deposit base also expanded by 16%, reaching KD 5.4 billion, reinforcing the Bank's stable and diversified funding Bank also sustained a healthy capital and liquidity position. The Common Equity Tier 1 (CET1) ratio stood at 11.7%, while the Capital Adequacy Ratio (CAR) reached 17.4%, both comfortably above the regulatory minimum requirements of 10.5% and 14.0%, respectively. Additionally, the Bank's liquidity remained strong, with a Liquidity Coverage Ratio (LCR) of 225% and a Net Stable Funding Ratio (NSFR) of 113%, both well in excess of the 100% regulatory on the H1'25 financial results, Burgan Bank's Chairman, Sheikh Abdullah Nasser Al-Sabah, said: 'The first half of 2025 marks another strong step forward in Burgan Bank's transformation journey. As we navigate a complex regional and global landscape, our performance reflects the Bank's resilience, disciplined execution, prudent risk management, and forward-looking strategy. Backed by a solid financial core and a clear vision, we remain focused on creating sustainable long-term value for our shareholders, empowering our people, and delivering an elevated banking experience for our customers.'He added: 'Through financial management and strategic focus, we continue to make meaningful progress – reinforcing the strength of our core Kuwait operations, sustaining growth across the Group, and deepening our role as a trusted partner to customers and communities. Beyond the numbers, we are committed to building a modern banking model that responds to the needs of tomorrow – driven by innovation, rooted in strong governance, and powered by our most valuable asset: our people.'Mr. Tony Daher, Group Chief Executive Officer at Burgan Bank, said: 'Our first-half performance in 2025 reflects the strength of our financial position, strategic clarity, and operational discipline. We achieved solid revenue and asset growth, backed by a robust capital base— demonstrating our agility in a challenging and fast-evolving environment. At the same time, we continue laying the groundwork for the future by accelerating our digital transformation, modernizing our core banking infrastructure, and building scalable platforms to drive long-term innovation and growth.'Adding: 'Our strategy is driven by people: our employees, our customers, and our communities and we are building a culture that fuels ambition and advances our role as a future-ready, human-centric institution.'Burgan Bank Secures Inclusion in FTSE4Good Index, Affirming Sustainability Leadership In June 2025, Burgan Bank was included in the prestigious FTSE4Good Index Series—a recognition that underscores the Bank's steadfast commitment to Environmental, Social, and Governance (ESG) excellence. The FTSE4Good Index Series is a globally respected benchmark that identifies companies demonstrating strong ESG performance and is widely used by institutional investors and asset managers to integrate ESG factors into investment strategies and support the development of responsible investment products and Bank's inclusion reflects its comprehensive ESG strategy, built on a clear roadmap and robust framework that have enabled measurable progress across its core sustainability pillars. This milestone reinforces the Bank's continued efforts to embed ESG principles across all aspects of its operations—further strengthening its position as a forward-thinking, impact-driven financial on the Bank's inclusion in the FTSE4Good Index Series, Mr. Daher said: "Being one of only five Kuwaiti organizations recognized by the globally respected FTSE Russell is a proud milestone and a clear testament to our unwavering dedication to sustainability. This achievement reflects our relentless commitment to embedding ESG principles throughout our operations, culture, and stakeholder relationships. It strengthens our resolve to drive sustainable growth that creates real value for our community while building a resilient, inclusive, and environmentally responsible future."Burgan Bank Sustains Momentum in Rolling Out Digital Transformation Initiatives During H1'25, Burgan Bank introduced SoftPOS by KNET, an innovative digital payment solution that empowers business owners and entrepreneurs to accept payments directly through an Android smartphone—completely eliminating the need for traditional POS hardware. Designed specifically for mobile and small-scale merchants, SoftPOS offers a cost-effective, secure, and flexible alternative that simplifies transactions and enhances operational agility. This forward-looking solution is a testament to Burgan Bank's ongoing drive to lead in digital transformation, offering smart banking tools that elevate the customer experience while enabling businesses to grow and adapt in an increasingly digital Bank Strengthens Commitment to Future-Ready Human Capital and Youth EmpowermentTrue to its mission to become an employer of choice and its dedicated strategy for investing in national human capital, Burgan Bank maintained a strong emphasis on its people-first culture throughout the second quarter of the year. The Bank reinforced its commitment to talent development and employee empowerment by celebrating the accomplishments of team members who completed advanced training programs, including executive education at Harvard Business School and certifications from the Kuwait Institute of Banking Studies. Employees also advanced through Burgan Bank's flagship Ro'ya program, which continues to nurture a new generation of in-house leaders. Further demonstrating its inclusive approach, the Bank launched several initiatives under its 'Empower Her' initiative to honor the achievements and contributions of its female Bank's commitment to people extended beyond its internal teams, reaching into the broader community to support the development of the next generation of national talent. The Bank sponsored Academy X, Kuwait's largest women-led tech empowerment initiative, in partnership with CODED Academy and Kuwait University. It also participated in several major university career fairs, strengthening its engagement with aspiring professionals and reaffirming its long-standing commitment to youth development and national workforce empowerment. Burgan Bank Wins 2024 Visa Award, Reinforcing Leadership in Premium Card Innovation Burgan Bank was recognized with the 2024 Visa Award for 'Best-in-Class Premium Active Cards Growth in Kuwait', reaffirming its position as a leader in premium card innovation. This prestigious accolade highlights the Bank's ongoing efforts to enhance the customer experience through cutting-edge, secure, and lifestyle-oriented payment solutions. The award also reflects the strong synergy between the Bank's Retail Banking and Private Banking divisions, whose collaboration has fueled notable growth in the premium card segment. In addition, the recognition underscores Burgan Bank's long-standing partnership with Visa, through which the Bank has introduced a wide array of tailored card offerings, enriched with exclusive rewards, loyalty benefits, and premium privileges designed to meet the evolving aspirations of its Abdullah Nasser Al-Sabah concluded by saying: 'Our achievements are not a destination, but stepping stones in our continuous journey of success and sustainable growth. We remain committed to serving our customers, our community, and the broader economy as a proactive, responsible corporate citizen—delivering on our promises and driving meaningful, sustainable progress. I would also like to extend my gratitude to all those who have helped us achieve our success and our solid financial standing.' Building on these achievements and the momentum they have created, Burgan Bank is committed to adhering to the same levels of excellence and innovation throughout the remainder of the year, adding value and making change wherever possible in the market and across society.
Al Bawaba
an hour ago
- Al Bawaba
Al Jalila Foundation and Dubai International Arbitration Centre join forces to support transformative healthcare
Al Jalila Foundation, the philanthropic arm of Dubai Health, has announced a strategic partnership with the Dubai International Arbitration Centre (DIAC), the largest arbitral institution in the Middle East, Africa and South Asia region, to strengthen community outreach and advance health initiatives through joint charitable collaboration will bring together the healthcare and legal sectors in support of Al Jalila Foundation's mission, through community engagement, donor outreach, and awareness part of the agreement, DIAC's name will be added to Al Jalila Foundation's donor recognition wall, commemorating their generous contribution, and the Foundation will be recognized as a charitable partner across DIAC's communication agreement reflects the goals of the UAE Year of Community and highlights both organizations' commitment to creating sustainable impact. By strengthening cross-sector collaboration, the initiative supports national efforts to promote a collective sense of social Amer Al Zarooni, CEO of Al Jalila Foundation, said: 'We are proud to partner with DIAC in a collaboration that reflects our shared vision of building a healthier and more compassionate society. Their support enables us to expand our reach and deepen our impact within the community.'He added: 'Strategic alliances like this are key to our mission. They allow us to work across sectors, leverage expertise and create sustainable, lasting change in people's lives.'Jehad Kazim, Executive Director of Dubai International Arbitration Centre said: Our partnership with Al Jalila Foundation reflects DIAC's commitment to supporting initiatives that strengthen our communities. Together, we're bringing the legal and healthcare sectors closer to address shared challenges and deliver meaningful benefits. This collaboration marks an important step in our efforts to contribute to a healthier, more connected society.' Earlier this year, DIAC hosted a Ramadan Charity Suhoor that raised over AED 100,000 to support The Child Fund by Al Jalila Foundation, highlighting the organization's dedication to social impact.
