Bank digitization: Customers, convenience & cost

UAE provides inflation allowance to 47,300 low-income families

• The inflation allowance is provided for food, water and electricity and fuel.
• Electricity and water subsidies will be paid to eligible categories for the inflation allowance in September.

Jordan to amend General Sales Tax Law to curb tax evasion

• According to Jamal Sarayrah, head of the committee, amendments seek to bring about adherence to tax payment and reduction in tax evasion
• The committee will develop a set of recommendations on the the draft law, which would then be submitted to Senate's presidency for deliberation

Industries Qatar H1 profit up 57%

• The company’s year-on-year net profit jumped to $1.5 billion
• Earnings per share amounted to $0.24 in the first half of the year

ADNOC Distribution H1 profit is $0.27 bn

• The company witnessed year-on-year growth in total fuel volumes, up 9 percent in H1 2022 compared to H1 2021
• Its corporate fuel volumes recorded sustained growth with a 27 percent year-on-year increase, underpinned by the UAE's economic growth

Jordan real estate trade grows by 20% to $4.41 billion

• Jordan's revenue from the real estate market stood at $200 million in the January-July period of 2022, a 33-percent increase from the figure reported in 2021
• In July alone the trade volume went up by 40 percent, touching $695 million

Jordan puts up draft national AI strategy for public debate

• The draft has been formulated in collaboration with experts from the European Union, the United Nations Economic and Social Commission for Western Asia, and the UNIDO
• The strategy aims to create a regulatory environment that encourages the responsible use of AI and its applications to improve the efficiency of the public sector

Jordan cabinet meeting debates implementation of reform plan

• Nasser Shraideh, the Minister of Planning and International Cooperation, briefed the Cabinet on the proposed work methods and mechanisms for implementing the roadmap
• The Cabinet endorsed the Industry Support and Development Fund Regulations for 2022 that would establish the Support and Development of Industry

Oil prices down by 10% as US stockpiles increase

• A rise in US stockpiles was partly responsible for a 10 percent drop in the commodity last week
• Oil prices got support after OPEC+ decision of increase in production starting next September, by 100,000 barrel per day

QAMCO profit rises by 112%

• The company's earnings per share (EPS) amounted to QR 0.110 as of June 30 this year as against QR 0.052 for the same period in 2021
• QAMCO, a Qatari Public Shareholding Company, capital amounts to $1.60 billion