https://www.bloomberg.com/news/vide...ill-be-on-saturday-and-sunday-from-2022-video
The United Arab Emirates will move its weekend to Saturday and Sunday, breaking ranks with the rest of the Gulf region as it seeks to draw in global investment and business.
The nation will enact the change starting Jan. 1, adopting a 4 1/2-day working week, with Friday -- a holy day in Islam -- being a half day, the federal government said in a statement. The UAE and the rest of the Gulf nations, including Saudi Arabia, currently have a Sunday-to-Thursday working week.
The change marks a further step in efforts by the UAE, of which Abu Dhabi and Dubai are a part, to maintain its status as the Gulf’s pre-eminent business hub. Regional competition from neighboring Saudi Arabia is rising as the oil-producing heavyweight engages in an unprecedented drive to attract overseas investment and diversify its economy.
“This will align the UAE with global markets and make it easier for international corporations to do business,” said Nabil Alyousuf, chief executive officer of Dubai-based International Advisory Group. It “will increase the number of days we do business with the rest of the world, which will boost trade.”
The government didn’t say in its statement Tuesday whether the private sector would have to adopt the new 4 1/2-day week. It wasn’t clear either how the change will affect the school week, which analysts say will be key to determining how the private sector adjusts.
“The private sector will have flexibility to decide the weekend,” Abdulrahman Al Awar, director general of the Federal Authority for Government Human Resources, said in an interview with Asharq TV. The country’s labor law allocates a maximum of 48 hours per working week and a minimum of one day off per week, he said.
What Bloomberg Economics Says...
“The decision will make the UAE more attractive as a regional destination for foreign companies. But the appeal of private-sector jobs will further diminish if the 4-1/2 workweek doesn’t extend beyond government entities.”
--Ziad Daoud, chief emerging market economist.
Traders and investors in the Gulf’s equity markets may struggle to find a balance between the UAE’s new working week and that of other countries in the region. Stocks in Saudi Arabia, home to the largest bourse in the Middle East, trade Sunday through Thursday.
Dubai’s DFM Index rose as much as 1.7% Tuesday, while Abu Dhabi’s ADX gauge was little changed. Saudi Arabia’s Tadawul advanced 0.7%.
The change could still make it easier for companies involved in the energy sector. Many crude and fuel traders based in the region already work a Monday-to-Friday week in line with global oil markets. The emirates of Dubai and Abu Dhabi both trade their crude oil on exchanges following Monday-to-Friday hours.
The announcement comes during a year in which the UAE has spent more than $6 billion to help push 75,000 citizens into private-sector employment. Like other Gulf countries, the UAE has a large proportion of citizens working in state jobs that offer better pay and shorter hours.
UAE to Spend $6.5 Billion to Boost Private-Sector Jobs
Other countries across the region may follow the change before long. In 2006, when the UAE became the first in the Gulf to move its weekend from Thursday and Friday to Friday and Saturday, it was followed by Saudi Arabia in 2013 and then much of the Gulf.
https://www.bloomberg.com/news/arti...hes-weekend-to-saturday-sunday-from-next-year
The United Arab Emirates will move its weekend to Saturday and Sunday, breaking ranks with the rest of the Gulf region as it seeks to draw in global investment and business.
The nation will enact the change starting Jan. 1, adopting a 4 1/2-day working week, with Friday -- a holy day in Islam -- being a half day, the federal government said in a statement. The UAE and the rest of the Gulf nations, including Saudi Arabia, currently have a Sunday-to-Thursday working week.
The change marks a further step in efforts by the UAE, of which Abu Dhabi and Dubai are a part, to maintain its status as the Gulf’s pre-eminent business hub. Regional competition from neighboring Saudi Arabia is rising as the oil-producing heavyweight engages in an unprecedented drive to attract overseas investment and diversify its economy.
“This will align the UAE with global markets and make it easier for international corporations to do business,” said Nabil Alyousuf, chief executive officer of Dubai-based International Advisory Group. It “will increase the number of days we do business with the rest of the world, which will boost trade.”
The government didn’t say in its statement Tuesday whether the private sector would have to adopt the new 4 1/2-day week. It wasn’t clear either how the change will affect the school week, which analysts say will be key to determining how the private sector adjusts.
“The private sector will have flexibility to decide the weekend,” Abdulrahman Al Awar, director general of the Federal Authority for Government Human Resources, said in an interview with Asharq TV. The country’s labor law allocates a maximum of 48 hours per working week and a minimum of one day off per week, he said.
What Bloomberg Economics Says...
“The decision will make the UAE more attractive as a regional destination for foreign companies. But the appeal of private-sector jobs will further diminish if the 4-1/2 workweek doesn’t extend beyond government entities.”
--Ziad Daoud, chief emerging market economist.
Traders and investors in the Gulf’s equity markets may struggle to find a balance between the UAE’s new working week and that of other countries in the region. Stocks in Saudi Arabia, home to the largest bourse in the Middle East, trade Sunday through Thursday.
Dubai’s DFM Index rose as much as 1.7% Tuesday, while Abu Dhabi’s ADX gauge was little changed. Saudi Arabia’s Tadawul advanced 0.7%.
The change could still make it easier for companies involved in the energy sector. Many crude and fuel traders based in the region already work a Monday-to-Friday week in line with global oil markets. The emirates of Dubai and Abu Dhabi both trade their crude oil on exchanges following Monday-to-Friday hours.
The announcement comes during a year in which the UAE has spent more than $6 billion to help push 75,000 citizens into private-sector employment. Like other Gulf countries, the UAE has a large proportion of citizens working in state jobs that offer better pay and shorter hours.
UAE to Spend $6.5 Billion to Boost Private-Sector Jobs
Other countries across the region may follow the change before long. In 2006, when the UAE became the first in the Gulf to move its weekend from Thursday and Friday to Friday and Saturday, it was followed by Saudi Arabia in 2013 and then much of the Gulf.
https://www.bloomberg.com/news/arti...hes-weekend-to-saturday-sunday-from-next-year
