UAE announces Hijri New Year holiday for financial markets

Image: WAM/ ADX

The UAE’s Securities and Commodities Authority has announced that Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) will close for the Hijri New Year holiday on Friday, July 21.

Trading will resume on Monday, July 24, the state news agency, WAM reported.

Hijri New year holiday

The announcement follows Circular number 07 of 2023 issued by the Federal Authority for Government Human Resources concerning the Hijri New Year 1445 holiday.

The Dubai Gold and Commodities Exchange, however, will remain open and will continue to operate under normal trading hours.

In other news, Saudi Arabia’s Supreme Court announced that Tuesday will be the last day of the month of Dhul Hijjah, 1444 Hijri, corresponding to July 18, 2023, according to Saudi Press Agency.

The report said, “There was no sufficient evidence that the crescent was spotted on the evening of Dhul Hijjah 29 (Monday, July 17), and hence the Supreme Court decided that Tuesday (July 18) would be the last day of the month of Dhul Hijjah.”