UAE stock exchanges to begin operating Mondays-Fridays
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UAE stock exchanges to begin operating Mondays-Fridays

UAE stock exchanges to begin operating Mondays-Fridays

The banking and financial sectors are expected to be among the biggest beneficiaries of the newly structured weekends

UAE stock market

The stock exchanges in the UAE “will operate Monday-Friday and Friday will be a full business day for the stock markets,” Abdulrahman Al Awar, UAE’s Minister of Human Resources and Emiratisation, said in a Bloomberg TV interview on Wednesday.

“The decision is made to invest in the competitiveness of the UAE economy and to enhance productivity.”

The banking and financial sector will be one of the biggest beneficiaries of the UAE’s plans, he added. “The banking and financial sector will benefit from that because we are eliminating the weekend gap that previously existed and we are now aligned with world economies.

“Our models show that there will be an enhancement in the volume of trade, there will be a positive GDP growth relevant to this decision.”

On Wednesday, the Dubai Financial Market also announced its new trading hours that will come into effect as of Monday, January 3, 2022, with a 5 hours trading session between 10am-3pm on Mondays to Fridays.

The Abu Dhabi Securities Exchange (ADX) also said on Wednesday that it is amending its trading week from Monday through Friday, effective January 3, 2022. Trading hours will remain unchanged, opening at 10am and closing at 3pm.

The UAE has announced a new four-and-a-half-day working week for government entities. The new working week will run from Monday until Thursday, 7.30am to 3.30pm, and on Friday from 7.30am to 12pm. The new rules will be effective from January 1, 2022.

Read: UAE switches weekend, announces four-and-a-half-day working week

With regards to the private sector following suit, Al Awar said on Tuesday that private companies and establishments can follow the new labour law, which has not specified the day off, enabling employers and employees to reach an agreement in accordance with the work contract.

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