Saturday-Sunday Weekend: United Arab Emirates (UAE) stock markets had experienced mixed fortunes as they shifted to a new Monday to Friday working week to better align with global markets best practices.
The United Arab Emirates, UAE announced last month it would move to a Saturday-Sunday weekend from the start of 2022.
The UAE made the surprise announcement of the Saturday-Sunday weekend switch for the public sector in December 2021
Learning from the fact that its economy is tourism based, and is being majorly powered by foreigners who are based in the country doing business, the move became imperative.
It is a known fact that the weekly day of prayer (Friday) has always been a free day in the UAE, which had previously observed a Thursday-Friday weekend until 2006.
However as usual, mosques appeared busy as worshippers carrying prayer mats arrived for prayers. However, many of them later headed back to the office after the prayers.
“I’d rather take (Friday) off,” said 22-year-old Briton Rachel King, who works in the hospitality industry and has been living in Dubai for six months.
In the past years, the UAE had taken measures to make its economy foreigners friendly, and also attractive to foreign investments but failed. However, just last December of 2021 it made its final decision and have succeeded this time in following the global trend.
“The change in trading days could give the two markets an edge over other bourses in the region,” Senior market strategist at Exness, Mr. Wael Makarem, has said.
In Abu Dhabi, the index fell 0.2 per cent yesterday, extending losses for a fourth session, hit by a 1.1pc drop in its largest lender First Abu Dhabi Bank.
But Dubai’s main share index advanced 0.5pc, notching up its second weekly gain, as investors await initial public offering announcements.
In November, 2021, Dubai announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse.