DFM
The UAE announced on Tuesday that it will transition to a four-and-a half-day working week Image Credit: Gulf News Archives

Stock exchanges in UAE will soon operate from Monday to Friday after the country decided to align its work week with the global norm, in a push to drum up international investment and business.

The financial sector will be the primary beneficiary of the UAE's move to shift away from the Middle Eastern work week of Sunday through Thursday, Abdulrahman Al Awar, director general of the Federal Authority for Government Human Resources, said in a Bloomberg TV interview on Wednesday.

"The banking and financials sector will benefit from this because we are eliminating the weekend gap that previously existed," Al Awar said. "We are now aligned with the world's economies."

The Dubai Financial Market (DFM) will be following the Monday to Friday trading week starting January 3, 2022, it said today.

The trading sessions will run from 10am until 3pm during these days.

“The Monday to Friday trading window will align with local and international financial institutions and further contribute to DFM’s recent momentum by expanding the presence of international participants on DFM, as they currently contribute 50 per cent of the market’s trading activities and represent one third of the investor base,” the DFM said.

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

"Friday will be a full business day for the stock markets," Al Awar said. "The decision is made to invest in the competitiveness of the UAE economy and to enhance productivity."

With inputs from Bloomberg


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