Dubai Financial Market (DFM) will start trading on a Monday to Friday week beginning Monday January 3 2022 in line with a nationwide weekend change, the emirate’s media office said on Wednesday.
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The move will align the market with international financial institutions and “further contribute to DFM’s recent momentum by expanding the presence of international participants on DFM,” according to a Dubai Media Office statement.
Half of the market’s activity is conducted by international traders, who also make up one-third of its investor base.
The United Arab Emirates announced on Tuesday that government workers would be shifting from a Sunday to Thursday week to Monday to Friday.
Friday will be a half day, with government workers to finish at midday in time for Friday prayers.
The new weekends will also apply to schools, and the private sector is expected to largely follow suit.
The UAE previously changed its working week in 2006; the country used to operate on a Saturday to Wednesday week.
Dubai announced a raft of upcoming IPOs of major companies on the DFM in November.
These include utilities provider DEWA, toll gates operator SALIK, and business park developer TECOM.