The new schedule aligns the free zone with financial hubs around the globe and provides more opportunities for investors to invest in the UAE.
Abu Dhabi Global Market will switch its working week to Monday to Friday starting from January 1 in line with the federal government’s move to change the official weekend in the UAE.
The move is expected to align the UAE’s economy and its businesses with global markets.
“With the working week in sync with the rest of the global markets, new and more market participants can benefit from the vast business opportunities and investment possibilities in the UAE and wider Mena [Middle East and North Africa] region with ADGM as their nexus to growth,” Ahmed Al Zaabi, chairman of ADGM, said.
Many global and local banks have opted to switch their working week following the official shift. First Abu Dhabi, the UAE’s largest lender by assets, as well as Dubai Financial Market and Abu Dhabi Securities Exchange, are also adopting Monday to Friday working week beginning January 3.
ADGM, which aims to connect the emirate with international markets in the Middle East, Africa and South and East Asian economies, is part of Abu Dhabi’s efforts to diversify its economy.
The international financial centre had 3,700 companies operating within it at the end of June, including global businesses, financial institutions, treasury centres, professional services firms, small and medium enterprises, start-ups and FinTech companies such as digital asset-trading entities.
“ADGM remains committed and will continue to advance the economic competitiveness and sustainability of Abu Dhabi and the UAE through its innovativeness, robust regulatory frameworks, connectivity and world-class services,” Mr Al Zaabi said.
The UAE federal government announced the shift on December 7, in which public sector workers at the ministerial level will adopt a four-and-a-half-day working week, while Fridays will be a half-day. Schools have also adopted the new routine.
Private companies are free to decide whether they will adopt the new work week, but a number of businesses have already committed to the switch. These include accounting consultancy Deloitte and Finance House, an Abu Dhabi-listed finance company, among others.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
