Abu Dhabi Global Market will switch its working week to Monday-Friday from January 1, in line with the federal government’s move to change the official weekend in the UAE.
The UAE's shift is expected to align its economy and businesses with global markets.
“With the working week in synch 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,” said Ahmed Al Zaabi, chairman of ADGM.
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, Dubai Financial Market and Abu Dhabi Securities Exchange, are also adopting the Monday to Friday working week starting from 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 its sectors at the end of June, including global businesses, financial institutions, treasury centres, professional services firms, small and medium enterprises and start-ups.
“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 many businesses have already committed to the switch. These include accounting consultancy Deloitte and Finance House, an Abu Dhabi-listed finance company.
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Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
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wiping out the venerable merchant bank’s cash reserves.
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