Saudi seeks economic boost with switch to Fri-Sat weekend

Home Business Saudi seeks economic boost with switch to Fri-Sat weekend 24-06-2013 10:14 AM Ammon News - RIYADH (Al Arabiya) - Saudi Arabia has changed its official weekend to Friday and Saturday, state news agency SPA reported. A statement on SPA said the change, decreed by King Abdullah, will take effect as of this weekend, "for the sake of putting an end to the negative effects and the lost economic opportunities consistently associated with variation based on work days between local departments, ministries and institutions and the regional and international counterparts." The move brings the kingdom in line with the rest of the Gulf, as well as being closer to the working hours of international financial markets and businesses. The Saudi financial market, the largest Arab bourse in capitalization, works five days per week but with the previous Thursday and Friday weekend, only three days had matched those of the main global markets. In April, the Saudi Shura Consultative Council had agreed to study a recommendation to switch the Islamic weekend in the kingdom to Friday and Saturday.

Home Business

Saudi seeks economic boost with switch to Fri-Sat weekend

24-06-2013 10:14 AM

Ammon News - RIYADH (Al Arabiya) - Saudi Arabia has changed its official weekend to Friday and Saturday, state news agency SPA reported.

A statement on SPA said the change, decreed by King Abdullah, will take effect as of this weekend, "for the sake of putting an end to the negative effects and the lost economic opportunities consistently associated with variation based on work days between local departments, ministries and institutions and the regional and international counterparts."

The move brings the kingdom in line with the rest of the Gulf, as well as being closer to the working hours of international financial markets and businesses.

The Saudi financial market, the largest Arab bourse in capitalization, works five days per week but with the previous Thursday and Friday weekend, only three days had matched those of the main global markets.

In April, the Saudi Shura Consultative Council had agreed to study a recommendation to switch the Islamic weekend in the kingdom to Friday and Saturday.

no comments

Notice

All comments are reviewed and posted only if approved.
Ammon News reserves the right to delete any comment at any time, and for any reason, and will not publish any comment containing offense or deviating from the subject at hand, or to include the names of any personalities or to stir up sectarian, sectarian or racial strife, hoping to adhere to a high level of the comments as they express The extent of the progress and culture of Ammon News' visitors, noting that the comments are expressed only by the owners.

name : *
email
	show email
comment : *
Verification code :	Refresh write code :