On Monday, the Abu Dhabi Global Market (ADGM), which has more than 3700 registered entities, announced that it will officially switch to a Monday to Friday work week starting January 1, according to Alarabiya.
The new work week, means ADGM will adopt a Saturday and Sunday weekend, which supports the UAE’s decision as the world’s first country to take on a four and half days work week.
The Chairman of ADGM, Ahmed Jasim Al Zaabi, released a public statement saying, “As an IFC strategically positioned along the East-West trade corridors, ADGM has been a vital partner and business enabler to local and international stakeholders and customers, augmenting their expansion plans and business objectives.”
“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 region with ADGM as their nexus to growth.”– Chairman of ADGM, Ahmed Jasim Al Zaabi
Zaabi added that “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.”
The Big Decision
Earlier this month, the UAE announced that it will adopt the new work week days and length to match the majority of global markets, which will also come into effect starting 2022.
According to Bloomberg, Deutsche Bank AG, JPMorgan Chase & Co and Societe Generale SA are also following the lead and shifting their weekends to Saturday and Sunday in the UAE.
Notably, private companies are free to decide whether or not they shift their work week.
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