GLOBAL BANKS IN UAE TO SWITCH TO MON-FRI WORK WEEK

Mon 20 December 2021:

In the United Arab Emirates (UAE), Deutsche Bank AG, JPMorgan Chase & Co, and Societe Generale SA will switch to a Saturday-Sunday weekend as of the New Year, aligning their working week with most global markets.

According to Reuters, the German bank will begin operating in the country on January 3 instead of the current Sunday-Thursday schedule that is common in the Middle East.

JPMorgan Chase & Co., based on Wall Street, is adapting the same week in the UAE, as well as flexible practices such as a Friday break for Muslim prayers, according to a statement.

According to an emailed statement from a spokesperson for Societe Generale, the company will implement a Saturday-Sunday weekend in Dubai and Abu Dhabi starting January 2.

JPMorgan, Deutsche Bank, Bank of America Corp., and Societe Generale will switch to a Saturday-Sunday weekend in the UAE, according to Bloomberg News.

Bank of America representatives did not immediately respond to a request for comment from Reuters.

The banks’ move comes after the UAE announced on December 7 that, beginning in January, it would switch to a four-and-a-half-day week with a Saturday-Sunday weekend.

Private businesses, on the other hand, in the oil-producing Gulf state that serves as the region’s commercial, trade, and tourism hub, are free to choose their own working week.

Over the past year, the UAE has taken measures to make its economy more attractive to foreign investment and talent at a time of growing economic rivalry with Saudi Arabia.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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