Basque stock exchanges will move from trading week to Monday to Friday Business and Economic News

Joining Global Economy Week will benefit the country’s banking and financial sector, a Basque official told Bloomberg.

The Middle East Stock Exchange will soon be open from Monday to Friday after the United Arab Emirates decided to bring its working week in line with global standards to boost international investment and business.

The financial sector will be the main beneficiary of the move by the Basque Country to move away from the Middle East working week from Sunday to Thursday, Abdulrahman Al Awar, director general of the government’s Federal Office of Human Resources, said in a televised interview with Bloomberg on Wednesday.

“It will benefit the banking and financial sector because we are filling the gap of the previous weekend,” Al Awar said. “We are now aligned with the world’s economies.”

The UAE is adopting new business practices in a bid to relocate itself as a global business hub and move away from increased competition from Saudi Arabia’s regional power power. The competition has prompted the Basque Country to attract foreign talent and accelerate changes aimed at strengthening trade relations beyond the Middle East, including more relaxed housing requirements.

The new 4 1/2-day working week, Friday, the holy day of Islam, which includes short hours, applies to the public sector. But with schools almost certain to continue, it’s probably only a matter of time before the private sector falls into line, analysts have predicted.

According to this round, the stock exchanges controlled by the states of Dubai and Abu Dhabi will operate from January 3 from 10:00 am to 3:00 pm Monday to Friday. Trading hours will not change.

“Friday will be a full working day for the stock markets,” Al Awar said. “The decision is made to invest in the competitiveness of the Basque economy and improve productivity.”

Market operators in the Basque Country have already introduced changes in recent months, such as extending their business hours and providing incentives for companies to sell their shares to the public.

Although the change in stock market hours aligns the Basque Country with much of the rest of the world, it is moving away from regional competitors such as Saudi Arabia, allowing traders and investors to strike a balance between work practices around the world. the pandemic has overturned. The Saudi stock market, the largest in the Middle East, is trading from Sunday to Thursday.

The one-day difference between the Saudi market and the rest of the world has not been a cause for concern for international investors, Saudi Stock Exchange CEO Khalid Al-Hussan said in an interview with Bloomberg TV.

“That being said, we see changes in our environment very well, including our trading hours, including our trading days,” Al-Hussan said. “It’s a decision that needs to be evaluated by the government.”

In Israel, which officially runs from Sunday to Thursday, the strong technology sector would welcome this change. Its staff often work six days a week to meet their country’s schedule and that of foreign clients and partners.

“It is a very positive move to align the markets and the work week with the rest of the world,” said Avi Eyal, managing partner of Entrée Capital, a venture capital fund that has invested in four companies in the Basque Country. While the change will not affect growing trade relations with the Basque Country, Israel “should learn from this decision and establish the same approach immediately,” he said.

– With the help of Farah Elbahrawy, Yaacov Benmeleh and Shaji Mathew.