In a move that was anticipated for some time, Saudi Arabia’s King Abdullah issued a royal decree to change the weekend in the Kingdom from Thursday/Friday to Friday/Saturday.
Riyadh, Saudi Arabia.
“Custodian of the Two Holy Mosques King Abdullah issued the royal order based on public interest, said the SPA, citing the need to synchronize work days with international and regional timings to optimize productivity.” Arab News reports.
The decision puts Saudi Arabia on the same weekend schedule as the United Arab Emirates.
Arab News notes “for ministries and all government bodies and institutions, all financial institutions as well the Saudi Arabian Monetary Agency, the Capital Market Authority and the Saudi Stock Exchange, the change will take effect on June 29, 2013. For universities, schools and all institutions of public education and higher education, the order will take effect from the beginning of the next academic year.”
Bloomberg quotes Saudi Arabian banker and chief investment strategist at MASIC John Sfakianakis as saying the decision “aligns Saudi Arabia’s work schedule with everybody else….It will make the Saudi market more aligned with regional markets.”
The current arrangement will open opportunities for businesses in the Kingdom. The current weekend schedule “effectively leaves local businesses only Mondays to Wednesdays to transact with their counterparts in the international arena,” Arab News notes.
