Saudi body proposes change of weekend
Source: AFP |
April 23, 2013, Tuesday
|
Print Edition
Print Edition
SAUDI Arabia's Shura Council, which advises the government on new laws, has recommended changing the country's official weekend to Friday and Saturday to boost the economy.
Some local business leaders and economists say the existing Thursday-Friday weekend is bad for the economy because it limits the amount of time Saudi companies can work with partners overseas during the week.
However, some members of the powerful conservative clergy in the birthplace of Islam have opposed the move in the past, citing concerns it is intended to bring the kingdom closer to the Jewish and Christian traditions.
Oman said this month it would shift to a Friday-Saturday week in May. That will leave the biggest Arab economy as the only Gulf Arab state to maintain a Thursday-Friday weekend.
"Especially for the financial sector it's vital. They're only connected three days a week now to the international financial system. For other companies it would also be much more convenient, with one more day when we overlap," said Les Jenka, chairman of the American Business Group in Riyadh.
Any switch might have important ramifications for the Saudi bourse, which is heavily influenced by international energy prices and world equity markets, but only shares three working days with them.
The websites of al-Riyadh and al-Medina newspapers reported yesterday that the Shura Council, a body appointed by the king that has advisory powers but no veto on new laws, had decided to recommend to the government it should change the weekend days.
Some local business leaders and economists say the existing Thursday-Friday weekend is bad for the economy because it limits the amount of time Saudi companies can work with partners overseas during the week.
However, some members of the powerful conservative clergy in the birthplace of Islam have opposed the move in the past, citing concerns it is intended to bring the kingdom closer to the Jewish and Christian traditions.
Oman said this month it would shift to a Friday-Saturday week in May. That will leave the biggest Arab economy as the only Gulf Arab state to maintain a Thursday-Friday weekend.
"Especially for the financial sector it's vital. They're only connected three days a week now to the international financial system. For other companies it would also be much more convenient, with one more day when we overlap," said Les Jenka, chairman of the American Business Group in Riyadh.
Any switch might have important ramifications for the Saudi bourse, which is heavily influenced by international energy prices and world equity markets, but only shares three working days with them.
The websites of al-Riyadh and al-Medina newspapers reported yesterday that the Shura Council, a body appointed by the king that has advisory powers but no veto on new laws, had decided to recommend to the government it should change the weekend days.
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