Saudis enjoy Fridays and Saturdays as weekend
Source: Agencies |
June 24, 2013, Monday
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Print Edition
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SAUDI Arabia has announced it is switching its official weekend to Fridays and Saturdays, bringing the kingdom's working week closer in line with other countries in a move long desired by many of the country's businesses.
Saudi Arabia, the biggest Arab economy, had been the only member of the six-member Gulf Cooperation Council to have a Thursday-Friday weekend after Oman shifted to a Friday-Saturday weekend last month.
The surprise move, which will apply from this week, was immediately welcomed by Saudi economists and businessmen as giving the private sector an extra day of alignment with international businesses.
"It will increase interface with the rest of the world, now things will move faster," said Ali al-Ajmi, a former vice president at state oil company Saudi Aramco who now runs a project management business.
Abdulrahman al-Ubaid, a former vice president at Saudi Basic Industries Corp (SABIC), the world's biggest petrochemcial company, and now managing director of Saudi Development and Innovation Group, also welcomed the change.
"We expect the impact to be positive on the Saudi economy, we think our business will be easier," he said.
Saudi Arabia is considering opening its stock market to more direct foreign investment in the future. At present, stocks move considerably on shifts in global equities and commodities markets.
Although the world's top oil exporter had studied looking at the change in its weekend in the future, few people had expected it to make the switch so soon.
Saudi Arabia, the biggest Arab economy, had been the only member of the six-member Gulf Cooperation Council to have a Thursday-Friday weekend after Oman shifted to a Friday-Saturday weekend last month.
The surprise move, which will apply from this week, was immediately welcomed by Saudi economists and businessmen as giving the private sector an extra day of alignment with international businesses.
"It will increase interface with the rest of the world, now things will move faster," said Ali al-Ajmi, a former vice president at state oil company Saudi Aramco who now runs a project management business.
Abdulrahman al-Ubaid, a former vice president at Saudi Basic Industries Corp (SABIC), the world's biggest petrochemcial company, and now managing director of Saudi Development and Innovation Group, also welcomed the change.
"We expect the impact to be positive on the Saudi economy, we think our business will be easier," he said.
Saudi Arabia is considering opening its stock market to more direct foreign investment in the future. At present, stocks move considerably on shifts in global equities and commodities markets.
Although the world's top oil exporter had studied looking at the change in its weekend in the future, few people had expected it to make the switch so soon.
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