International banks in UAE to switch to working week from Monday to Friday


A logo of Deutsche Bank AG is seen in Tokyo on July 16, 2014. REUTERS / Toru Hanai

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December 19 (Reuters) – Deutsche Bank AG (DBKGn.DE), JPMorgan Chase & Co (JPM.N) and Société Générale SA (SOGN.PA) switch to a New Years Saturday-Sunday weekend in the United Arab Emirates (UAE) which aligns its work week with most of the world’s markets.

The German bank will operate from Jan. 3 Monday through Friday in the Sunni Muslim-ruled country, instead of the current Sunday-Thursday, as is common in the Middle East, a source familiar with the matter told Reuters.

Wall Street-based JPMorgan is also adjusting the same week in the United Arab Emirates, along with flexible practices such as a break for Muslim prayers on Friday, the bank said in a statement.

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The spokesperson for Societe Generale, based in France, said it will implement the weekend from Saturday to Sunday from January 2 in its entities in Dubai and Abu Dhabi, according to a statement sent by mail. electronic.

Bloomberg News was the first to report Sunday that JPMorgan, Deutsche Bank, Bank of America Corp (BAC.N) and Societe Generale will switch to a Saturday-Sunday weekend in the United Arab Emirates.

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

The banks’ move comes after the United Arab Emirates announced on December 7 that it would upgrade to a four-and-a-half-day week with a Saturday-Sunday weekend starting early next year. Read more

Private companies are, however, free to choose their own workweek in the oil-producing Gulf state, which is the region’s commercial, commercial and tourist hub.

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

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Report by Anirudh Saligrama in Bangalore; Editing by Andrew Cawthorne

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