United Arab Emirates makes the weekend match the West to woo investors

United Arab Emirates makes the weekend match the West to woo investors

The United Arab Emirates is moving its weekend to Saturday and Sunday as it seeks to attract more foreign investment and workers by aligning practises with the West. Officials announced that the weekend will now begin on Friday afternoon, in a break from the regional norm of a Sunday-Thursday working week. It comes as the Gulf state seeks to diversify its oil-dependent economy and attract $150bn (£113bn) in overseas investment over the next nine years. The Emirati government said the reforms will " ensure smooth financial, trade and economic transactions with countries that follow a Saturday-Sunday weekend , facilitating stronger international business links and opportunities for thousands of UAE-based and multinational companies”. The state’s government outlined plans to liberalise its residency rules in September, with the aim of increasing the number of skilled workers coming to the country. Its plans include creating new visa categories for freelancers and entrepreneurs. Residency in the UAE has been tied to employment for decades, meaning a wave of expats typically leave the state during economic downturns. Mohammed Ali Yasin of Al Dhabi Capital, a money manager based in Abu Dhabi, said that the financial industry would benefit most from the reforms, as well as