Saudi Arabia considers shifting its weekend


  • English
  • Arabic

Saudi Arabia has restarted talks on whether the weekend should begin on Fridays, to fall in line with the working week of most other Gulf countries and boost international business.

More Business news: Editor's pick of today's headlines

Last Updated: May 23, 2011

UAE consumers among world's most optimistic Consumer confidence soars in the Middle East, which researchers attribute to a feel-good factor following the easing of the region's political unrest. Read article

Corporate fraudsters in the Gulf being caught in greater numbers Instances of corporate fraud are plentiful in the Gulf, according to a new survey from Deloitte Corporate Finance. Read article

Chinese security company leaves Nasdaq Dubai A Chinese security firm is removing its shares from trading on the Nasdaq Dubai, bringing the number of stocks listed there to 10. Read article

Emirates Airline to let time pass over Canada Emirates Airline is easing up on lobbying efforts in Canada following the re-election of the country's conservative government. Read article

The kingdom currently takes a Thursday-Friday weekend, the same as Yemen and Oman. Most Gulf states have moved their weekend to Friday-Saturday so they can trade more easily with the rest of the world, much of which operates a Saturday-Sunday weekend.

The Shura Council will begin discussions and take a vote on whether a Friday-Saturday weekend would be more efficient, the daily Arab News newspaper reported on Saturday.

"If it does change, it'll bring obvious benefits to the private sector, which now accounts for close to 50 per cent of the economy of Saudi Arabia," said John Sfakianakis, the chief economist at Banque Saudi Fransi. "It'll link Saudi Arabia with the rest of the world, and they'll only lose one day instead of losing two days.

"This is the largest stock market in the Middle East and it's operating on a Saturday-Wednesday basis," he said. "That's not very efficient for making international investors inclined to invest in Saudi Arabia."

Decisions made by the Shura Council are not binding, but would be an important barometer of support for an eventual change of weekend.

Any change of weekend would also require the support of the kingdom's business owners, according to a spokesman for the Jeddah Chamber of Commerce and Industry.

"So long as they have the support [and can show] that society needs it, the businesses need it … supported by evidence of why the public needs it, then the Council of Saudi Chambers will study it and officially it will pass to the minister of trade and industry," the spokesman said.

This is not the first time Saudi Arabia has proposed moving its weekend, but efforts in the past have run into opposition for religious reasons.

However, some workers at Saudi companies say they work during the weekend anyway, simply to be able to conduct normal business with the rest of the world.

BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants