Local stock and financial markets will be closed for up to five days during the Eid Al Adha holidays next week, the Emirates Securities and Commodities Authority has announced.
The Dubai Financial Market (DFM) and the Abu Dhabi Securities Market (ADSM) will remain closed for five days for Eid and the weekend. The DFM will officially remain closed from December 18 (Tuesday) to December 22 (Saturday) and reopen for trading on Sunday.
The Dubai International Financial Exchange (DIFX) will officially close for three days (Wednesday, Thursday, and Friday). The market will resume trading on Monday after its normal weekends on Saturday and Sunday. Effectively the markets will remain closed for five days.
“Long holidays are not good for investors and brokers. We are losing brokerage fees. Investors are denied a chance to trade and make a profit,” said a trader from Mashreqbank.
The above article, first published in Emirates Business 24|7 on 13 December 2007, has been corrected.
In the original article, we incorrectly stated that the Dubai Financial Market would close between December 19 and December 23. The correct period of closure, amended above, is 18-22 December.
We apologise for the error.
UAE financial markets to be closed for Eid