Written by Staff Writer at CNN
Each day this week, Dubai will revert to the conventional time zone of the United Arab Emirates.
As of Sunday, 23 June 2018, Dubai will switch to GMT+1, aligning with local financial markets in the UAE, in line with a calendar previously adopted by the Gulf state.
The change is based on the “Moonet Trading Conventions” introduced in 1983. Under the rules, about 24 trading days will automatically rotate each year between GMT+1 and GMT+2.
Majid Saif Al Ghurair, Chairman of the Dubai Financial Market, said the decision was aimed at aligning with trading times in the country’s international markets.
“We have observed that the international markets in the UAE trade on the period between 02 and 04 June. If we align with international markets, trade will be on the corresponding trading period for the year,” he said in a statement.
“It is based on the current international market conditions which change every day, during which we also monitor to avoid creating huge confusion.”
Dubai’s stock exchange will continue to operate on a 24 hour clock.