UAE: Dubai billionaire urges banks to stay open during long holidays
Khalaf Al Habtoor Highlights Disruptions Caused by Bank Closures, Calls for Continuous Operations
UAE Business Tycoon Urges Banks to Stay Open During Extended Holidays
UAE: Khalaf Al Habtoor, a Dubai billionaire and the founder and chairman of Al Habtoor Group, has recently advocated for banks to maintain their operations during extended holidays. His call comes in response to the observed “direct harm” caused to customers and the commercial sector due to bank closures during such periods.
Al Habtoor’s stance is rooted in a deep understanding of the intricate dynamics of the UAE’s economic landscape. He asserts that the closure of banks during extended holidays, such as the recent Eid Al Fitr break, poses a significant hurdle for individuals and businesses alike. The hiatus in banking services hampers various financial transactions, ranging from routine payments to more urgent matters such as cashing cheques.
Expressing his concerns, Al Habtoor utilized his platform on social media, particularly the platform X, to draw attention to this pertinent issue. He highlighted the recent 9-day holiday period enjoyed by the public sector and some private companies during Eid, emphasizing the disproportionate impact of bank closures on the continuity of economic activities.
While acknowledging the fundamental right of employees to official holidays, Al Habtoor proposes a nuanced approach. He argues against the blanket closure of businesses, especially in vital sectors that are essential for the continuous functioning of society. Sectors such as airports, hospitals, and hotels, which operate round the clock, serve as prime examples where uninterrupted services are critical.
Al Habtoor emphasizes the indispensable role of the banking sector in driving Dubai’s commercial, tourism, and financial activities. As one of the vital pillars of the economy, the banking sector plays a pivotal role in facilitating seamless transactions and supporting the bustling economic landscape of the city.
Al Habtoor’s advocacy extends beyond mere rhetoric; it is rooted in his extensive experience as the head of Al Habtoor Group, a major family-owned conglomerate with diverse interests spanning hospitality, automotive, real estate, education, and publishing. With thousands of employees under its wing, Al Habtoor Group is deeply embedded in the fabric of the UAE’s economy, making Al Habtoor’s insights all the more significant.
While acknowledging the existence of alternative channels such as online platforms and ATMs for conducting transactions, Al Habtoor underscores their limitations, particularly for businesses. The inadequacy of these alternatives becomes glaringly evident, especially when it comes to significant transactions such as property deals or large-scale commercial transactions.
Al Habtoor’s call for banks to remain operational during extended holidays is not merely a matter of convenience; it’s a strategic imperative aimed at safeguarding the seamless flow of economic activities in Dubai. By advocating for continuity in banking services, Al Habtoor seeks to mitigate disruptions and uphold Dubai’s reputation as a vibrant hub of commerce and trade.
