x Abu Dhabi, UAEMonday 24 July 2017

UAE financial markets to close for three days from Thursday

The Islamic New Year begins on Thursday, meaning financial markets across the country will close until Sunday November 18.

The Islamic New Year begins on Thursday, meaning financial markets across the country will close until Sunday November 18, according to the state news agency Wam.

Also known as the Hijri New Year, the date marks the start a new Islamic calendar year and is the first day of Muharram, the name of the calendar's first month.

Muharram is so called because it is unlawful to fight during this month. The word is derived from "haraam", meaning "sinful".

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