The decision was taken at a Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, at the Presidential Palace in Abu Dhabi on Sunday.
The Hijri New Year, also known as Islamic New Year is the day that marks the beginning of a new Islamic calendar year, and is the day on which the year count is incremented.
The first day of the year is observed on the first day of Muharram, the first month in the Islamic calendar.
Dr Humaid Al Qatami, Minister of Education and Chairman of the Federal Government Human Resources, has issued Resolution No 36 for the year 2013, that declares Sunday, November 3 as an official holiday for employees in the government sector.
Meanwhile, Saqr Ghobash, UAE Minister of Labour, has issued a circular, declaring Saturday November 2 to be a paid official holiday for all workers in the private sector on the occasion of the Islamic New Year.
The Securities and Commodities Authority (SCA) of the U.A.E. has declared Sunday November 3 as a holiday for the country’s financial markets, in observance of the Hijri New Year.
Trading will resume on Monday November 4, the SCA said in statement.