Major Gulf stock markets were mixed in early trade on Monday, as uncertainty around ​U.S.-Iran talks kept ⁠investors largely on the sidelines, while the announcement of a ‌new national fund in the UAE boosted shares there. 

Hopes for renewed ​diplomacy faded over the weekend after U.S. President Donald Trump cancelled a planned ​visit by ​his envoys to Islamabad on Saturday. Trump said Iran could make contact if it wanted to negotiate an end to the ⁠two-month war, while insisting Tehran must never acquire a nuclear weapon. Iran said the U.S. would have to remove barriers to any deal, including its blockade of Iranian ports.

Iranian Foreign Minister Abbas ​Araqchi, meanwhile, ‌is in Russia ⁠to seek support ⁠from President Vladimir Putin.

In the UAE, Prime Minister Sheikh Mohammed bin ​Rashid Al Maktoum on Sunday announced the country ‌will establish a 1 billion dirham ($272.26 million) ⁠national fund to strengthen industrial resilience.

According to the prime minister, the fund will support the localisation of strategic industries, bolster supply-chain resilience, and speed up the adoption of artificial intelligence in production, operations, and planning.

Dubai's main share index gained 1.2%, led by a 1.8% rise in blue-chip developer Emaar Properties and a 2.5% advance in toll operator Salik.

In Abu Dhabi, the index ‌rose 0.4%, with Alpha Dhabi Holding advancing 2.8%.

Saudi Arabia's benchmark ⁠index eased 0.1%, hit by a 1.2% fall ​in Saudi Arabian Mining Co.

Elsewhere, Saudi Tadawul Group plunged 5.9%, following a steep decline in quarterly profit.

The Qatari index fell 0.1%, with ​Qatar National ‌Bank - the Gulf's biggest lender by assets - losing ⁠0.3%.

($1 = 3.6730 UAE dirham)

(Reporting ​by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)