Dubai's main share index gained 0.42% and was poised to log gains for the sixth straight week, while Abu Dhabi's benchmark index rose 0.2% on Friday.

Earlier this week, investor sentiment was boosted by a surge in optimism, driven by a U.S.-China trade breakthrough and a series of high-profile investment deals during U.S. President Donald Trump's Gulf visit.

But by Thursday, the enthusiasm faded, with Asia-Pacific shares outside of Japan trading flat and European shares bracing for a subdued opening on the day.

Oil prices, a catalyst for the Gulf's financial markets, continued their decline. Brent crude futures lost 18 cents after falling 2% on Thursday, pressured by oversupply concerns.

As of Thursday's close, Saudi Arabia's benchmark stock index closed the week higher.

In Dubai, on Friday, Shuaa Capital soared 8% after swinging to a net profit of 196 million ($53.4 million) in the first quarter from a 161 million-Dirham loss in the previous quarter. The investment banking platform was the top gainer on the index.

($1 = 3.6726 UAE dirham)

(Reporting by Chandini Monnappa and Rishab Shaju in Bengaluru; Editing by Sumana Nandy)