Stock markets in the Gulf were headed for a weekly gain on Thursday as they extended their rebound following a recent selloff triggered by the prospect of aggressive global interest rate hikes to tame inflation.

Saudi Arabia's benchmark index gained 0.5%, on course to log its first weekly gain in three weeks, led by a 1.2% rise in the country's biggest lender Saudi National Bank .

Elsewhere, Prince Alwaleed Bin Talal's Kingdom Holding added 0.9%, after the investment firm said it was putting 1.01 billion Saudi riyals ($269 million) into UK- listed global insurance and asset management firm M&G Plc.

Dubai's main share index rose 0.4%, with sharia-compliant lender Dubai Islamic Bank rising 1.8% and top lender Emirates NBD increasing 0.8%.

The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.

U.S. President Joe Biden met Gulf and other leaders in Saudi Arabia last weekend to try to secure commitments for higher oil production as he tries to tame inflation at home.

Saudi Arabia and the UAE are among a handful of producers that have sizeable spare capacity.

In Abu Dhabi, equities climbed 0.7%, driven by a 0.6% rise in First Abu Dhabi Bank and a 2.1% leap in Abu Dhabi Islamic Bank after it reported a sharp rise in quarterly net profit.

The Qatari benchmark added 0.3%, with Qatar National Bank, the Gulf's biggest lender, rising 1.4%.

($1 = 3.7575 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh Lawson)