Dubai's stock market fell on Thursday, pressured by Dubai Investments trading ex-dividend, while banks lifted the Saudi index.

Dubai's index dropped 0.5 percent, with Dubai Investments plunging 9.8 percent to its biggest one-day loss since August 2015, as the stock went ex-dividend.

Takaful Emarat Insurance  was down 1.3 percent after it said it will no longer proceed with the proposed acquisition of Al Hilal Takaful.

Dubai Entertainment inched up 0.4 percent after shareholders voted to discontinue its Six Flags theme park project and approved a plan for business continuity.

The Saudi index rose 0.4 percent, with Riyad Bank  climbing 4.5 percent to its highest level since May 2006. On Monday, the lender posted a 22 percent rise in first-quarter profit driven by higher special commission income and fees.

Alawwal Bank gained 2 percent. The lender called for a shareholder meeting on May 15 to approve a merger offer from Saudi British Bank. Saudi British Bank was up 1.3 percent.

Qatar's blue-chip index edged down 0.1 percent as market heavyweight Industries Qatar  closed 0.8 percent lower for the third straight session. On Monday, the company posted first-quarter net profit that almost halved, pressured by weak demand for its products and constraints on pricing.

United Development Company lost 1.6 percent after reporting a lower first-quarter net profit.

The Abu Dhabi index dipped 0.1 percent, as energy company Dana Gas fell 6.6 percent after the stock went ex-dividend.

The Abu Dhabi Securities Exchange said Abu Dhabi Commercial Bank (ADCB) will start trading on May 1 after its merger with Union National Bank (UNB), while UNB will cease trading post April 30. ADCB was up 0.8 percent and UNB added 1.6 percent.

The Egyptian stock market was closed for a public holiday.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan) ((; +918067497129;))