Most major stock markets in the Gulf were subdued in early trade on Wednesday following Saudi Arabia amending import rules from the Gulf in a challenge to the United Arab Emirates, although Qatar bucked the trend.
Saudi Arabia's benchmark index eased 0.2%, helped by a 1.1% fall in Al Rajhi Bank and a 0.6% decrease in Riyad Bank.
The kingdom has amended its rules on imports from other Gulf Cooperation Council countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions, in a bid to challenge the United Arab Emirates' status as the region's trade and business hub.
Dubai's main share index fell 0.4%, with blue-chip developer Emaar Properties losing 0.7%, while its unit Emaar Malls was down 1.5%.
Emaar Properties expects to buy out minority shareholders of Emaar Malls and delist the business by year-end.
Emaar Properties, which already owns close to 85% of Emaar Malls, will swap 0.51 of its own shares for each remaining share of Emaar Malls.
In Abu Dhabi, the index lost 0.3%, with the country's largest lender First Abu Dhabi Bank and telecoms firm Etisalat falling 0.5% each.
The UAE and Saudi Arabia clashed this month over how OPEC+ producers unwind oil output cuts. Discussions were abandoned after a third day of talks on Monday failed to resolve differences.
But, International Holding added 0.2%, on course to extend gains for an eight consecutive session.
The winning streak was triggered following the listing of its unit Alpha Dhabi last week, making IHC Abu Dhabi's most valuable listed company.
The Qatari index, however, gained 0.4%, on course to end two sessions of losses, led by a 1.7% rise in petrochemical firm Industries Qatar.
(Reporting by Ateeq Shariff in Bengaluru) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))
