Abu Dhabi stocks again hit record highs in early trade on Sunday, as International Holding (IHC) continued to rise after the listing of its subsidiary.

Last Week, IHC's market capitalisation hit 201.7 billion dirhams ($54.92 billion), making it Abu Dhabi's most valuable listed company, after the market debut of Alpha Dhabi, in which IHC holds a 45% stake.

In Abu Dhabi, the index rose 0.5%, on course to extend gains for a fifth session, buoyed by a 1.6% gain in International Holding.

Saudi Arabia's benchmark index gained 0.5%, with Al Rajhi Bank rising 1.6%, while Banque Saudi Fransi advanced 2.2%.

The kingdom plans to target international transit passenger traffic with its new national airline, going head-to-head with Gulf giants Emirates and Qatar Airways and opening up a new front in simmering regional competition.

The Qatari index added 0.2%, supported by a 1.2% increase in petrochemical firm Industries Qatar.

Qatar Petroleum, which owns a majority stake in Industries Qatar, sold $12.5 billion in a jumbo four-tranche bond deal on Wednesday, a document showed, its first public bond sale and the biggest issuance out of emerging markets this year.

Dubai's main share index, however, fell 0.4%, hit by a 0.8% fall in Emirates NBD Bank and a 0.5% decrease in blue-chip developer Emaar Properties.

($1 = 3.6726 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))