Dubai's stock market closed higher on Wednesday after the emirate further eased coronavirus-related restrictions, but the Abu Dhabi index was pressured by First Abu Dhabi Bank on its exposure to in-liquidation agri-trader Phoenix.

The United Arab Emirates business and tourism hub Dubai has allowed public parks to reopen and hotel guests to access private beaches, state media said, as the emirate gradually lifts restrictions imposed to combat the coronavirus. 

Dubai's main share index gained 1.5%, with Emirates NBD Bank rising 4.1%. Sharia-compliant lender Dubai Islamic Bank  was up 2.4%.

The Abu Dhabi index declined 1.8%, weighed down by a 3.8% slide in First Abu Dhabi Bank (FAB), the United Arab Emirates' largest bank, said on Wednesday it has $73.2 million of exposure to agri-trader Phoenix Commodities and related entities.

This was the biggest exposure so far disclosed by a UAE bank to the group, which has entered liquidation after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators and seen by Reuters. 

Saudi Arabia's benchmark index added 0.6%, extending gains from the previous session. Al Rajhi Bank gained 1.1% and petrochemical maker Saudi Basic Industries (SABIC) was up 2.2%.

Al Rajhi Bank reported a net profit of 2.38 billion riyals ($633.65 million) in the first quarter, down from 2.57 billion riyals a year earlier. However, the net profit was higher than the previous quarter.

Saudi Aramco's  shares were up 0.2%. On Tuesday, the world's top oil exporter reported a 25% fall in first-quarter net profit, which it blamed on slumping oil prices.

In Qatar, the index dropped 1%. Most of the stocks on the index were in red, including Qatar National Bank , which was down 1.7%.

Outside the Gulf, Egypt's index retreated 1.8%, with most of blue-chip stocks falling. El Sewedy Electric  plunged 8.8% following a more than 50% decline in first-quarter net profit.

($1 = 3.7560 riyals)

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