Saudi Arabia's stock market fell sharply in early trade on Sunday, a day after Yemen's Iran-aligned Houthis said they had fired 14 drones at several Saudi Arabian cities, including at Saudi Aramco facilities in Jeddah.

Saudi Arabia's benchmark index dropped 1.6%, with Al Rajhi Bank retreating 2.2% and Saudi Aramco losing 1.6%.

The oil giant was also under pressure after India's Reliance Industries Ltd said on Friday it had decided with the Saudi company to reevaluate Aramco's proposed roughly $15 billion investment in Reliance's oil-to-chemicals (O2C) business.

The 20% stake sale in the unit was announced in 2019, but was delayed as oil prices and demand crashed last year due to the pandemic.

The Abu Dhabi index lost 0.2%, hit by a 1% decline in the country's largest lender First Abu Dhabi Bank.

Dubai's main share index gained 0.2%, on course to rise for a sixth session in seven, with logistic firm Aramex putting on 2.4%.Elsewhere, Amlak Finance surged 15%, extending gains for a sixth session.

On Sunday, the Islamic finance company swung to net profit of 887.1 million dirhams ($241.55 million) for the third quarter, from a loss of 151.4 million dirhams year ago.

In Qatar, the index eased 0.2%, hit by a 1.2% fall in Commercial Bank.