Major Gulf bourses rose in early trading on Thursday, with Saudi Arabia leading the gains buoyed by surge in shares of top utility firm Acwa Power Company , while the Dubai index declined.

Saudi Arabia’s benchmark stock index advanced 0.7%, helped by a nearly 5% surge in Acwa Power and a 0.9% increase in biggest Islamic lender Al Rajhi Banking and Investment Corporation.

Acwa Power signed three power purchase agreements with Saudi Power Procurement Company for large-scale solar plants with a total capacity of 5.5 gigawatts, the firm said in a filing.

The agreements are worth 12.3 billion riyals ($3.28 billion).

Abu Dhabi’s benchmark index rose 0.3%, snapping two sessions of losses, lifted by a 0.6% gain in UAE’s largest listed firm International Holding Company and a 1.5% rise in IHC-owned investment firm Multiply Group.

Oil price - a key catalyst for Gulf’s financial markets - edged higher on Thursday on worries that a potential expansion of the Gaza war might disrupt Middle East supplies.

Gulf markets mixed in early trade; U.S inflation data in focus

Brent crude was up 0.3% to $85.51 a barrel by 0804 GMT.

The Qatari benchmark index was up 0.3%, extending gains to the 18th session in a row, with Gulf’s largest lender Qatar National Bank up 0.1% and petrochemical maker Industries Qatar rising 0.2%.

The Qatari index has risen in all sessions this month, posting its highest monthly gain this year, according to LSEG data.

Dubai’s main index edged down 0.04%, pressured by a 0.7% drop in Emirates Central Cooling Systems Corporation and 0.3% decline in top lender Emirates NBD Bank .