Most Gulf stock markets opened lower on Wednesday due to lacklustre corporate earnings, although the Saudi index rose on strong gains by Al Rajhi Bank.

Dubai’s main share index dropped 1%, dragged down by an 8.6% slide in top lender Emirates NBD (ENBD), on course to post its biggest intraday fall in nearly five years.

ENBD reported fourth-quarter net profit of 4 billion dirhams ($1.09 billion), marginally lower than a year earlier.

The lender also missed analysts’ estimates.

The Abu Dhabi index fell 0.3%, hit by a 1.7% decline in Abu Dhabi Islamic Bank, following a drop in the lender’s full-year net profit.

The Sharia-compliant lender reported a net profit of 1.47 billion dirhams, down from 1.50 billion dirhams a year ago.

Saudi Arabia’s benchmark index, however, gained 0.3%, helped by a 3.3% rise in Al Rajhi Bank after the lender reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024.

In a separate bourse filing, Al Rajhi Bank also proposed second-half cash dividend of 1.46 riyal per share, up from 1.15 riyal a year earlier.

Gulf markets end mixed amid US tariff threats

Elsewhere, Saudi Telecom Company added 0.7%, a day after the firm said it won a contract worth 32.64 billion riyals from a government entity to build, operate and provide telecommunications infrastructure services.

In Qatar, the index lost 0.4%, with Qatar Gas Transport (Nakilat) falling 2.4%, on lower annual dividend. Nakilat - the world’s largest shipper of liquefied natural gas (LNG) - recorded a net profit of 1.64 billion riyals ($449.89 million), compared to 1.56 billion riyals year ago.