Most stock markets in the Gulf were subdued on Wednesday as investors turned cautious amid simmering geopolitical tensions, although Dubai index hit an over 10-year high on finance and real estate sector gains.

The Abu Dhabi benchmark index <.FTFADGI> eased 0.2%, weighed down by a 0.8% drop in International Holding Company <IHC.AD> and a 0.9% decline in the UAE's largest lender, First Abu Dhabi Bank <FAB.AD>.

Among other losers, Abu Dhabi National Hotels <ADNH.AD> and its catering arm ADNH Catering <ADNHC.AD> dropped 1.6% and 1%, respectively. ADNH Catering said on Tuesday it would raise its stake in Compass Arabia to 50% from 30%.

Saudi Arabia's benchmark stock index <.TASI> was down 0.1% after three consecutive session of gains, with most sectors in the red. Saudi Arabian Mining <1211.SE> fell 1.1% and Jabal Omar Development <4250.SE> slipped 2.3%. Real estate developer said in a statement to the Exchange it had appointed Abdulrahman Bajunaid as new CEO, effective Jan 2025.

Meanwhile, Knowledge Tower Trading <9551.SE> surged 7.2% to 11.62 riyal per share, its highest level since listing in November 2022 on Nomu Parallel Market. Education services provider's board decided to transfer it to the main market.

Dubai's benchmark stock index <.DFMGI> rose 0.6% to 4,761, its highest level in more than 10 years. Emirates NBD<ENBD.DU>, the emirate's largest lender, added 2.8% and Dubai Financial Market<DFM.DU>, the operator of exchange (DFM) rose 4.5%, the sharpest daily rise in more than 1-1/2 years.

The Qatari benchmark index <.QSI> inched up 0.1% after early choppy trading. Qatar National Bank <QNBK.QA>, the region's largest lender, added 0.5% and Ooredoo <ORDS.QA> gained 1.5%.

Outside the Gulf, Egypt's blue-chip index <.EGX30> extended its decline to a fourth session, ending 0.3% lower with most stocks in the red. Eastern Company <EAST.CA> dropped 1.6% and EFG Holding <HRHO.CA> slid 1.2%.

"Market participants appear to be securing liquidity ahead of United Bank's upcoming IPO," said George Pavel, general manager at Naga.com Middle East.

Egypt's central bank began the sale of 30% of United Bank <UBEE.CA> on Wednesday, marking only the second privatisation of a state-owned Egyptian lender in four years after a gap of more than a decade.

SAUDI ARABIA

<.TASI> down 0.1% to 11,868

KUWAIT

<.BKP> fell 0.1% to 7,869

QATAR

<.QSI> was up 0.1% to 10,438

EGYPT

<.EGX30> lost 0.3% to 30,588

BAHRAIN

<.BAX> down 0.4% to 2,043

OMAN

<.MSX30> lost 0.2% to 4,609

ABU DHABI

<.FTFADGI> down 0.2% to 9,405

DUBAI

<.DFMGI> gained 0.6% to 4,761

($1 = 3.6727 UAE dirham)

(Reporting by Md Manzer Hussain; Editing by Krishna Chandra Eluri)