Most stock markets in the Gulf rose in early trade on Thursday, with the Abu Dhabi index leading the gains, boosted by a rise in the country's largest lender, First Abu Dhabi Bank.

In Abu Dhabi, the index advanced 1.1%, buoyed by a 1.2% gain in First Abu Dhabi Bank (FAB), which reported its highest quarterly net profit, helped by the sale of a majority stake in its payments business.

Total quarterly income of 7.3 billion dirhams ($1.99 billion) includes a net gain of 2.8 billion from the Magnati stake sale, up from 4.4 billion dirhams, a stock market filing showed.

Saudi Arabia's benchmark index added 0.2%, helped by a rise of 1.6% in Saudi National Bank.

On Wednesday, the kingdom's biggest lender reported quarterly net profit of 4.50 billion riyals ($1.20 billion), up from 3.41 billion a year earlier.

Elsewhere, oil giant Saudi Aramco gained 0.8%, on course to extend gains for a second session.

Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country thanks to higher oil revenues.

In Qatar, the index dropped 0.3%, hit by a slide of 4.5% in sharia-compliant lender Masraf Al Rayan, following a decline in first-quarter net profit.

However the index's losses were limited by gains at Gulf International Services, which jumped 10%, as it swung to profit in the first quarter.

Dubai's main share index rose 0.5%, with blue-chip developer Emaar Properties putting on 1%.

The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates, Reuters reported on Wednesday, citing a source with knowledge of the matter.

($1=3.7507 riyals)

($1=3.6726 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Clarence Fernandez)