Major Gulf stock markets were range-bound in early trade on Monday, as investors weighed rising oil prices and a slowdown in economic growth.

Shares in the region lost ground in recent weeks amid anxiety about fast-rising inflation that will drive a sharp rise in interest rates and put global economic growth at risk.

In Abu Dhabi, the index dropped 1.7%, hit by a 1.8% fall in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

The main share index in Dubai, the Middle East’s travel and tourism hub, retreated 2.1%, dragged down by 3.4% slide in blue-chip developer Emaar Properties and a 3.2% decline in Emirates Integrated Telecommunications.

Saudi Arabia’s benchmark index gained 0.5%, led by a 0.8% rise in in Al Rajhi Bank and a 1.6% increase in the country’s largest lender Saudi National Bank.

Elsewhere, Kingdom Holding surged 9.9%, extending gains from the previous session.

Saudi billionaire Prince Alwaleed bin Talal signed an agreement with the kingdom’s powerful sovereign wealth fund to sell 16.87% of his investment firm Kingdom Holding to the fund.

The share price for the agreement was where the stock closed on Thursday, its lowest level in a year. It rallied 9.9% to 9.99 riyals on Sunday.

The Qatari index advanced 1%, with Qatar Islamic Bank putting on 2.1%, while Masraf Al Rayan climbed 1.9%.

Oil prices, a key catalyst for the Gulf’s financial markets, gained with U.S. fuel demand, tight supply and a slightly weaker dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)