Shares in Dubai's Emaar Properties slipped on Wednesday after shareholders agreed on 2012 dividends, disappointing some investors who were hoping for an upward revision and pulling down the bourse from a 40-month high.
Emaar declined 1.7 percent, trimming 2013 gains to 45.3 percent.
Shareholders approved the board's recommendation to distribute a 10 percent cash dividend for 2012, maintaining the same level as the previous two years.
Dubai's index was choppy in early trade, easing 0.06 percent to 1,962 points.
Dubai Investments gained 3.4 percent, accounting for the highest trading volumes.
Abu Dhabi's benchmark climbed 0.9 percent to 3,116 points. First Gulf Bank was the main support, rising 2.4 percent.
Elsewhere, Kuwait's index advanced 0.3 percent to 6,962 points and Oman's measure dipped 0.2 percent to 6,212 points.