UPDATE 7: Dubai-based lender's shares climb 2.6%, Dubai, Kuwait, Saudi close up.
Emirates NBD rallied after raising AED4bn ($1.09bn) by issuing debt securities to the bank's majority shareholder, the Investment Corporation of Dubai (ICD).
This will boost the lender's tier 1 ratio – a measure to assess a bank's financial strength – to more than 11 percent. The bank's shares added 2.6 percent.
Aramex led Dubai's index to a higher close after the logistics firm received approval to class Gulf investors the same as UAE nationals.
Aramex shares jumped 14.9 percent. Under UAE law, 51 percent of a company's shares must be owned by UAE nationals, although companies can reclassify citizens of Gulf Co-Operation Council countries to be the same as UAE nationals. Aramex said on Wednesday it received approval to do this.
Most Dubai stocks rose. Dubai Financial Market climbed 4.3 percent.
These gains helped the benchmark climb 1.4 percent to 1,810 points.
Meanwhile, Emaar Properties fell for the fourth successive session since announcing merger plans.
It dropped 0.7 percent, taking its losses to 14 percent this week.
Gulf Navigation rose 1.3 percent after its board on Tuesday approved the purchase of 'a number of vessels', according to a statement on the Dubai bourse's website.
Abu Dhabi's index ended slightly lower, slipping 0.1 percent to 2,629 points.
Dana Gas jumped 8.4 percent and accounts for almost half of all shares traded on the benchmark.
Union National Bank fell 3.6 percent.
Mobile Telecommunications Co (Zain) surged to lift Kuwait's index to a higher close after the telecoms operator said it was working with Swiss investment bank UBS and other consultants to review its strategy.
Zain shares climbed 5.1 percent. On Tuesday, daily al-Anbaa quoted a Zain official as saying the company had no objections to selling its African operations if the price was right and had received several offers, including one from Europe's largest entertainment group, Vivendi.
Kuwait's index rose 0.2 percent to 8,099 points. Kuwait Finance House climbed 6.7 percent and National Bank of Kuwait added 1.6 percent.
Qatar's index ended lower for the third session in four as banks, petrochemicals and property stocks slid.
Qatar National Bank fell 2.8 percent, Commercial Bank of Qatar lost 2.2 percent and Barwa Real Estate dropped 1.1 percent.
These losses helped drag the index down 1.3 percent to 6,407 points. Industries Qatar fell 1.3 percent.
Bahrain's benchmark ended higher for a second session, rising 0.5 percent to 1,589 points.
Oman's index ended higher for a second session, with trading mostly directed at small-cap stocks that have increased weightings on the revamped benchmark.
Al Jazeira Services climbed 2.5 percent and was the most traded stock, accounting for a quarter of all shares changing hands.
Second-placed Al Anwar Holding added 2.8 percent, while Jazeera Steel gained 1.7 percent and was the third-most traded share.
These gains helped the index rise 1 percent to 5,670 points.
Bank Muscat fell 2 percent. Oman's free float index debuted on Wednesday, reducing the weightings of blue chip stocks and boosting the influence of smaller cap firms.
Saudi Arabia's index ended higher for the third session running following a late rally as telecoms helped overcome a mixed performance by banks.
Saudi Telecom Co rose 0.5 percent and rival Etihad Etisalat Co climbed 2.3 percent.
Arab Bank fell 1 percent, while Banque Saudi Fransi and SABB also made minor declines.
The index edges up 0.1 percent to 5,599 points as volumes slump to a three-month low.