Qatar's bourse hit an 11-week high, lifted by banking stocks. The index rose 0.6 percent to 8,497 points — its highest close since July 7. 

"The next two weeks are critical — we have the quantitative easing announcement in the US, and the Greek debt talks in Europe; these things can take the market in any direction," said Joe Kawkabani, Franklin Templeton Investments (ME) chief investment officer of equities.  

Masraf Al-Rayan and Industries Qatar were the main support, rising 0.9 and 1.2 percent respectively. Barwa Real Estate gained 1 percent. 

"Banks have started to become more aggressive this year after cleaning up their books. Loan growth in Qatar, which is a good indicator of risk appetite, was at 5 percent growth," said Kawkabani.

Saudi Arabia's shares slipped in the final day's trading before a long weekend as investors reduce positions amid global uncertainty over the US economy and euro zone debt. The Tadawul All-Share Index (TASI) eased 0.03 percent to 6,142.26 points.

Elsewhere, Kuwait's benchmark dipped 0.4 percent to 5,956 points.

Large-caps Kuwait Finance House and Ahli United Bank fell 1.1 percent each and Kuwait International Bank lost 1.8 percent.

Meanwhile, a possible strike by some employees of the Kuwait Stock Exchange, demanding to amend their employment conditions, will not affect trading on the Arab world's second largest bourse, an official said on Wednesday. 

"It will not affect trading ... they are all administrative jobs, and we are expecting some good news so the strike might not even take place," Mohammed Al-Ghanim, director of the trading department at the Kuwait stock market, told Reuters.

In Dubai, the index rose 0.5 percent to 1,473 points — a two-week high. 

Real estate-linked stocks supported, as Arabtec gained 0.7 percent, Drake & Scull climbed 1.1 percent and Emaar Properties rose 0.7 percent. 

Emaar is looking to sell two hotels in its Downtown Burj Dubai development, according to a report on Wednesday. 

Arabian Business, citing unnamed sources, said on its website that the developer of the world's tallest tower is looking to offload its Al-Manzil and Qamaradeen hotels as well as other properties in the area. 

"As company policy, we do not respond to market rumors or speculation," a company spokeswoman said when contacted by Reuters. 

Among Emaar's high profile assets is Dubai Mall, the world's largest shopping center. It also has a joint venture with Italian fashion house Georgio Armani to develop luxury hotels. 

Second-quarter revenue from rental and hospitality rose 24 percent over the same period last year despite a 23-percent fall in total revenues and a 69-percent plunge in net profit, it said in July.

The largest developer in the United Arab Emirates handed over 244 units in the second quarter, down from 612 in the same period last year. 

Earlier this year Emaar denied a media report that the developer is valuing its Indian joint venture's assets in preparation for an exit or partial sale.

In Abu Dhabi, the index stemmed a 10-day decline, closing 0.04 percent higher at 2,558 points.  

Aldar Properties gained 2.5 percent, accounting for almost half of all shares traded on the index.     

In Oman, Galfar Engineering climbed 2.5 percent after saying its chairman has received regulatory approval to raise his stake in the company to up to 35 percent.

The benchmark edged higher 0.09 percent to 5,742 points.

The Bahraini index ended flat at 1,257 points.