Gulf stock markets dropped at the opening of trade on Wednesday, following two days of strong gains.

Stock markets in the United Arab Emirates were mixed in early trading, with Emaar Properties leading Dubai lower while banks gained in Abu Dhabi after the government more than doubled its emergency funding facility for banks.

Emaar and Emirates NBD fell 4.13 percent and 4.91 percent respectively, pushing the benchmark down 5.08 percent to 3,515 points.

In Abu Dhabi, First Gulf Bank and Union National Bank surged 9.82 percent and 8.07 percent respectively, boosting the index 0.77 percent to 3,630 points.

The UAE government said on Tuesday it would pump an additional 70 billion dirhams into its funding facility, bringing it to 120 billion dirhams.

The Saudi stock market, the largest in the Middle East, dived 6.9 percent at the opening of trade.

Qatar Islamic Bank and Qatar Gas Transport Co (Nakilat) weighed on the benchmark in early trading, taking their cue from sliding global markets.

Qatar Islamic and Nakilat slid 6.66 percent and 5.05 percent respectively, dragging the benchmark down 3.73 percent to 8,064 points.

Renaissance Services Co and Bank Muscat led Oman's benchmark lower in early trading. Renaissance and Bank Muscat fell 5 percent and 0.91 percent respectively. The index, down more than 14 percent this year, shed 1.24 percent to 7,622 points.