U.S. Federal Reserve Chair Jerome Powell headlines a host of policymakers at a symposium in Jackson Hole, Wyoming later in the week, with expectations growing of further rate hikes rather than a pivot to a more dovish policy.

A Reuters poll of economists forecast the Fed will raise rates by 50 basis points in September, with the risks skewed towards a higher peak.

The Qatari benchmark index (.QSI) dropped 1.2% with most of its stocks in negative territory including Qatar Islamic Bank (QISB.QA), which was down 1.4%.

Dubai's main share index (.DFMGI) finished 0.3% lower, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).

Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).

Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.

In Abu Dhabi, the index (.FTFADGI) fell 0.4%, with telecoms firm e& (ETISALAT.AD), formerly known as Emirates Telecommunications Group, dropping 1%.

Saudi Arabia's benchmark index (.TASI) reversed early losses to edge 0.1% higher, helped by a 0.9% rise in Al Rajhi Bank (1120.SE).

However, the index's gains were limited by a 1.2% fall in Saudi Aramco (2222.SE) as the oil giant went ex-dividend.

Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.9%, with top lender Commercial International Bank (COMI.CA) retreating 2.1%.