By Md Manzer Hussain

Dec 18 (Reuters) - Most stock markets in the Gulf fell on Wednesday as investors exercised caution ahead of the U.S. Federal Reserve's last policy announcement of the year after economic data indicated consumer spending remained solid.

The U.S. central bank is widely expected to deliver a 25-basis-point interest rate cut at the end of its meeting later in the day, but the focus will be on how much further Fed officials think they will reduce rates in 2025.

The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the U.S. dollar.

The Qatari benchmark stock index .QSI dropped 1.1%, with all of its constituents posting losses. Industries Qatar IQCD.QA lost 2.7% and Qatar Islamic Bank QISB.QA fell 1.1%.

Meanwhile, QatarEnergy raised the term price for al-Shaheen crude oil loading in February, setting it at a premium of $1.05 per barrel above Dubai quotes.

Shares in Dubai .DFMGI slipped 0.8%, with most sectors trading in negative territory, after the benchmark stock index hit its highest in more than a decade for two straight sessions.

Emirates NBD ENBD.DU, Dubai's largest lender, dropped 2.8% and Emaar Development EMAARDEV.DU lost 4%.

Saudi Arabia's benchmark stock index .TASI was down 0.1%, pressured by losses in almost all sectors.

Al Rajhi Bank 1120.SE, the world's largest Islamic lender, fell 0.5% and Saudi Arabian Mining Co 1211.SE shed 0.6%.

Savola Group 2050.SE surged 10% in its second session of gain and hit its highest level in nine months. The Kingdom's largest foods producer said on Sunday its shareholders had approved the board's proposal to reduce capital and compensate by paying 8.34 billion riyals ($2.22 billion) in the form of Almarai shares.

The Abu Dhabi benchmark index .FTFADGI was up 0.2%, with Alpha Dhabi ALPHADHABI.AD rising 3.71% and Multiply Group MULTIPLY.AD adding 1.6%.

ADNOC Drilling ADNOCDRILL.AD was down 1.3%. The drilling unit of state-owned energy giant ADNOC said on Tuesday it had formed an 'unconventional' energy venture with SLB and Patterson-UTI.

($1 = 3.6727 UAE dirham)

(Reporting by Md Manzer Hussain; Editing by Subhranshu Sahu)

((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))