Citigroup Middle East and Africa equity strategist Andrew Howell pegs the region's correlation to world markets at about 40%, which means the GCC is unlikely to follow U.S. equities' downward trend.

FORBES: How To Make Money In The Middle East

Markets like the UAE and Qatar limit foreign ownership of listed local companies to 49%, while Saudi Arabia's equities remain closed to foreign ownership, says Andrew Howell, a Middle East strategist at Citigroup.

FORBES: How To Make Money In The Middle East

Howell is 23 under par, one stroke ahead of Australia's Andrew Buckle, who carded a 65, and two ahead of Sweden's Johan Edfors, who returned a 63.

BBC: SPORT | Golf | Howell matches Euro Tour record