Extreme volatility and correlation with global markets are functions of the current uncertainty prevailing in the gulf retail investment community. We look for results over the next two quarters, which we expect to be negative but better than the priced-in scenario, to help investors move forward with more certainty and start differentiating (probably for the first time in the GCC) between sectors and the quality of companies. We therefore see 2009 as the right time to accumulate GCC equities selectively (especially on any big dips).