Not all GCC equities have felt the same impact from recent Middle East tensions. Sector returns have ranged from -13% in real estate to +12% in materials — and the divergence tracks with how much revenue each sector earns outside the region. More domestically exposed sectors have underperformed; those with stronger international revenue streams, like materials and energy, have shown greater resilience. For investors navigating GCC exposure, revenue mix is an important variable alongside geography.