The worst hit, the Dubai Financial Market, is down by half from last year's high.

ECONOMIST: Shares take a tumble in the Gulf

So far this year, shares in the Dubai Financial Market have lost 48% of their value.

ECONOMIST: Is Dubai being hit by the turmoil?

Its stock market, the Dubai International Financial Exchange, is relatively new, having been founded in September 2005.

FORBES: Dubai Talk Heats Up OMX Shares

The Dubai Islamic Bank believes it is filling a gap in the market by offering women extra privacy in their financial affairs - in some cases secrecy from their husbands - and a more relaxed atmosphere in which they can discuss their needs.

BBC: Women-only bank in Gulf