The Spanish world number 104 shot a seven-under par 65 and finished on 14-under par 202 after 54 holes, the same as Stenson, who shot a bogey-free round of 68.
It was the Swede's 12th consecutive round in the 60s on the Earth course of Jumeirah Golf Estates.
The leading duo are now three clear of Englishman Justin Rose, who leads the chasing pack at 205 following a round of 68.
"It's a great championship and of course it would mean a lot for me to defend and to get a win this season,” said Stenson, who is yet to win a tournament this year despite a solid season.
"It's been a good year, but still at the end of the year when we assess it, we will always look at the trophies and there has not been any yet.”
Meanwhile, world number one Rory McIlroy, already assured of becoming the European number one for the season by winning the Race to Dubai, made rare back-to-back double bogeys en route to a two-under par 70.
“I definitely felt like I played better than yesterday, even though the score is the same," said McIlroy.
The Northern Irishman will start the final round four shots behind Stenson and Cabrera-Bello, tied for fourth on 10-under par with Frenchman Victor Dubuisson (67), England's Tyrell Hatton (68) and Denmark's Thorbjorn Olesen (69).
Published in The Express Tribune, November 23rd, 2014.
Like Sports on Facebook, follow @ETribuneSports on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ