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For most of the middle-east, france or italy are good choices. Some clients of mine have had good experiences with servers with OVH or online.net. For cheaper stuff, look at the OVH vps line, or the scaleway.com (online.net network) line.
Even cheaper, you could try @exception0x876's wishosting NAT vps, although that might require you to change some ports in your openvpn config. (https://www.wishosting.com/order/main/packages/VPS/?group_id=2 openVZ mini)
been with wishosting for over a year and performance is pretty stable and latency is less than 90ms from egypt