Which is better to take as a final year accounting student, cma or cpa and which one is more required in the middle east companies ?

ACCA is the most prestigious of all. 

See below link for more information

http://www.accaglobal.com/en/learning-provider/learningproviders-exemptions/recognition-acca-qualifications.html

CMA is easier but CPA is more required in the middle east

 Cma Is the best and the most useful in professional life and give its owner privileges enables it to work the largest international companies in the world as a wholeCma هي الافضل وهي الاكثر افادة في الحياة المهنية وتعطي صاحبها امتيازات تمكنه من العمل بأكبر الشركات الدوليه علي مستوي العالم ككل

You need to consider certain factors before you proceed with one of these.

-          Accessibility = which one has representative office in your country.

-          Flexibility of exam entry.                

-          Easiness of application           

-          Exemption policy  = Consideration of your bachelor qualification

-          No of courses and materials and study guide

-          Availability of tutorial = is there any approved learning partners near you

-          Exam time and No = necessary to determine duration to become a member in the association

-          Affordability = cost for application, course registration, materials and tutorial

-          History of the title in the region or your country

-          Spread = Acceptability of HR in your region = you can check the job announcements.

Thus, I can say that both are good but you need to consider your criteria (as above). My advice is to select the one that gives you a quick competitive edge with less cost and efforts.