The Arab Gulf is hot, and we’re talking more than weather. The leading stocks listed on the western slice of the Persian Gulf (primary the United Arab Emirates, Qatar and Kuwait) are sizzling. The equities in the major markets of Europe are doing quite well too when we slice up the planet’s stock markets by regional definitions.

Shares in the Gulf are up nearly 39% for the trailing 250-trading-day period through Feb. 14, based on the Market Vectors Gulf States Index (MES), which is allocated predominantly in the three countries noted above. From a sector allocation perspective, MES is heavily skewed toward financials (around 62% of the portfolio), according to Van Eck Global, which manages the ETF.

Meanwhile, equities in the Latin America continue to lag when comparing global markets on a regional basis. The iShares Latin America 40 (ILF) is down by more than 20% across the past 250 trading days.