Middle East funds turn negative as oil drops again

* Bears outweigh bulls for both equities and fixed income * Oil prices back at early February levels * Saudi Arabia seen as most expensive market in region * UAE attracts bets linked to Iran * Egypt, a cheaply valued oil importer, also favoured By Olzhas Auyezov DUBAI, July 30 (Reuters) - Middle East fund managers have on balance turned negative towards the region and especially its biggest equity market, Saudi Arabia, after oil prices gave up most of the gains made in t