Here is what Google says:
“For geotargeting we use mostly the ccTLD or search console setting, so place the server where it works best for you.”
A ccTLD is a domain extension such as .ae or .pk. , which stands for country code top-level domains.
While there are many ways to help Google understand in which region search listings for your site should be targeted, it sounds like ccTLDs is one of the most effective way.