I lived there for four years (at KAUST), I am deeply familiar with the country and its people. The Saudis are nice and well-intended, but a few bad apples spoil the bunch.
I left after my 4yo daughter was kidnapped(!) when I refused to sign some papers regarding my work situation. I am not making this up. The kidnapping was carried away by an Australian professor and a couple American guys working there, but when I tried to look for help I was horrified that this seemed to be business as usual and no one even batted an eye, no jurisdiction. Fortunately, we are safe now and doing better than ever, but, what a story.
Until they fix many of these things it will be very hard for them to establish a thriving economy.