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The biggest problem to any modernization will be their backwards cultural views. Its a bit hard to bring your economy thus society to modern times when much of your mentality is stuck in the 7th century.

They lack education skills and any manufacturing, once again all will be held back due to their views and believes.

Also the value of oil will not raise to full fill their needs, honestly my next car is more likely then not will be electric or at least a hybrid that does 100 km on 5 liters.

Also any sort of political pull they have now due to oil is quickly eroding. None will give a rats about Saudi with out their oil.

Also (lots of also) none will care to invest in them, just not worth it.