First prerequisite for that is a population that has the intelligence and drive to compete in world markets. That's not going to happen any time soon with that society.
They will squander a lot of the nest egg to make a showing but eventually it will come down to just a few running away with what they think is enough to save themselves.
They are crooked and warped but they aren’t stupid.
For decades, the Saudis have been using their oil money to hire Africans and Indonesians to do their manual labor and Americans/Europeans to do their technical and financial work. That economic model can't be sustained unless oil goes back to $100 per barrel or more. So now they're stuck with no oil money and a population who has never done work - physical or mental, of any kind. Egypt and Jordan have brighter economic and social futures in the long run than Saudi Arabia, assuming the Egyptian military can keep the Muslim Brotherhood (also funded by Saudi clerics) out of power.
Furthermore, a society that wastes the brains of its best and brightest on Koran studies and theology won't be going very far anytime soon.
Yes, they have import labor and the connected within the royal family manage that aspect. But, are they setting up shop in Saudi with a non-technical populace or taking over elsewhere, intent on funneling profits to their wealth fund? They are buying assets outside Saudi in the developed world, as has China.