PM, your point - a small, socially conservative Islamic country, with vast wealth and a high standard among the citizenry- is extremely well said.
As for why? The answer is simply because wanting something is one thing, achieving it is another, the indeterminate 'in between area' is risky & wisdom (free from the 'ME' and the 'I') is crucial to realize when to stop.
You have a beautiful Christian prayer that says
God grant me the serenity
to accept the things I cannot change;
Courage to change the things I can;
And wisdom to know the difference.
If only Wisdom could be bought, but Alas it can't. Therefore it maybe saner sticking with growing a collection porous Hermes birkins or yachts or even Marie osmond dolls, who cares! If only just to spare the Arab identity the stigma attached to appearing indecisive in front of their people or the world stage.

NUCLEAR WEAPONS: IF AMERICA AND ISRAEL CAN HAVE THEM - THEN SO SHOULD IRAN.