The potential for Near Eastern industrialisation

Why shouldn't the eastern seaboard of the Mediterranean bcome a manufacturing centre to rival any in the world?

• There is still a vast amount of oil in Arabia, but water, too - e.g. under the Judean desert, plus three aquifers under the Sahara.
  
• The dry atmospheric conditions are conducive to the long-term storage of stocks of new cars, planes etc.
• The sunny region would be very suitable for "green" energy systems, too, such as solar updraft towers.
• The Arab leaders have enormous reserves of capital.
• There are many people in those countries who would benefit enormously from the work and wealth if their countries industrialised.
• There is land a-plenty for development.
• The eastern Med is beautifully located for producers to get their goods by sea to Western European and North African markets, and the Red Sea for the Middle and Far East.

I don't see why it couldn't happen, once political peace and good governance are established - and what incentives to do so!