I think they are afraid of other Muslim countries, especially Iran. From Wikipedia: The difference of political ideologies and governance has also divided both countries. The Islamic Republic of Iran is based on the principle of Guardianship of the Islamic Jurists, which holds that a faqīh (Islamic jurist) should have custodianship over all Muslim followers, including their governance and regardless of nationality. Iran's Supreme Leader is a Shia faqīh. The founder of the Iranian revolution in 1979, Ayatollah Khomeini, was ideologically opposed to monarchy, which he believed to be un-Islamic. Saudi Arabia's monarchy, on the other hand, remains consistently conservative, not revolutionary, and politically married to age-old religious leaders of the tribes who support the monarchy and the king (namely the Custodian of the Two Holy Mosques) is given absolute obedience as long as he does not violate Islamic sharia law. According to the New York Times, the rift between both countries looks wide and unbridgeable for now. Right now, the continuing disagreement between Iran and Saudi Arabia is the U.S. sanctions on Iran which have destroyed Iran's oil industry, according to CNBC. https://en.wikipedia.org/wiki/Iran%E2%80%93Saudi_Arabia_relations Netanyahu to request Italy recognize Jerusalem as Israel’s capital during Rome visit: In an interview with Italy’s la Repubblica published on Thursday ahead of his departure, Netanyahu said, “I believe the time has come for Rome to recognize Jerusalem as the ancestral capital of the Jewish people for three thousand years, as the United States did with a gesture of great friendship.” Netanyahu also expressed a desire to expand economic relations with Italy, implying that he has set his sights on the country as a potential destination for energy exports. “And then there is natural gas: We have a lot of it and I would like to discuss how to get it to Italy to support your economic growth,” added the premier. Amir Tsarfati: It’s nothing less than amazing! The Secretary of Iran's Supreme National Security Council, Ali Shamkhani, and his Saudi and Chinese colleagues signed an agreement to renew diplomatic relations between Riyadh and Tehran in Beijing. According to the reports coming out right now, the countries will open the embassies in two months. Very interesting report. Why? Because Saudi Arabia and Iran are both signaling that China is the new world power to mediate such agreements. Iran and Saudi Arabia renew their relations under Chinese auspices after 7 years of disconnection Today, Saudi Arabia and Iran announced in an official ceremony in Beijing, sponsored by China, the renewal of diplomatic relations between them after they were severed by Saudi Arabia in 2016. The background to the severing of relations was an attack on the Saudi embassy in Tehran and the Saudi consulate in Mashhad following the execution of the Shia cleric Nimr al-Nimr by Saudi Arabia. In the background of these things, it is necessary to emphasize the strained relations between the Biden administration and Saudi Crown Prince Mohammed bin Salman against the background of the murder of the Saudi journalist Khashoggi in Turkey, in which Bin Salman was accused, as well as Biden's attempt to obtain, through flattery, an increase in oil production by Saudi Arabia, with the aim of lowering its price in mid-2022. Saudi Arabia wants, quite understandably, to step on stable ground, without surprises and without disappointments that have been its share so far from the West in regard to the rivalry with its neighbor, Iran. That didn’t take too long: The leaders of the protest against the judicial reforms in Israel called for high-tech companies to take their money out of Israel because of the “dangerous situation” the country will in be once the reform is implemented. Many listened and transferred their money to the Silicon Valley Bank. Today, that US-based bank collapsed! What Goes Around... Comes Around! https://t.me/s/beholdisraelchannel -Fair Use- Saudi Arabia denies visas to Israeli delegates at UN event: Against the backdrop of reports of diplomatic efforts between Israel and Saudi Arabia and the desire to normalize ties, the reality on the surface seems to be completely different. An Israeli delegation was invited to participate in a UN tourism event in Saudi Arabia, but Saudi authorities refused to give them visas, according to a report in Bloomberg. The delegation consisted of residents of the Circassian town of Kafr Kama, who were invited to a special ceremony by the UN after it was included in an exclusive list of tourist destinations. The UN World Tourism Organization (UNWTO) invited residents of Kafr Kama and from 22 other countries to a two-day event in the Saudi city of Al-Ula. However, the Israeli delegation wasn't given visas, despite an appeal by UN officials who demanded that Saudi authorities treat each of the organization's member states equally. https://www.jpost.com/israel-news/article-734102 
The Saudis could care less about a Palestinian state. That which kept them away for decades from having any normalization with the Jewish state is not even a stipulation for a peace deal with Israel at the moment. They, rightfully so, are way more concerned about their own security in light of Iran’s growing danger. More on this soon!
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Make no mistake - the Saudis detest the ayatollah's regime.
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Alongside this, it should be added that the hesitancy of the Americans (as well as the Europeans) in carrying out decisive offensive moves against a nuclear-armed Iran, has a decisive weight in the Saudi decision on the current move, as well as the Saudi desire to provide a "guide" and get closer to the rising world power - China, which is showing support unreserved in its ownership.
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The Chinese Foreign Ministry after the signing of the agreement between Saudi Arabia and Iran:
The US must end its illegal military presence on Syrian territory immediately.
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