I am sorry but the navy is the weakest point of the army. It needs an overhaul to a large extent. KSA has nearly 4000 km of coastline scattered across 2 different seas. A strong navy is needed to project power and for influence outside of the region as well.
The vital and very strategic seas around the Arabian Peninsula should be under our heavy influence and our own backyard. Meaning most of the Red Sea, Gulf, Arabian Sea etc. Jointly with our long-standing friends and brothers and sisters in neighboring Egypt and obviously the remaining GCC and Pakistan.
For instance do anyone here know about the fact that 25% of all the world's sea traffic is going through the Red Sea? The importance of the Gulf there is no need to elaborate on either considering all the natural resources located in that region of the world.
The Arabian Sea is also very important strategically speaking.
Imagine KSA with a navy like its air force for 1 second.
I am also of the opinion that obligatory military service would not be a bad thing at all. A duration of 6 months would not be a bad idea at all to begin with. Many of the fat lazy asses also need such a thing. They will probably be the first one to flee should KSA ever be attacked. This must not happen.
The government should follow UAE's example as quickly as possible.
Becoming a nuclear power is also vital for the security and future energy sources.