Cool story bro, lots of silver lining to it.
Now, explain how "The Post colonial period where the muslim world is ruled by dictators and kings" is any different from what we have today?
So much resources? All you have is oil dude and it ain't gonna last forever, even less so when it is used as a tool for geopolitical pressure.
As for the 1.7 bill. people, good luck employing them. Take a good read about Egypt for example, the explosion of population that job creation just couldn't follow and whole swaths of population are plunged into poverty.
Same with Pakistan and i'm quite certain if i went to research it in more detail i'd find more similar patterns. Oil rich countries buy off the youngsters with welfare since even they can't provide jobs for all of them, the poorer nations can't. Everytime i see pictures from SE Asia and some poorer Muslim nations, i see men hanging by the street, wasting time. This is the problem described above in pictures. No jobs.
Sorry if this is hard, but you're in dire need of a reality check. Basics like food, water will start becoming an issue in the next decades (is already a problem now, depends who you talk to), predominantly for the countries that live in harsh climates and didn't have the cash to buy land mass for farming in Africa.