We shall see, it these sort of pacts should have come by in 80s, our airforce is in poor state while saudis pay billion to various nations what are the chances they would pay us mere 5 billion to upgrade out AF, after all we are a begger's Nation despite declaring best relations with them on media every now and then we have seen little contribution/help from the other side.
As for the point that saudis might be looking towards air national guard, these are best speculations, their AF is strong enough and the need is not critical and with their petro dollar they can get best of weapons from US/UK as their primary source. Let saudis first get Al-khalids oh wait they rejected them, than we can talk about selling them whatever comes to mind I think saudis are good to Pakistan for giving left over charity nor is Pakistan is such a state to sell potential weapons when our country is suffering from terrorism we need to fix our problem and spend inside Pakistan.