Did the Arabs completely waste all their oil?

The arabs had a sea of oil under their feet but most Arabs/Muslims still live in poverty and are at war either civil war or with their neighbours. Most of the oil revenues were spent on US military hardware that was not needed. Dubai tried to diversify and almost literally throw all its money creating an unsustainable city in the desert and islands called the world that are now falling into the sea. Dubai had a chance of using that oil money for philanthropy and helping the poor. Instead Dubai abused the poor from Bangladesh and used slave labour (often working their slaves to death on 95 hour weeks for $50 per week!) creating hotels and apartments that no one now wants. Even oil diversification has failed. In essence oil for the Arabs was their biggest cures and a totally wasted on them. Did they waste it all and do they deserve what they have now- revolutions and poverty?