Tadchase, I think you are overly optimistic. Olmert is not going to talk about peace (and I don't see a reason why the Saudis will even talk to him). The Saudis are not a direct party to the conflict. They have acted recently against US wishes in mediating between Hamas and Fatah. Olmert wants to skip negotiating with that government or Abbas, which means there will be more bloodshed in Gaza. I can't see why the Saudis should help Olmert at all.
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Border Police detain Palestinian carrying knife near Tomb of the Patriarchs in Hebron (Haaretz)
from the article: PM willing to start dialogue with Saudis, join regional summit