Not quite, the instantaneous energy output from the system will be at 200GW when the sunshine is at a maximum. The average output of the system would be 60GW (at a 30% capacity factor). In terms of total energy this would equate to around 525TWh worth (60 * 8760 / 1000). Or, 525,000,000 MWh.

That is, for every $1/MWh that the solar station gets paid for it's output it will receive half a billion dollars a year.

Now, a station of this size would massively depress power prices throughout the region unless there was some form of large scale storage unit which could soak it up.

Probably more impactful is the Saudis are currently using oil for their power stations which is heavily subsidized.