This section to be updated in September '15 In Sha Allah, to ensure the list of steps are correct. Until then, this small amount of information will have to suffice.
It is possible for holders of an Australian Driver Licence to have it translated into Arabic and then have a Saudi Licence issued without sitting for any tests. According to students, it is possible to attain the Saudi Licence even if you hold a provisional Australian Licence. The cost of issuing a 5 year licence is somewhere in the figure of 500 riyal.
To get the licence you will need a copy of your Iqamah (residency permit - provided by the university), Passport, A Medical check paper (- provided by the university), Driver Licence and translated Driver Licence.
The translation services, Medical paper and Medical check-up services can all be completed within the university compounds prior to heading over to the Driving School and are free of charge for students (i.e Must have a student card).