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If I submit my passport for the visa with Job1 and get my visa stamped is that the point of no return ? Can I still back out if Job2 offer comes through before I fly to Riyadh ? What about after that ?

Before you fly to Riyadh, you can still back out.  Until you enter the kingdom you haven't activated the visa, nor begun your employment.  No harm, no foul.

After that, there are legal ramifications - contractually - and hoops you need to jump through.

The bigger question is...if they are dragging their feet for so long, do you really want to work for them. Perhaps they do the same for all they do.

Bird in the hand, mate.

Take Job #1 and come over, mate.
We have no time for those who wait....

Go for it and good luck.

The bigger question is...if they are dragging their feet for so long, do you really want to work for them. Perhaps they do the same for all they do.

Just the thought I have in mind reading your post Johnny, an indicator of bad management which can be observed in most of the companies here.

I back the guys above, work with what you have

Thanks Guys, I appreciate your constructive comments and I think I will follow your advice. Cheers, Johnny