I think Mig-29UPG has crahed after long time, probably after 9-10 years. Last I checked Indian airforce crashes on Wikipedia, I couldn't find any Mig-29 UPG crash on the list(after 2010).
Good thing is both pilots are safe.
There military budget is same as of India and have best weapons in their inventory. I think Saudi family doesn't want military to become powerful as they fear coup.