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Hopefully someone with firsthand experience can answer. Failing that, there are quite a few expat forums discussing this elsewhere and they would be well worth looking at.
The most basic piece of advice I can get is getting the contract up front. The reviews that I've read are mixed. The culture there can be quite startling for a lot of, especially Western, people and I suspect that this is the root of many people's criticisms.
Have a look at our Culture Shock in Saudi Arabia page and especially our Women in Saudi Arabia section to get a bit more of an idea of what you might expect.
In terms of expat communities, given the large amount of expats in Saudi Arabia, finding one is fairly easy, especially since many people live in Western compounds. I know the university provides their employees with accommodation too, and you would probably find yourself in a similar situation to many of your colleagues. In any event, expat communities there have a very strong online presence, so keep an eye out.
Hope this helps.
Good Luck,
Xavier