Islam is a very practical religion. And that applies to how it treats wealth and socialism.

Like many religion it emphasises the importance of being good, and doing good, to enjoy the rewards of that in the after life (i.e. it teaches delayed gratification). But it also recognizes that advocating its adherent to forego all wordly attachment and live like a saint is also not practical for society. Thus, it also pragmatically says that a muslims doesn't have to wait for the afterlife to enjoy the rewards of good deeds - God has given humans the ability to enjoy certain pleasures in life, and achieve a higher sense of spiritual enlightenment, and that too depends on the good deeds you do in this life:

    Whoever does good, whether male or female, and is a believer, We will surely bless them with a good life, and We will certainly reward them according to the best of their deeds. (Quran 16:97)

Islamic scholars interpret this as a promise from God to the Children of Adam, who do righteous deeds - deeds in accordance with the Book of God and the teachings of His Prophet, with a heart that believes in God and His Messenger. God promises that He will give them a good life in this world and that He will reward them according to the best of their deeds in the Hereafter. Some scholars say this means a life with feelings of tranquillity in all aspects of life, while some suggest it means contentment and / or happiness in this life.

More here: https://islamqa.info/en/answers/12702/is-there-reward-for-go...

That is why no muslim needs to feel guilty about the wealth they have inherited or earned provided it is done through honest means, without hurting others, and they also follow the Islamic obligations of Zakat (charity). This charity is how socialism works in Islam. Islam says that the wealth of the world doesn't belong to anyone but God. And wealthy muslims (and rulers) are just custodians of his wealth. And God commands the wealthy to share their wealth with the poor, and prescribes how this should be done (annually 2.5% of your wealth should be given to the poor and needy). Even here, Islam is very practical - it recognizes how human nature is often suspicious of helping strangers, and thus says to look for people within your own family, your own friends, your own neighbourhood, your own muslim community etc. (i.e. your own social circles) to do this kind of charity.

More on this: https://thequranrecital.com/zakat-obligatory-charity-explain...

And this kind of wealth creation, with charity, is seen in the middle-east, amongst all these middle-eastern countries you mentioned.