https://www.theguardian.com/sport/2023/apr/14/saudi-arabia-set-to-launch-lucrative-twenty20-tournament-reports-say-cricket
The BCCI has already issued a statement clarifying that Indian cricketers will not be allowed to participate. Chairman of the Saudi Arabian Cricket Federation, Prince Saud bin Mishal al-Saud recently announced that they want to make Saudi Arabia a global destination for cricket. It is a part of the push from Saudi Arabia to make the country a hotspot for international sport. They are already bidding to host the 2030 FIFA World Cup, and at this point they want their fair share with cricket as well. The ICC is already having a partnership with Saudi Aramco, which was signed last year.
BCCI have confirmed that no Indian player currently playing in the national team will be allowed to participate in any other cricket league apart from the Indian Premier League. BCCI wants to maintain the IPL supremacy, also, Indian players are bound to follow the contract they have signed with the IPL. If a player wishes to play in another league, for instance, in Saudi Arabia, they would have to retire from both the Indian team and the IPL. So, there's no point they want to promote their competitor.