The Historex horses are pretty Arabian in their style - just remove the moulded on harness. I did this for one of my girls as we own an Arabian and she was impressed.
Hi Chris, try looking on breyerhorses.com. Their stablemates line is 1:32 scale. I just starting looking quick through the section and there is at least one Arabian in there. Take a look. Hopefully there is something useful for you.
Gerald