I'm far from being an expert in MSA, but I am proficient at the upper intermediate level (speaking, writing, reading) and am fluent in French and Spanish. While I think it highly unlikely to gain a more active use of the language on your own, if your heart's set on it, I think with the appropriate level of hard work, it is very possible to obtain the level of reading proficiency in a foreign language which you indicated--including Arabic (I would recommend that you request the extension in order to give yourself more time). Of course it will be very frustrating at first, but stick with it and use a variety of sources (it may also help to hear the language even if you don't speak it, so look online for various outlets). Once again, not an expert at all...just speaking from my own experience.
Good luck!