Sorry, but a B747-200 would be totally unsuitable for BHX-ATH, and connections to JED are a bit of a red herring except during the Hajj season when point to point charters are far more suitable.
A daily service in an E195 would seem more suitable, but I can only assume BE have looked at it, and decided that for whatever reason it isn't worth doing, presumably they can get better yields from elsewhere without burning so much fuel. But either way, they would still be able to offer a much more economical service than the fuel guzzling beast Hellenic are proposing, however nice it might be for the spotters!