We investigate the catalytic cracking of Arabian light crude oil into chemicals. A kinetic model has been established for an in-house developed catalyst using a micro-activity testing unit under a wide temperature range (525–650 °C) and various catalyst-to-oil ratios (0–4.14). Our conditions are adjusted to promote light olefins and propylene-to-ethylene ratio. We trained different reaction networks with the experimental data to calculate the kinetic parameters and, at the same time, select a statistically relevant model. The most representative model, with eight lumps and forward–backward first-order reactions, enables the acceptable prediction of the yield of chemicals (light olefins). The obtained kinetic parameters suggest that diesel and gasoline fractions are important intermediates in which forward reactions are preferred due to lower activation energy requirements and faster rate constant. The model was validated by reparametrization using Arabian extra light data.