ArailMT is almost certainly not a 'font' its a TrueType font, unless you have embedded a type 42 definition earlier, its always hard to tell from a fragment of a PostScript program.
Why on earth are you doing everything in global VM ? And using globaldict too ? These are both very bad practices, anything in global VM will not be subject to save and restore, so it eats memory until the end of job.
Actually executing the form in a global VM context is even worse, since it will then store any resources defined in the course of the form in global VM. Since you call 'selectofnt' that will define the font resource, unless it is already present. Because you are running with global VM it will define the font in global VM instead of local VM thereby using up more memory.
The PostScript is 'correct', in the same sense that a C program can be lexically correct, but not do what you expect it to.
If you don't have a good reason to use global VM, then don't, is the simplest answer.