I do think there is a link between reading and listening comprehension. In my experience of learning Arabic I have noticed that my listening and reading comprehension seem to improve almost exactly in parallel with each other.
However, I would prefer to put the emphasis the other way round, i.e. I think listening improves reading more than reading improves listening. This is because with listening you are always getting a consistent and accurate input, whereas with reading, you might not be pronouncing the words (in your head) consistenly or accurately, which will make it harder to learn.
