Notably, the Lebanese Foreign Minister Foreign Minister Jebran Bassil skipped the meeting, and reports in the local media suggested that the country did not want to be made a prominent part of the Arab League declaration.
"This is contrary to Iran's claim that its ballistic missile program is defensive as it threatens the Arab national security", said the statement.
"The ballistic missile launched on my country's capital reflects the repeated Iranian attacks against the kingdom, which witnessed the launch of 80 Iranian ballistic missiles through its Houthi agent in Yemen, which was exposed to various cities in the Kingdom, and did not care about the Muslims' Qiblah by launching three ballistic missiles in a blatant attack on Islamic sanctity and a provocation to the feelings of Muslims around the world".
Both Saudi Arabia and Israel view arch-foe Iran as a main threat to the Middle East, and increased tension between Tehran and Riyadh has fuelled speculation that shared interests may push Saudi Arabia and Israel to work together. Iran, he added, has destroyed any chance of building trust with the Arabs.
"We are not declaring war on Iran at this stage", Arab League chief Ahmed Aboul-Gheit said.
The House of Saud has been losing ground in the multi-religious Mediterranean state, and the Bahraini foreign minister at the Arab League summit called Lebanon's Hezbollah militia "Iran's longest arm in the region".
"A decision was taken that Lebanon would be presented by Antoine Azzam, the permanent representative to the Arab League", a source from the ministry told Reuters.
The ministers also condemned a pipeline fire in Bahrain on November 10, calling it "a terrorist act by a group supported by Iran and the Iranian revolutionary guard".
Saudi Arabia's powerful Crown Prince Mohammed bin Salman has accused Tehran of "direct military aggression" against the kingdom by supplying the Yemen rebels with ballistic missiles.
"There is an opportunity for a new global alliance in the region", Lt. Gen. Gadi Eisenkot told the paper, adding that Tel Aviv wanted to "exchange intelligence to confront Iran".
"I will head to Egypt on Tuesday to meet my friend, President Abdel Fattah al-Sisi", he wrote in a tweet.
Lebanon's political class has been split for more than a decade between the Iranian-backed Hizballah movement and its allies and a Saudi-supported coalition led by Prime Minister Saad Hariri.