Chapter 4 examines Saudi and Syrian threat perceptions during the 2006 Lebanon War. The Saudi Kingdom, portraying itself as the primary supporter of the Arab cause against Israel, blamed and condemned Hezbollah for instigating the conflict. The chapter examines the question of why a non-state actor with limited capabilities, located far from the Saudi borders came to be perceived as a threat. Syria, a regime oppressing Islamist movements at the domestic level, supported Hezbollah, within the security calculus which perceived Israel as the ultimate threat. Whereas Hezbollah constituted a source of identity instability for the Saudi Kingdom and, hence, endangered its ontological security, Israel’s military supremacy constituted the primary source of danger to the physical security of the Syrian regime. In this situation, the alliance with Hezbollah became crucial for the Syrian regime, whose leaders capitalised on Hezbollah’s popularity by including some Islamic elements in the regime identity narratives. The chapter argues that this variation is related to the fluidity of identity of Saudi and Syrian regimes and their policy options in facing material sources of threats.