Chapter 3 examines Saudi and Syrian threat perceptions during the Iran–Iraq War (1980–8). This chapter explores why, and the conditions under which, Saudi Arabia and Syria diverged in their perceptions of threats emanating from both Iran and Iraq. While Saudi Arabia perceived the revolutionary message of the Islamic Republic as the major source of threat, Syria perceived Iraq’s rising military capabilities as most dangerous. The Saudi case illustrates a situation where identity is immutable while the distribution of military capabilities presented the leadership with multiple options. Due to the lack of multiplicity in Saudi regime identity based on pan-Islamism, ideational sources of threats became predominant in leaders’ perception. The Syrian case illustrates a situation, where the regime identity included multiple narratives and the distribution of military capabilities imposed threats emerging from the military capabilities from both Iraq and Israel. The material constraints left the Syrian leadership with limited policy options to ensure the state’s physical security. Syrian leaders forced a reframing and reinterpretation of the regime’s identity to accommodate the material constraints and to render its alliance with Iran against a fellow Arab regime in Iraq plausible. Arabness was reinterpreted as the struggle against Israel instead of unity among Arabs.