It marks the first time that Israel hosts a meeting with Arab foreign ministers.
U.S. State Secretary Antony Blinken will participate in the conference on Monday, according to a statement from Lapid's office.
An emerging nuclear deal between Iran and world powers is expected to be on top of the agenda for the conference, according to Israeli state-owned Kan TV.
Seeing Iran as its arch-foe, Israel has been a vocal opponent of a nuclear deal with Iran.
Israeli Prime Minister Naftali Bennett told the weekly cabinet meeting on Sunday that "Israel's foreign relations are experiencing a good period."
Last week, Bennett attended his first-ever trilateral summit with Egypt's President Abdel-Fattah al-Sisi and Sheikh Mohamed bin Zayed Al Nahyan, the crown prince of Abu Dhabi in the UAE, in the Egyptian Red Sea resort of Sharm El-Sheikh.
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