Kuwait, which holds the rotating leadership of the Arab League headquartered in the Egyptian capital, had demanded the "urgent" meeting, the diplomat told AFP on Saturday.
There has been no coordinated Arab response to the conflict which erupted on Tuesday when Israel launched waves of air strikes against Gaza aimed at halting rocket fire across the border.
Egypt, the traditional broker in Israeli-Hamas conflicts, said on Friday its efforts to halt violence in the Gaza Strip had met with "stubbornness".
Its new government has been opposed to Hamas, the Palestinian branch of the Muslim Brotherhood which the military ousted from power last year.
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