"In past years, terrorism has been functioning in all of our countries. with no coordination" among national authorities, Prince Mohammed bin Salman, who is also Saudi defense minister, said in his keynote address to the gathering in Riyadh.
Sunday's meeting is expected to discuss means of fighting terrorism and drying up its finances.
At the inaugural meeting of the Islamic Military Counter Terrorism Coalition (IMCTC), now holding in Saudi Arabia, Nigeria's minister of Defence, Brig Gen Mansur Dan-Ali, has said that Nigeria will join forces with the coalition to defeat terrorism.
"This meeting is very important, we haven't had good co-ordination between each other, today that lack of communication ends because of this coalition", said Prince Mohammed, speaking at the launch. The country has since been boycotted by Saudi Arabia and other Arab countries overs its links to extremist groups.
Giving reasons for the coalition which has the theme "Allied Against Terrorism", Gen. Ali said some of the terror attacks across the world prompted the meeting and that Nigeria is ready to collaborate with nations with similar experiences to defeat the menace.
In June, Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut diplomatic and trade ties with Qatar, accusing Doha of supporting terrorism, a claim vehemently denied by the Gulf state.
Retired Pakistani general Raheel Sharif, who has been appointed commander-in-chief, also insisted that the coalition was not against any religion or state.
The center provides an open platform for willing IMCTC member countries to exchange best practices and coordinate their counterterrorism efforts, enabling culturally appropriate regional and local solutions to counter terrorism.
"Today, we will chase it until terrorism has disappeared from the face of the earth", Prince Salman said.
A corruption purge saw around 200 members of the Saudi elite including princes, ministers and business tycoons arrested or sacked earlier this month.