I've concluded there is nothing wrong with the coding you show in your base posting (question). I speculate that the ACTUAL source URL you were using is NOT a valid HLS stream, and hence the cause of your stated error.
(It's possible that it is a valid DASH stream, but I'm reasonably certain
your code would NOT work with a DASH stream.)
Here's is some working code that is equivalent to yours, except that it
uses the newer (recommended) UI / API, mentioned in the Video.js live tutorial.
The key to WHY the code below works is simply that it DOES reference a valid HLS stream...(a URL that I stumbled upon, on the Internet).
<!DOCTYPE html>
<html>
<head>
<script src="https://vjs.zencdn.net/7.17.0/video.min.js"></script>
<link href="https://vjs.zencdn.net/7.17.0/video-js.css" rel="stylesheet" />
<!-- [ Note: HLS code is "built-in" to video.js, as of version 4.x, so we should NOT include (possibly older?) HLS support separately ] -->
<!-- script src="https://unpkg.com/videojs-contrib-dash/dist/videojs-dash.js"></script -->
<!-- script src="https://unpkg.com/videojs-contrib-hls/dist/videojs-contrib-hls.js"></script -->
</head>
<video id='live-video' class='video-js vjs-default-skin vjs-live vjs-liveui' width='640' height='360' controls muted>
</video>
<script>
// The extra 'liveui' arg below, and two extra classnames are not REQUIRED, but documentation-tutorial
// refers to it as the newer/preferred API See: https://docs.videojs.com/tutorial-live.html
var player = videojs('live-video', {liveui: true} );
player.src({ src:'https://live.alarabiya.net/alarabiapublish/alarabiya.smil/playlist.m3u8', type:'application/x-mpegurl'});
// Note: We begin with the stream playing, but the audio is initially 'muted' (see that attribute in video tag above )
// See: https://stackoverflow.com/questions/70719678/html5-video-autoplay-with-sound-unmuted
player.play();
/* Note: Their "playlist.m3u8" file in their URL contains these lines (this info helps us understand the goal of their HLS)
#EXTM3U
#EXT-X-VERSION:3
#EXT-X-STREAM-INF:BANDWIDTH=2130537,RESOLUTION=1920x1080,CODECS="avc1.4d4028,mp4a.40.2",CLOSED-CAPTIONS=NONE
alarabiapublish/alarabiya_1080p/chunks.m3u8
#EXT-X-STREAM-INF:BANDWIDTH=1292733,RESOLUTION=1280x720,CODECS="avc1.4d401f,mp4a.40.2",CLOSED-CAPTIONS=NONE
alarabiapublish/alarabiya_720p/chunks.m3u8
#EXT-X-STREAM-INF:BANDWIDTH=557217,RESOLUTION=640x360,CODECS="avc1.77.30,mp4a.40.2",CLOSED-CAPTIONS=NONE
alarabiapublish/alarabiya_360p/chunks.m3u8
#EXT-X-STREAM-INF:BANDWIDTH=418515,RESOLUTION=426x240,CODECS="avc1.42c015,mp4a.40.2",CLOSED-CAPTIONS=NONE
alarabiapublish/alarabiya_240p/chunks.m3u8
*/
</script>
</body>
</html