Place cilantro, parsley, and garlic in the workbowl of a food processor fitted with a steel blade. Pulse until all ingredients are finely chopped, stopping to scrape down sides of bowl as necessary.
Add preserved lemon juice, paprika, cumin, cayenne, and saffron and pulse to combine.
With motor running, drizzle olive through feed tube. Process until sauce is uniform. Use immediately or transfer to an airtight container and store in refrigerator for up to 2 days.
