Pre-heat oven to 350 °F.
In a blender or spice mill, coarsely grind spices. Season beef throughly on all sides with salt. Combine ground spices with minced herbs, garlic, and olive oil and smear all over meat.
Put shallots, bay leaves and wine in a large roasting pan fitted with a roasting rack, then add the prime rib and roast in the oven until the internal temp of the rib reaches 120 °F (2-3 hours, depending up the size of the roast).
Turn the over temp up to 425 °F and roast until golden brown and the internal temp reads 130 °F, about 20 more minutes. Remove from the over and set aside to rest.
For the labneh:
Combine all ingredients in a medium mixing bowl. Season to taste.
Remove the rib bones as you serve and carve into thin slices. Serve with the beef juice, a spoonful of melted shallots and a dollop of horseradish labneh.
Strain the wine, discarding the bay leaf and setting aside the shallots, then whisk in the reduced bone broth and adjust the seasoning with salt and pepper to taste.