Iranian President Hassan Rouhani speaks at a press conference in Tehran, Iran, on Oct. 14, 2019. (Xinhua/Ahmad Halabisaz)

Iranian President Hassan Rouhani said Tuesday that Iran is ready to normalize ties with Saudi Arabia, official IRNA news agency reported.

"From Iran's points of view, there is no problem in developing ties with neighbors and resuming relations with Saudi Arabia," Rouhani made the remarks in a meeting with the visiting Omani Foreign Minister Yousef Bin Alawi in Tehran.

"All the regional countries should stay together in order to create peace and stability in the region," Rouhani was quoted as saying.

The Iranian president said that Iran's Hormuz Peace Initiative is aimed at bringing regional countries together to create stability.

"We should establish security in the Gulf and Strait of Hormuz through expanding our cooperation and preventing foreign powers to interfere," he added.

Rouhani disclosed the initiative at the recent meeting of the 74th UN General Assembly.

On Tuesday, Rouhani said that "Saudi Arabia's policies in Syria, Iraq and Lebanon failed to bear fruits." He urged the Saudi authorities to change their course of action vis-a-vis regional countries.

Rouhani noted that Iran and Saudi Arabia need to leave aside their feud and look ahead to solve regional problems through cooperation.