He made the remark in a joint news briefing with his Iranian counterpart Hossein Amirabdollahian in Riyadh on Thursday.
Bin Farhan added that Saudi Arabia expects to open a new chapter in ties with Iran that would be based on Islamic brotherhood.
He added that Riyadh is in good faith willing to build trust and expand cooperation with Tehran.
Bin Farhan also noted that his country wants to implement previous agreements with Iran, especially the security ones, adding that he gave assurances to his Iranian counterpart that Saudi Arabia is awaiting a new stage in bilateral ties with Iran.
The Iranian foreign minister for his part said the two countries are two important players in the West Asia region and the Muslim world.
“Both sides are resolved to expand their ties in all spheres”, added Amirabdolalhian.
He further noted that Tehran and Riyadh also agree that they need to implement all their security, trade and economic agreements and other ones that serve their best interests.
The Iranian foreign minister said he repeated the notion of regional cooperation in his meeting with the Saudi foreign minister.
Heading a high-ranking delegation, Amirabdollahian arrived in Riyadh on Thursday for a day-long visit.