ANIF Implements Two Major Projects with UAE Companies

Armenian National Interests Fund (ANIF) is implementing two largest strategic investment projects jointly with the United Arab Emirates (UAE) based leading companies. Davit Papazian Executive CEO of ANIF spoke about these projects during the “Armenia-UAE” business forum held on September 18.

One of the projects is the construction of the 200 MW “Ayg-1” photovoltaic plant jointly with Abu Dhabi’s Masdar company. The environmental and social impact assessment (ESIA) has already been completed. The ESIA was conducted in accordance with the performance standards of international financial institutions. Negotiations are currently underway with major international financial institutions to finance the construction phase of the project. These negotiations will be completed soon, and the construction of the station is expected to start in the 4th quarter of this year.

Mr. Papazian mentioned that the construction project of the second “Ayg-2” solar plant, with 201 MW capacity, is currently being discussed with the partners from Masdar.

The second major joint investment project of strategic importance was the creation of Fly Arna Armenian National Airline by ANIF and Air Arabia. The company has started operating flights since June last year. At the moment, the airline already operates flights to 6 destinations.

New flights are also planned in the near future. Recently, the company applied for and successfully completed an IOSA operational safety audit, becoming the only company in Armenia that holds an IOSA safety certificate. This is a completely new achievement in the field of Armenian aviation.

“I am proud that ANIF cooperates with renowned companies, leaders in their respective industries. Both of these projects are important for Armenia not only from an investment point of view, but also for seting up unprecedented standards in Armenia. Together with our UAE partners, we have already set new bars, whether it is by producing a the world-class Environmental Impact Assessment of the “Ayg-1″ project or the IOSA safety certificate of the Fly Arna. These projects raise the standards not only in the specific field, but also in the business environment in general”, David Papazian noted.

ANIF was established in 2019, it is fully owned by the Government of Armenia. ANIF’s activities are aimed at the implementation of joint business and investment projects with foreign and local investors and partners. ANIF’s goal is to be an active investor and partner, promoting investments in the most important sectors of Armenia’s economy.