Armenian minister says investments from UAE rise sharply

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Economy

18.09.2023, 15:40

Investments from the United Arab Emirates (UAE) into Armenian economy have sharply increased, Armenian Economy Minister Vahan Kerobyan said at a press briefing on the margins of the Armenia-UAE Business Forum in Yerevan.

Armenian minister says investments from UAE rise sharply

YEREVAN, September 18. /ARKA/. Investments from the United Arab Emirates (UAE) into Armenian economy have sharply increased, Armenian Economy Minister Vahan Kerobyan said at a press briefing on the margins of the Armenia-UAE Business Forum in Yerevan.

"In the first 6 months of 2023, investments from the Emirates grew by about 20%. We believe that at the end of the year the figures of 2021 and 2022 in terms of investments and GDP ratio will be exceeded," he said.

Last year, Armenian-Emirati trade turnover exceeded $1 billion, making the UAE Armenia's third largest trading partner.

"Today, our economic relations with the UAE are multifaceted, involving finance, investment, real estate, trade, industry, culture, healthcare, tourism, etc.," he said.

The minister stressed that several major investment projects with the UAE in real estate, tourism, healthcare sectors are currently under discussion.

In January-July 2023, the trade turnover between Armenia and the UAE amounted to over $545.9 million, registering a 2.9-fold year-on-year growth. --0--

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