UAE Air Arabia, Armenian Interests Fund Agree To Create Joint Airline Based In Yerevan

UAE Air Arabia, Armenian Interests Fund Agree to Create Joint Airline Based in Yerevan

The Armenian National Interests Fund (ANIF) and Emirati company Air Arabia on Wednesday declared that they had signed a deal to create a joint low-cost air operator with a base in Armenia, which will contribute to the development of the country's tourism and economy

MOSCOW (UrduPoint News / Sputnik - 14th July, 2021) The Armenian National Interests Fund (ANIF) and Emirati company Air Arabia on Wednesday declared that they had signed a deal to create a joint low-cost air operator with a base in Armenia, which will contribute to the development of the country's tourism and economy.

The deal, signed in the Armenian capital, stipulates the establishment of an independent joint venture passenger operator, headquartered in Yerevan's Zvartnots International Airport (EVN). The project, based on the low-cost business model operated by Air Arabia is expected to provide the Armenian population with reliable means of travel and boost economic development, according to a joint press release obtained by Sputnik.

"We are excited to launch a new national low-cost carrier for Armenia that will contribute significant value to the economy and energise our travel and tourism sector.

This builds on our commitment to partner with top global entities on transformational projects that catalyse our crucial economic sectors. Air Arabia has a well-established track-record in launching and operating successful LCCs, and its knowhow will be a differentiating strength of the new airline," ANIF CEO David Papazian was quoted as saying by the press release.

The name of the airline will be chosen by the company's board of directors from an open competition of suggestions among the Armenian population. The competition launches on Wednesday and will last through August 14, according to the press release.

The Armenian travel and tourism field accounted for around 11.8% of the national GDP in 2019, and 12.5% of the total of workplaces in the country, the press release noted.