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UAE’s Air Arabia inks deal to launch new national carrier in Armenia

UAE’s Air Arabia inks deal to launch new national carrier in Armenia

UAE-based Air Arabia has signed an agreement with the Armenian National Interests Fund (ANIF) to launch Armenia’s new national airline. The agreement will see the establishment of an independent joint venture company that will operate as a low-cost passenger airline with Yerevan’s Zvartnots International Airport as its base. Air Arabia continues route to Covid-19 recovery

UAE-based Air Arabia has signed an agreement with the Armenian National Interests Fund (ANIF) to launch Armenia’s new national airline.

The agreement will see the establishment of an independent joint venture company that will operate as a low-cost passenger airline with Yerevan’s Zvartnots International Airport as its base.

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David Papazian, CEO of ANIF, said: “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.”

Adel Al Ali (pictured below), group CEO of Air Arabia, added: “We see tremendous potential for Armenia in building its airline sector, which will add sustained value to the economy through job creation and the development of travel and tourism sector. We thank ANIF and the Civil Aviation Committee for their trust and we look forward to working hand in hand to develop the new airline, which will serve as a value-for-money air travel option for Armenians and visitors to the country.”

The name of the airline will be decided by the people of Armenia through an open competition that lasts for four weeks, a statement said.

Based in Yerevan, the new company will adopt the low-cost business model operated by Air Arabia. More details about the launch date, fleet and destination network will be announced in due course.

Over the course of the past decade, Armenia has recorded some impressive gains as its tourism industry begins to recognize its full potential.

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The Armenian travel and tourism sector contributed nearly 11.8 percent of the country’s GDP in 2019 and accounted for 12.5 percent of the total employment.

The Armenian National Interests Fund was established in 2019 with a mandate to manage the ownership of Armenian state-owned enterprises and to promote export growth and investments in Armenia by providing co-financing in large-scale projects at their initial stage of development.

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