Armenia-UAE trade turnover reached $2.8 billion in 2023

PanARMENIAN.Net - Trade turnover between Armenia and the United Arab Emirates reached $2.8 billion at the end of 2023, the press service of the Armenian Economy Ministry reports.

The matter was discussed at a meeting of Minister Vahan Kerobyan, Ambassador of the United Arab Emirates to Armenia Nariman Al-Mulla and Mohammed Al Shehi, a project coordinator with Masda, a major solar energy companyr.

Following the meeting, an agreement was reached on further deepening cooperation in the field of solar energy production. In November 2021, Masdar signed an agreement with the Government of the Republic of Armenia to design, finance, build, own and operate a utility scale solar photovoltaic (PV) project between the communities of Talin and Dashtadem in the Aragatsotn Marz region.

The 200-megawatt (MWac) project will be Armenia’s largest utility-scale solar plant.

Solar radiation is high in the plant’s location and the land is unusable for agricultural purposes. It will span over 500 hectares and create numerous direct and indirect jobs.

The project company is 85 percent owned by Masdar, with the Armenian National Interests Fund (ANIF), a government-owned investment vehicle, holding 15 percent.

Armenia is looking to increase the share of renewables in its energy mix and reduce its dependence on imported oil and gas. The country also has significant solar energy potential.